Take this quick crash course, and we’ll bring you up to speed in about five minutes.
What Is It?
If you’re enrolled in the program, the Medicare Open Enrollment Period (OEP) gives you the chance to change it. It’s a great time to look at the Medicare coverage you have, see that it fits your needs, or shop around for something more ideal.
When Is It?
Open enrollment starts on October 15 and ends on December 7, and it happens every year.
Who Can Participate?
Medicare enrollees can participate in open enrollment. While your first chance to enroll in Medicare comes either when you qualify via a disability, or you turn 65, the OEP gives you the power to change that coverage every single year so it can adjust to your needs.
When Do Open Enrollment Changes Become Effective?
When you make changes during the OEP to improve your coverage to suit your needs, you can look forward to using your new plan on January 1 of the coming year.
For example, if you use this year’s OEP to change coverage on November 15, 2020, your new plan will kick in on January 1, 2021.
Is Medicare Open Enrollment the Only Time When You Can Switch Coverage?
While October 15 to December 7 may be the season for switching most plans, it’s not the only period where changes can be made. There’s a Medicare Advantage Open Enrollment, for example, where you can switch from one Advantage plan to another. This period takes place annually between January 1 and March 31. You won’t be able to use it to switch from Medicare Advantage to Original Medicare (Parts A and B) or vice versa.
What Can You Do During Medicare Open Enrollment?
Here are some of the specific moves you can make during the OEP:
For starters, you can enroll in a Medicare Advantage plan or a Part D drug plan for the first time. You can drop or switch Part D coverage too. And if you have a Medicare Advantage plan that you no longer want, you can switch to another, or you can enroll in Original Medicare Parts A and B.
As for the benefits of making such moves, Medicare Advantage helps if you want more coverage than Original Medicare can provide. A Part D plan can help with prescription costs if you suddenly need to take multiple drugs. Moving to Original Medicare, meanwhile, can help if you want to cut costs and no longer need the extra coverage an Advantage plan can provide.
Why Would You Want To Switch Plans?
Common reasons for switching plans during the OEP include cost-cutting so you can get a lower monthly premium. You may also opt for a plan with more providers in its network, so you have more options.
Does the OEP Apply To Medigap Plans?
No. If you want to enroll in a Medigap plan, that enrollment period occurs during the six months after your Medicare eligibility begins. Those six months is the prime time for getting accepted by a Medigap plan and getting good coverage at an affordable price. Opt for Medigap outside of the six-month window, and you could have a harder time getting accepted, or you may end up paying a lot more.
How Do You Change Coverage During Open Enrollment?
The Medicare website lets you shop for new plans so you can find what you need. After you select a plan and join it during open enrollment, you’ll automatically be dropped from your old plan. On January 1, you can begin to enjoy that new coverage.
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