Medicare Annual Enrollment: Changing plans is easy
When Is the Medicare Annual Enrollment Period?
The AEP for Medicare runs from October 15th to December 7th each year. During this period, Medicare recipients can change their plans to fit their needs. Some people may realize they need less coverage and opt for a more cost-effective plan.
On the flip side, those with newly diagnosed illnesses or medical needs may choose to add coverages to their Medicare plan during this time. If you are happy with your current Medicare plan, no action is required during the enrollment period. Action is only needed for those wishing to make changes to their coverage.
If you do want to make changes to your Medicare coverage, it’s important to observe this timeline. Changes to a Medicare plan can only be made during the AEP. So, if you do not make the changes you want during the annual enrollment period, you’ll have to wait until next year.
Who Is Eligible?
During the annual enrollment period, all current Medicare users are eligible to change their plans for a window of time. This is the timeframe where Medicare users can either drop down to a less expensive plan or add coverages to their Medicare plan.
Benefits from Changing Your Medicare Plan
What changes someone makes to their Medicare plan will be unique to them and their medical needs. There are several changes one can make during the enrollment period to fit their needs.
Switching From Original Medicare (Medicare Part A or Medicare Part B) to Medicare Advantage
The Medicare advantage plan (also known as Medicare Part C) is a more comprehensive option compared to the typical Medicare packages. By switching to Medicare Advantage, you still enjoy all the benefits that come with Medicare Part A or Part B.
Medicare Advantage must legally provide all benefits offered with the Medicare base plans. In addition, Medicare Advantage allows for more coverage, including things like:
- Covered routine vision appointments
- Covered routine dental appointments
- Enhanced prescription drug coverages
- Wellness programs and benefits
Medicare Advantage is best for those who feel the base Medicare package is not fulfilling their needs. Medicare Advantage offers more comprehensive coverage under one umbrella, making care like routine dental cleanings easier to get.
Adding a Prescription Drug Plan to Your Medicare Coverage
Medicare Part A and Part B do not offer prescription drug coverage on their own. You must purchase Medicare Part D to get coverage for the costs associated with your prescription drug refills. You can add Medicare Part D to your based Medicare plan during the enrollment period.
Adding Part D would be wise for any Medicare recipients who have a recurring need for prescription medications. Some medications can be costly, and Medicare Part D effectively covers a percentage of these costs, making it easier and less financially worrisome to get the medications you need.
Switching from Medicare Prescription Drug Plan (Part D) to Medicare Advantage Prescription Plan
Medicare Part D, otherwise known as the prescription drug plan, helps cover some of the costs associated with prescription medicine. If you are already enrolled in Medicare Part A or B, you may add Part D during the enrollment period if you do not already have it.
If you already have Part D in your Medicare coverage, you can either keep it at that or upgrade your Part D coverage to Medicare Advantage (Part C) to receive enhanced coverage of prescription medication costs and more benefits, such as routine vision care.
Medicare Advantage is as comprehensive as Part A or Part B, but it also offers prescription drug coverage and other coverage all in one package.
Important Details about the Medicare AEP
Each year, Medicare plans have the potential to change. Changes can be made to your cost, benefits, coverage, and the network of current providers and pharmacies. Medicare recipients will receive documents from Medicare each year—namely, the Evidence of Coverage notice and the Annual Notice of Change.
These notices will outline any potential changes that have occurred in your Medicare plan. It’s important to review these before the annual enrollment period so you can assess if any changes made to your Medicare plan have caused a new need for additional coverage.
If your plan still meets your needs for the following year after reviewing these notices, no action is required from you. If not, you can make the necessary adjustments to your coverage during the enrollment period from October 15th through December 7th.
Conclusion
If you do make changes to your Medicare plan during the enrollment period, those changes will take effect on January 1st, the first day of the new year. It’s important to note these changes won’t be applied right away and you will need to wait until the new year to utilize any new coverage you have added.
It’s always a good idea to review your current coverage before or during the annual enrollment timeframe. Even if you feel your coverages meet your needs, changes can be made in the Medicare coverages each year, so it’s important to review all notices sent by Medicare and make sure your plan will meet your needs.
If you are ever unsure of what plans would best suit your medical needs, Medicare has resources for you. You can contact Medicare and speak to a knowledgeable agent who can answer your questions and walk you through the different available options for coverage.
Medicare is a useful benefit when utilized correctly. To be sure you are getting the most out of your Medicare plan, you will need to perform your due diligence each annual enrollment period. This way, you can ensure you always are covered for your medical needs each year.