Medicare Open Enrollment what is it?
Medicare is a super confusing topic for most individuals and Medicare open enrollment does not make things and easier. Most clients and even insurance agents will confuse this enrollment period with when it is, who it’s for and what exactly can be done.
Medicare has a few enrollment periods the most well known is the Annual enrollment period which occurs from October 15th and runs until December 7th, during that time anyone on Medicare can make as many changes as they like to there Medicare advantage plans or prescription drug plans also known as part D. The last change made will go into effect for January 1st in the new year. Ok so what is the Medicare open enrollment? The Medicare open enrollment happens from January 1st – March 31st during this enrollment period anyone on a Medicare advantage plan can make one change, this change will go into effect the 1st of the following month the change was made. So what changes can be made? Members of a Medicare advantage plan can change to a new Medicare advantage plan or go back to original Medicare and a drug plan. Members may apply for Medicare supplemental coverage as well depending on the individual’s residence medical underwriting may be required.
This is not a well known enrollment period unlike the Medicare annual enrollment period, insurance carriers, brokers and agents are not allowed to advertise and promote changing plans during this time. This is a great opportunity for many people on Medicare who missed out on the annual election period, or did not realize plan changes that were made to their current coverage until after the new year . The Medicare open enrollment period is essentially Medicare trying to give people one last opportunity to improve their coverage situation without all the sales pressure that comes with the annual enrollment period which has really gotten out of control. So if you are on a Medicare advantage plan and have not really examined how well it will fit your current health and budgetary needs for the new year, you really should do yourself a favor and take a look at your current plan and any changes it has made for the new year. Stay safe, and as always if you have any questions regarding,
Medicare or your coverage please feel free to message me or give me a call directly at 631-358-5793 email medicare@162.240.231.225 https://www.paulbinsurance.com/