Medicare open enrollment is underway! This is an important period where you can enroll in or make changes to your current Medicare coverage. Here are some frequently asked questions about open enrollment.
1. When is open enrollment?
Open enrollment occurs every year between October 15 and December 7.
2. When will my coverage begin?
Any coverage purchased during this period begins January 1 of the following year.
3. What changes can I make to my plan during this time?
During open enrollment you can:
- Make no changes and keep your plan as is
- Switch from Original Medicare (Part A and Part B) to Medicare Advantage
- Switch from Medicare Advantage back to Original Medicare
- Change Medicare Advantage plans
- Change Part D plans, sign up for Part D, or drop a Part D plan
4. How should I prepare for open enrollment?
- Look over your Annual Notice of Change. This will alert you of any changes being made to your Medicare plan.
- Make sure your doctor still accepts your Medicare plan, especially if you have Medicare Advantage with a limited number of providers.
- Make a detailed list of your medications and refer to your drug plan’s formulary (list of covered drugs) to make sure they’re still covered.
5. Is this the only time I can enroll in Medicare coverage?
No, Medicare has several enrollment periods. The first opportunity for you to enroll in Medicare coverage is your initial enrollment period (IEP). This six-month window lasts the three months before your 65th birthday, your birthday month, and the following three months. If you don’t enroll in coverage during this time, you can enroll in the general enrollment period, which is January 1 to March 31. Coverage purchased during general enrollment will begin July 1 of the same year.
6. Anything else I should know?
Yes, if you don’t enroll in Medicare when you first become eligible, you could be hit with a late enrollment penalty that lasts the entire time you have Medicare coverage. The sooner you enroll in Medicare coverage, the better.
Get Medicare Help Today
Are you looking for answers to Medicare questions? Is your current coverage not enough? Call Medicare World today and get a free Medicare plan consultation. Call us now at (833) 347-1699.