If you’re buying a brand new Medicare well being or prescription drug plan for 2023, or need to replace your present plan, this information will present you the way, when and what modifications you may make. Read on to get solutions to all the important Medicare Annual Enrollment Period (AEP) questions so you may make the very best determination for you.
What is the Medicare Annual Enrollment Period?
Medicare Annual Enrollment Period (AEP), also called the Medicare Annual Election Period and the Medicare Open Enrollment Period, is a particular fall enrollment interval from Oct. 15 by Dec. 7 (see calendar above). During this time, beneficiaries could make modifications to their present Medicare plan protection. All plan and profit modifications turn out to be efficient on Jan. 1 the next yr.
On Oct. 1 annually – two weeks earlier than Medicare open enrollment begins – medical health insurance firms launch details about their plan advantages for the next yr. These can embody premium modifications, prescription drug protection updates and extra. This is a good time for Medicare beneficiaries to consider whether or not their plan will nonetheless meet their wants within the subsequent yr. If not, they’ll search for a greater choice throughout AEP.
You could make these modifications with none overview of your medical historical past, as you would possibly have to do when switching Medicare Supplement plans.
What is the Medicare Open Enrollment Period?
Medicare Open Enrollment Period (OEP) can imply various things relying on how you employ it. As talked about above, it’s typically used to consult with AEP. But there’s additionally a Medicare Advantage Open Enrollment Period (MA OEP). As the identify implies, modifications throughout this time are restricted to Medicare Advantage plans and are solely accessible to people who are at the moment enrolled in a Medicare Advantage plan.
What is the distinction between AEP and OEP?
The largest distinction between AEP and OEP is that AEP gives extra choices and adaptability than the Medicare Advantage Open Enrollment Period. For instance, through the MA OEP, you may be part of a Part D plan ONLY IF you’re dropping an MA plan and returning to Original Medicare. However, throughout AEP, you may make any needed modifications to your drug protection as wanted.
What modifications can I make throughout AEP?
During the Medicare Annual Enrollment Period, you may make modifications to your Medicare Advantage and Cost plans, and Part D prescription drug plans solely. Multiple modifications and updates are allowed, together with:
- Dropping your Medicare Advantage plan and returning to Original Medicare
- Moving from Original Medicare solely to a Medicare Advantage plan
- Enrolling in a unique Medicare Advantage plan
- Choosing a brand new Medicare Part D prescription drug plan
- Adding a Part D prescription drug plan in case you don’t have one
- Cancelling your present Part D prescription drug plan
- Note: If you don’t preserve some type of creditable prescription drug protection and determine to re-enroll in Part D in a later yr, you’ll get dinged with a late-enrollment penalty.
There isn’t any particular flexibility so as to add or modify your Medicare Supplement (Medigap) plan throughout AEP. If you select to alter your Supplement plan throughout AEP, the identical guidelines apply as they might throughout the remainder of the yr.
What modifications can I make throughout OEP?
It is determined by the context. If you’re speaking in regards to the Medicare Annual Enrollment Period we talked about earlier, then you may make updates to your Medicare Advantage and Cost plans, and Part D prescription drug plans.
If you’re speaking in regards to the Medicare Advantage Open Enrollment Period, then you may make these modifications associated to your present Medicare Advantage plan solely:
- Switching to a unique Medicare Advantage plan
- Dropping your Medicare Advantage plan and returning to Original Medicare
- Adding a standalone Part D plan – provided that you dropped your Medicare Advantage plan and returned to Original Medicare
The MA OEP occurs yearly from Jan. 1 by March 31 and solely applies to individuals who have protection below a Medicare Advantage plan. Also, enrollees can solely make one plan change throughout this annual window, in distinction to the autumn annual enrollment interval when enrollees can change their minds a number of occasions.
How do I alter my Medicare plan throughout open enrollment?
If you’re switching plans through the AEP, merely be part of your new plan by contacting the insurance coverage supplier, an area medical health insurance dealer, or enroll on-line if accessible. Then, you’ll mechanically be disenrolled out of your present plan on Dec. 31. Your new plan protection will start on Jan. 1.
If you’re switching plans through the MA OEP, merely be part of your new plan by contacting the insurance coverage supplier, an area medical health insurance dealer, or enroll on-line if accessible. Then, you’ll have to contact your present plan supplier to learn the way to disenroll out of your present plan. Your new plan protection will start on the primary of the next month. For instance, in case you enroll on Feb. 18, your new plan might be efficient on March 1.
To change to Original Medicare, contact your present plan administrator, or go to medicare.gov.
What occurs if I miss Medicare Open Enrollment?
If you miss the chance to alter your plan through the AEP or MA OEP, you’ll have to hold your present plan for yet one more yr, till the subsequent open enrollment interval.
However, you should still be capable of make modifications to your Medicare protection in case you qualify for a particular enrollment interval. An instance of this could possibly be in case you lose medical health insurance protection out of your employer or your partner’s employer.
If you don’t qualify for a Medicare particular enrollment interval, you’ll want to attend for the subsequent related Medicare open enrollment interval to make modifications to your Medicare well being or prescription drug plan.
Do I’ve to re-enroll in Medicare yearly?
No. You don’t need to re-enroll in Medicare yearly and also you don’t need to renew your Medicare well being, Supplement or prescription drug plan both. You solely have to take motion if you wish to make a change.
If you’re shopping for a Medicare plan for the primary time, be taught extra in regards to the Medicare Initial Enrollment Period (IEP). You can also be capable of enroll in a Medicare plan at totally different occasions through the yr in case you qualify for a particular enrollment interval.
Choosing a well being plan is a vital determination. I encourage you to seek the advice of an adviser, plan consultant or different trusted associate to assist make the choice.
