Now that the Annual Enrollment Period is over, the Medicare Advantage Open Enrollment Period is right around the corner. Here’s how it works:
What Is the Medicare Advantage Open Enrollment Period?
The Medicare Advantage Open Enrollment Period runs annually from January 1st to March 31st. This special enrollment period is exclusively for Medicare beneficiaries who are already enrolled in a Medicare Advantage (MA) plan, regardless of whether their plan includes prescription drug coverage.
Many beneficiaries are unaware of this one-time opportunity to make changes to their Medicare Advantage coverage.
What Changes Can You Make During MA OEP?
If you’re dissatisfied with your current Medicare Advantage plan, you can:
- Switch to another Medicare Advantage plan (with or without drug coverage).
- Drop your Medicare Advantage plan entirely and return to Original Medicare. If you choose this option, you can also enroll in a stand-alone Prescription Drug Plan (Part D).
When Does the New Coverage Begin?
If you make a change during the MA OEP, your new coverage will take effect on the first day of the following month. Remember, you can only make one change during this period, so choose carefully.
Considering a Medicare Supplement Plan?
If you decide to return to Original Medicare and pick up a Medicare Supplement (Medigap) plan to cover additional costs you should know that acceptance into a Medigap plan is not guaranteed as the MA OEP pertains to Medicare Advantage plans.
You can apply for a Medicare Supplement plan during this time, but in most cases, you’ll need to go through medical underwriting before your application is approved.
Frequently Asked Questions:
If I use the MA OEP to change my Advantage plan, do I have to wait until the Annual Enrollment Period (AEP) to change my plan again?
Unless you qualify for a Special Enrollment Period (SEP) during the year, you will have to wait until the Annual Enrollment Period (which runs from October 15th to December 7th each year) to make plan changes.
Are there other Enrollment Periods besides the MA OEP?
Yes, here are the other enrollment periods besides the Medicare Advantage Open Enrollment Period:
- Initial Enrollment Period (IEP): The 7-month window surrounding your 65th birth month
- General Enrollment Period (GEP): Runs from January 1st to March 31st each year
- Special Enrollment Period (SEP): Triggered by a qualifying event throughout the year, such as a permanent move or change in Medicaid eligibility
- Medicare Supplement Open Enrollment Period (OEP): Starts alongside Part B and lasts 6 months
Do you Have Questions about the information above?
AMAC’s Medicare Advisory Service is here to help!
Call us today at 1-855-611-4856.
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