6 Things You Need to Know About Medicare Open Enrollment

Medicare Open Enrollment is a crucial time each year to review and make changes to your Medicare plan. Changes in premiums, coverage, or network providers are possible, so you want to confirm that your policy continues to meet your healthcare needs and budget.

1. Enrollment Dates

Medicare open enrollment takes place every year from October 15 through December 7.

2. Effective Date

Any changes made during open enrollment go into effect on January 1.

3. Open Enrollment Options

You have four options during open enrollment

Switch from Original Medicare to Medicare Advantage (Part C).
Switch from Medicare Advantage back to Original Medicare.
Change from one Medicare Advantage plan to another.
Join, switch, or drop a prescription drug plan (Part D)

4. Prescription Drug Help

If your income and resources are below a certain limit, you may qualify for the Extra Help program. This program reduces prescription drug costs. Some people are automatically enrolled in the program, while others are required to complete an application and be accepted.

5. Special Enrollment Periods

Certain life events trigger a Special Enrollment Period (SEP) that allows you to make changes outside of the regular open enrollment window. Moving or losing employer coverage are two life events that would make you eligible for this.

6. Review Your Policy

It is wise to review your coverage whether you are making changes or keeping your current plan. You want to confirm that the coverage meets your health and budgetary needs.

Have questions about your coverage? We’re here to help—contact us today!