21 Sep What Can You Actually Change During Medicare’s Annual Enrollment Period?
Medicare’s Annual Enrollment Period can bring a lot of advertisements, plan comparisons, and questions. But what can you actually change during this period?
Medicare’s Annual Enrollment Period, also called Medicare Open Enrollment, runs each year from October 15 through December 7. Changes made during this period generally take effect on January 1 of the following year.
During Annual Enrollment, Medicare beneficiaries have several options. You may be able to:
- Switch from one Medicare Advantage plan to another.
- Move from Original Medicare to a Medicare Advantage plan.
- Leave a Medicare Advantage plan and return to Original Medicare.
- Join, change, or drop a Medicare Part D prescription drug plan if you have Original Medicare.
- Change between Medicare Advantage plans with or without prescription drug coverage.
Even if you are happy with your current coverage, reviewing your plan each year can be worthwhile. Medicare Advantage and Part D plans can change their premiums, deductibles, prescription drug coverage, provider networks, pharmacies, and other benefits from one year to the next.
What Doesn’t Annual Enrollment Automatically Let You Change?
One common source of confusion involves Medicare Supplement, or Medigap, policies. Medicare’s Annual Enrollment Period is primarily for Medicare Advantage and prescription drug coverage. It does not create a guaranteed opportunity to switch Medigap policies.
Depending on your circumstances and state rules, changing Medigap coverage may involve medical underwriting or other eligibility requirements. If you are considering leaving Medicare Advantage for Original Medicare, it is especially important to understand whether you can obtain the supplemental coverage you want before making a change.
Annual Enrollment is also different from the enrollment periods used to initially sign up for Medicare Part A and Part B.
How KPC Financial Solutions Can Help
At KPC Financial Solutions, we understand that choosing Medicare coverage involves more than comparing monthly premiums. Our team can help you review your current coverage and evaluate how your doctors, prescriptions, preferred pharmacies, healthcare needs, and potential out-of-pocket costs fit with the options available to you.
We can also help you understand the differences between Original Medicare, Medicare Advantage, prescription drug coverage, and Medicare Supplement options so you can make an informed decision.
Medicare plans and personal healthcare needs can change from year to year. An annual review gives you an opportunity to make sure your coverage still fits your situation.
At KPC Financial Solutions, our goal is to provide the Knowledge, Planning, and Confidence you need to make informed Medicare decisions for the year ahead.
Have questions about your Medicare options for the year ahead?
Schedule a complimentary consultation with KPC Financial Solutions today.