Four things to know about Medicare Open Enrollment
Medicare’s Annual Election Period (AEP), also known as open enrollment, happens every year from October 15 to December 7. Here are four things to consider about this Annual Election Period. After you read this give us a call with your questions.
1) Medicare Open Enrollment is for Switching Plans
Medicare Annual Election Period Open Enrollment is the one time, each year, you can switch your Medicare Advantage and Prescription Part D Drug plans without going through any medical underwriting. This means that if you don’t like your current plan you can switch to another plan and they have to accept you.
You should compare the cost and coverage of your current Medicare Advantage plan and Part D plans to see if they meet your needs. By the way, if you provide us with a list of your current drugs, one of our licensed agents can compare all the drug plans in your area.
2) Open Enrollment is Different than Initial Enrollment
Medicare’s initial enrollment period is when you first sign up for Medicare and Supplemental coverage. Unless you postpone Medicare Part B, initial enrollment is usually three months before and after you turn 65.
If you miss Medicare’s initial enrollment deadline, you can use the Annual Election Period to enroll in a Medicare Advantage or Part D drug plan.
3) Open Enrollment Starts October 15th
Medicare’s Annual Election Period is from October 15 to December 7, for a January 1 start date. If you miss this date you must stay with the same plan for another year.
4) Medicare Supplement Does Not Have Open Enrollment
Many people believe that they can switch their Medicare Supplement (Medigap) plan during Open Enrollment without a medical review. Medigap has a guaranteed enrollment period of 6 months, which usually begins on the first of the month you turn 65 and are first eligible for Medicare Part B. If you apply for Medigap during AEP you may be subject to medical underwriting.
People also use open enrollment to leave Medicare Advantage and sign up for Medicare Supplement and a different Prescription Part D drug plan for the first time. Contact us and we can show you how this is done.
Next Steps
Before and during Medicare’s Open Enrollment period you’ll want to research your current health plan’s changes and compare it to other health plans in your area to decide which is best for you. If you decide your current plan meets your needs you don’t need to do anything. If you are not happy with your plan or just want to compare what else is available to you, then give us a call.
Featured Blogs
- Aging and Our Body’s Ability to Heal Itself
- Keeping Health Insurance After a Layoff
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- Coverage for healthcare treatment denied? Here’s what you can do.
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- Medicaid Unwinding: Your Questions Answered
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Set Yourself Up for Success with Your Fitness Routine
- Winter Hydration – Do I Need It?
- I’m 60+; Do I Need Life Insurance?
- Why Do I Keep Breaking My New Year’s Resolutions?
- Closing Out the Year with a Smile!
- How to Enjoy a Long Layover
- 6 Cold Weather Safety Tips
- 10 Tips for Managing Cholesterol Levels
- How Much Life Insurance Do You Need Right Now?
- 3 Top Tips for Better Posture
- Building Bone Density for Seniors
- Living Outside Your Comfort Zone in Retirement
- 3 Top Habits that Lead to a Happy Life After Retirement
- Should You Insure Your Gifts?
- Everything You Need to Know When Retiring Under 65
- 7 Benefits of Slow Travel
- Utilizing Medicare Preventative Services
- The Harsh Reality of Credit Card Fees
- Keeping Your Health Insurance Affordable
- 7 Tips to Weather Challenging Periods in Your Life
- What is a Variable Annuity? 4 Key Details You Should Know
- 4 of the Best Ways to Stay Healthy this Summer
- How to Prevent Sun Damage to Your Eyes
- 3 Tips for Safer Grilling
- When the Sun is NOT Your Friend (What You Need to Know about Sun Exposure)
- Tips to Avoid Stress Eating
- Common Exercise Pains – How to Work Past Them and When to Call for Help
- Signs Your Identity Has Been Stolen (and what to do about it)
- How Does Inflation Affect Life Insurance?
- Know the Benefits of Walking
- Do Brain Food Supplements Really Work?
- Ways You Can Spend Less on Gas
- What Are Alternatives if LTC isn’t Right for You?
- 4 Tips for a Less Stressful Summer
- Veteran and Medicare Benefits Work Together
- What are the Safest States From Natural Disasters?
- How to Choose an In-Home Care Provider for Your Loved One in 5 Steps
- 7 Myths About Your Back Pain
- 5 Foods that Will Help Keep Your Mind Healthy
- Don’t Throw Away Those Used Coffee Grounds
- I’m 50 Years Old. Should I Keep My Life Insurance?
- How to Spot Government Imposters
- 5 Mistakes to Avoid When Buying a Life Insurance Policy
- Happiness Through Healthy Food
- 5 Step Checklist to Choosing a Health Insurance Plan
- 5 Creative Spring Décor Ideas
- 10 Ways to Maintain Healthy Joints
- 3 Incredible Healthcare Smart Technologies Coming Your Way
- Do I Need a Long-Term Care Plan?
- Senior Diet: To Meat or Not to Meat
- How to Take Care of Your Personal Intangible Assets
- Dream All-Inclusive Trips to Escape the Cold
- Five Health “Hacks” For Happy Holidays
- Do You Know What These Key Insurance Terms Mean?
- HIPAA: Why is it important to me?
- Life Insurance Facts to Consider
- Will Plan F be Discontinued In year 2020? The Answer is Yes and No
- Commonly Asked Questions About Life Insurance
- February is American Heart Month: We want you to take it to heart
- Start the year with a review of your insurance coverage needs
- Apps to help you manage your time and productivity
- Making the most of an annual insurance review
- Have a happy holiday season
- Time for Review Your End of the Year Financial To-Do List
- Five mobile apps to help you manage your holiday spending and beyond
- Open Enrollment For Health Insurance is Here!
- Four things to know about Medicare Open Enrollment
- It’s Time to Take a Walk!
- September is Life Insurance Awareness Month
- Protect Yourself From Health Insurance Fraud and Scams
- How Do Drug Formularies and Drug Tiers Work?