Medicare Open Enrollment - October 15 - December 7

Medicare Open Enrollment is almost here.  (Depending on when you read this...)

Each year, there is a special period of time in the Medicare System, October 15-December 7, when you can make a change to your Medicare Advantage or Drug plan.

This is one of those periods, and it's called Medicare Open Enrollment.

During this time you can:

• Join, Switch or drop a Medicare Advantage PLAN ("MA" - "Part C"), which can be with, or without a Medicare drug plan element.
  • Your Coverage would start on Jan. 1, provided your request is in by Dec. 7.
  • If you join a Medicare Advantage plan during this time, and change your mind,  you can go back to a Traditional Medicare Plan ("TM") or a different Medicare Advantage plan during the Medicare Advantage Open Enrollment Period, Jan.1-March 31. 
  • If you are IN a MA plan, you can change back to a traditional Medicare plan.
  • If you are IN an MA plan and you want to move to a different MA plan, you can do it during this time period. That includes moving to (or from) MA plans with, or without drug plan coverage.
  • It's a great time to review your existing MA or TM plan to ensure that it is the best plan for you.  Review any health changes and plan changes to be sure that you are enrolled in the best coverage for you.
  • If you are in a Medicare Advantage plan and have moved where you live, be sure that you are still in the plan's service area, a requirement of the MA plan. 
  • Each year, MA plans can choose to make changes in coverage, costs, service area and more. It can also choose to stop participating in the Medicare program. (It's important to remember that MA plans are sponsored by insurance companies, not the Federal Government.)  You may choose, or be required, to change plans if this happens.
• You can make changes to your Medicare Drug Plan ("Part D"), including joining one, changing it, or dropping it.
  • Coverage will start on Jan. 1, if your request is in by Dec. 7
  • It's worth rechecking your existing drug plan to ensure that it is the  best plan for you at this time.  If you have changed medications, you can check and update your plan.  Even if you have not, it's worth checking on  your drug plan, because plans do change and your benefits may be impacted.
  • Medicare Drug Plans can be delivered in two different manners. First is an "independent" plan that you enroll in separately.  However some Medicare Advantage plans include part D coverage, and if so, you are not eligible for separate part D insurance coverage. 

A couple of other elements to consider....

• There are various "conditions" that can occur when you change from a TM to a MA plan or back.  This may result in limiting your ability to obtain a Medicare supplement plan of your choice.
• If you are with a private plan (such an employer plan or retiree plan), check with your private plan administrator FIRST before making any changes, to ensure that you don't give up (permanently) any better benefits that you may have under those plans.
• Be sure that you have credible drug coverage at all times.  If you have a gap of more than 63 days, you are subject to a permanent premium penalty of 1% per month (of the national base beneficiary premium - which changes each year) that you were not enrolled.
• Medicare and all of it's plans, supplements and variations can be very confusing.  Be sure to work with a broker/agent who is familiar with these plans. It's essential that you "Get It Right...".