If you haven’t had the chance to sit down and review your coverage, now is the time to do so. This post will walk you through the Medicare enrollment period and the different things you can do.
What is Medicare Open Enrollment?
Medicare’s open enrollment period is referred to as the Annual Enrollment Period. This period runs from October 15th to December 7th every year. The purpose of the enrollment period is to give beneficiaries the opportunity to choose a plan that better meets their needs.
Medicare health and drug plans notify customers of their changes in September, and it’s possible that you won’t be happy with your new coverage. Not to mention, your health can change a lot in the course of a year or two, so you may need more coverage.
For example, it’s not uncommon for people to test out a Medicare Advantage plan and then return to Original Medicare. It’s also not uncommon for people to add a Part D prescription drug plan. Just make sure that your plan gets your request by December 7th.
What Can You Do During Medicare’s AEP?
During this time, Medicare plan enrollees can reevaluate their coverage and join, switch or drop a plan. Because insurance can be confusing, it’s best to discuss your options with a trusted financial advisor in NJ.
Here is what you can do during Medicare’s AEP:
- Switch from Original Medicare to Medicare Advantage
- Switch from Medicare Advantage to Original Medicare
- Switch from one Medicare Advantage plan to another
- Switch from one Medicare Part D prescription drug plan to another
- Enroll in Medicare Part D if you didn’t enroll
- Drop your Part D prescription drug plan altogether
What Can’t You Do During Medicare’s AEP?
There are a few things you can’t do, however. The AEP does not apply to Medigap plans. You can usually only make changes during your initial enrollment period and during special enrollment periods.
And, if you didn’t enroll in Medicare when you were first eligible, you can’t use the fall open enrollment period to join. You’ll have to wait until the Medicare general enrollment period which runs from January 1st to March 31st to sign up for Medicare.
Leonard Financial Solutions can help with your Medicare coverage whether you’re a new or existing client. Contact us today for Medicare help in New Jersey. We'll be happy to review your coverage and provide you with free quotes for Medigap plans.