Taking advantage of every opportunity to review your Medicare coverage can help ensure you're receiving the benefits and savings you deserve. The Medicare Advantage Open Enrollment Period was instituted by the Centers for Medicare and Medicaid Services (CMS) in 2019, so it may not be as familiar as other Medicare enrollment periods. Here's what you need to know:
When is the Medicare Advantage Open Enrollment Period?
The Medicare Advantage Open Enrollment Period occurs from January 1st through March 31st every year. It is different from the Medicare General Enrollment Period, which also occurs from January 1st through March 31st.
Note: Medicare General Enrollment is for individuals who did not enroll in Medicare Parts A or B during their Initial Enrollment Period. Enrollments during Medicare General Enrollment go into effect on July 1st of the same year.
Who is Eligible for This Enrollment Period?
Individuals who are enrolled in Medicare Advantage (Part C) Plans are eligible for this enrollment period. If you are only enrolled in Original Medicare (Part A and B) or a Medicare Supplement Plan, the Medicare Advantage Open Enrollment Period does not apply to you.
What You Can Do During the Medicare Advantage Open Enrollment Period
During the Medicare Advantage Open Election Period, you can swap or drop your Medicare Advantage Plan.
Swap: If you are enrolled in a Medicare Advantage Plan that doesn't suit your needs, you can enroll in a different Medicare Advantage Plan during this enrollment Period.
Drop: If you no longer wish to be enrolled in a Medicare Advantage Plan, you can drop that plan and return to Original Medicare (Parts A and B only). If you do not have prescription drug coverage after dropping your plan, you will also have an opportunity to enroll in a Part D plan.
Important Note: You may only change your coverage once during the Medicare Advantage Open Enrollment Period. After you have swapped plans or returned to Original Medicare, you will not be eligible to make any other changes through this enrollment period.
The Medicare Advantage Open Enrollment Period may be useful for if you:
Discovered that one or more of your providers are out-of-network
Missed enrolling during the Medicare Annual Election Period
Found out your prescriptions aren't covered by the plan
Got charged more than you expected
To learn more, click here to speak to a licensed insurance agent.
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