Medicare Advantage Customers: Open Enrollment is Happening Now!
If you’re enrolled in a Medicare Advantage plan, we hope you’re happy with your network and the plan’s limits on your out-of-pocket costs. But if you feel (for any reason) that your plan doesnt’ serve you as well as it could, you might be interested to know that the Medicare Advantage Open Enrollment Period offers you the chance to make changes to your plan. Here’s what you need to know.
Medicare Advantage Open Enrollment runs from January 1 to March 31. During this time, Medicare Advantage customers can make changes to their Medicare plan. You can also make changes during the Medicare Annual Election Period in the fall, from October 15 to December 7.
You can make limited changes at this time. Medicare Advantage Open Enrollment only applies to those who are already enrolled in Medicare Advantage plans. If you’re enrolled in Original Medicare (Medicare Parts A and B) at the start of Open Enrollment, this window of opportunity does not apply to you.
But if you’re enrolled in a Medicare Advantage plan, Open Enrollment offers you the chance to compare your plan with others that are available in your area. If you decide that you’re unhappy with your plan’s network, premiums, drug formulary, additional benefits, or any other aspect of the plan, you can switch to a different Medicare Advantage plan.
You can also drop Medicare Advantage entirely, and return to Original Medicare. If you decide to go this route, you can also add a Part D (prescription) plan and/or supplementary coverage to your package of benefits.
If you’re enrolled in Original Medicare, this enrollment period does not apply to you. But if you experience certain qualifying life events, you can drop Original Medicare and enroll in Medicare Advantage during a Speciall Enrollment Period.
Contact one of our experienced insurance brokers for more information on Medicare Advantage, and to learn what you can do during Open Enrollment. And if you’re enrolled in Original Medicare but want to investigate your options, let’s discuss whether you might be eligible for a Special Enrollment Period.