The Annual Enrollment Period is a time of year when you can change your Medicare plan or coverage. If you don’t change your Medicare plan during this time, you will likely have to wait until the next period to review your coverage and make changes.
What is the Medicare Annual Enrollment Period?
The Annual Enrollment Period is a special time of the year when you can change your Medicare plan or coverage by enrolling, dropping, or switching coverage. This time period takes place each year from October 15th through December 7th.
As previously mentioned, if you choose not to make changes to your plan during this period, you will have to wait until the next enrollment period. The exception is if you have a Medicare Advantage plan, in which case you can change your coverage from January 1st to March 31st of each year. This is known as the Medicare Advantage Open Enrollment Period.
What Changes Can You Make During This Enrollment Period?
This period is a good time to consider enrolling in a Medicare Advantage plan if you’re just enrolled in Original Medicare and want more coverage. Medicare Advantage plans are offered by private insurance companies and cover all of the benefits of Original Medicare plus additional benefits that you might need. Medicare Advantage plans usually have lower out-of-pocket costs than Original Medicare.
If you are already enrolled in Medicare Advantage, you can switch to another Medicare Advantage plan during this period. You can also choose to drop your Medicare Advantage plan and continue your coverage with Original Medicare.
The Medicare Annual Enrollment Period is also a good time to consider enrolling in Medicare Part D. With Medicare Part D, you can get prescription drug coverage. Medicare Part D helps you save money on prescription drugs. If you’re enrolled in Medicare Advantage, you can also switch to a new Medicare Advantage plan that already includes prescription drug coverage.
Give Us A Call Today!
Remember, if you don’t make the changes you want during this Annual Enrollment Period, you will have to wait until the next Annual Enrollment Period before you can make changes to your plan again.
For more information about reviewing and changing your coverage during this period, reach out to Medicare With Jake today. We can help you compare your Medicare options and make sure you get the coverage you need!
