Medicare’s open enrollment period happens once a year between October 15 and December 7. During this time, current Medicare beneficiaries have the option to adjust their coverage for the coming year. Adjusting coverage can be a valuable option for those who may have recently changed medication, not fully used their current coverage, or found they could use additional benefits.
How to Search For Medicare Plan Options
It shouldn’t take a ton of research to determine your current coverage and options available for you during this coming enrollment period. You should receive information from the government regarding your current Medicare coverage each year. Even if your coverage hasn’t changed within the last few years, it’s essential to take time to review your current coverage and identify any areas for improvement.
There are online or by phone tools to learn more about other plans if you’re thinking about switching or changing coverage. For example, Medicare offers a Plan Finder tool online, or you can call 1-800-MEDICARE to learn about new Advantage plans in your area. Or, check out the State Health Insurance Assistance Program site to find help in your state.
Can Anyone Make Changes During the Open Enrollment Period?
Medicare’s Open Enrollment Period is only for those who are already existing Medicare beneficiaries.
If you have yet to sign up for Medicare, your period to do so runs between the three months before and three months after you turn 65.1 If you miss this initial enrollment period, you can not sign up for Medicare during the open enrollment period beginning in October. Instead, you must wait until Medicare’s general enrollment period, which runs from January 1 through March 31.1
Are Changes Made During Open-Enrollment Effective Immediately?
No, the changes you elect to make during Medicare’s open enrollment period will not be effective until January 1, 2022.
What Changes Can You Make During Medicare’s Open Enrollment?
During the open enrollment period, you are eligible to change your Medicare coverage, and you also have the option to switch between different Medicare plans. Below are a few coverage options you can add, drop, or adjust depending on your needs for the new year.
Medigap is a supplemental insurance policy designed to help cover the costs of certain medical expenses that Medicare doesn’t cover. Your Medigap policy may cover expenses such as:
- Medical care when traveling abroad2
Whether you’ve had Medigap coverage in the past or you’d find it beneficial moving forward, you can adjust, add or drop your Medigap coverage during open enrollment.
Medicare Advantage (or Part C) is a type of healthcare plan offered by private companies contracted through Medicare. It’s designed to combine Part A (hospital insurance) and Part B (medical insurance) and, in some instances, offer a prescription drug plan or other additional coverage.
During open enrollment, you can choose to switch back to an original Medicare plan if you found that Medicare Advantage did not fit your needs. Alternatively, you are also free to switch to a Medicare Advantage plan from an original Medicare plan during this period. Be sure to shop around for different options, as you’ll have several choices from various providers when choosing a Medicare Advantage plan.
Medicare Part D (Prescription Drug Plan)
If you are utilizing a Medicare Advantage plan, this may not apply to you. But for those who have an original Medicare plan, it’s essential to check for changes to your Part D coverage every year. Coverage through your schedule can change yearly, and your prescription needs may change as well. Make sure your current plan has your needs covered through the following year. If not, now’s the time to look around for new coverage.
Medical expenses can add up quickly, especially if your current coverage fails to address your needs. So use this time to shop around for any changes that could be beneficial for the upcoming year.
This content is developed from sources believed to provide accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.