In addition to helping to maintain our health as we age, having a reliable healthcare insurance plan also provides real peace of mind. As a Medicare Advantage enrollee, you may know that it offers additional benefits not available with traditional Medicare, such as vision, dental, and prescription drug coverage. As we welcome the new year, a new enrollment period begins.
When Is Medicare Advantage Open Enrollment?
The Medicare Advantage Open Enrollment period is between January 1 and March 31 each year.
Who is Medicare Advantage Open Enrollment For?
The Medicare Advantage Open Enrollment period is only for people already enrolled in a Medicare Advantage plan. You heard that correctly; this is not for you if you do not yet have a Medicare Advantage plan. When enrolling in a Medicare Advantage plan, you will need to do so through your existing plan’s open enrollment period (Medicare’s Open Enrollment Period is later in the year, from October 15 to December 7).
What is Medicare Advantage Open Enrollment For?
There are only two specific purposes of the Medicare Advantage Open Enrollment period:
- Changes: Those who have a Medicare Advantage plan are given the opportunity during this time to switch to another type of Medicare Advantage plan. For example, if your Advantage plan currently doesn’t have prescription coverage, but you have recently found that you will need it, you could speak to one of our agents during this time to get you signed up for a more suitable policy. It could work in reverse if you decide you don’t need drug coverage and want to drop it or want to try another Medicare Advantage provider that seems better for you.
- Cancellations: During this time, you can cancel your Medicare Advantage plan and return to your original Medicare coverage.
What Can’t I Do During the Medicare Advantage Open Enrollment Period?
The window from January to March is provided only for changes to or cancellations of your Medicare Advantage plan. Therefore, anything else is not allowed, including the following:
- Enrolling for the first time: If you don’t already have Medicare Advantage, you must wait until October 15.
- Joining other plans: If you want to join a Medicare drug plan, you can’t do it during this time.
- Switching between Medicare drug plans: Again, anything to do with basic Medicare plans (not Medicare Advantage) can’t be done during this period.
When Do My Medicare Advantage Changes Become Effective?
If you changed or canceled your Medicare Advantage plan between January 1 and March 31, your changes will start on the first day of the following month.
Have More Questions? We Can Help.
It’s not always easy to wade through the options to find the best Medicare Advantage plan for you. That’s why we’re here. Just tell us what you are looking for regarding coverage, and we’ll do the homework to find you the best plans to suit your needs. Call to set up an appointment with one of our Medicare Advantage insurance agents today.