Medicare Open Enrollment Starts Next Week
Medicare’s Open Enrollment 2018 begins next week, October 15th, 2017. This can be a confusing time for seniors, so we are going to outline what you can do during Medicare Open Enrollment, what you can’t do, and what you need to know going into next week.
What Can I Do During Medicare Open Enrollment 2018?
During Medicare Open Enrollment Period, you can switch out of your current Medicare Supplement, Medicare Advantage and Part D Prescription Drug Plan. If you are enrolled in a Medicare Advantage Plan and want to switch to a Supplement Plan, now is the only time of the year that you are able to do so, and vice versa. Unless you fall into a special exception, Medicare Open Enrollment is the only time for the year that you are able to switch your plan. So it’s very important for you to meet with a licensed agent at Plan Medicare to discuss your options if you are unhappy with your current coverage.
When is Medicare’s 2018 Open Enrollment Period?
Every year, the window of Medicare Open Enrollment is October 15th through December 7th. All plans take an effective date of January 1st 2018.
Why is Medicare’s Open Enrollment Period So Important?
Even if you are happy with your current insurance coverage, it’s important to review your coverage during Open Enrollment because every year drug plans change their formularies and often times plan rates change. This means that the price you pay per month could change, and the drugs being offered in your plan could change as well. If you are on a Medicare Advantage plan, the network of doctors could change year to year as well, so it’s necessary to review your plan with an expert to ensure you are properly covered for the next calendar year.
Can I Switch My Medicare Supplement, Prescription Drug or Medicare Advantage plan outside of Open Enrollment?
The answer is, maybe. Every year there is a Medicare Advantage Disenrollment Period (MADP), that runs January 1st– February 14th. During this time, those who enrolled in a Medicare Advantage Plan during Open Enrollment, and would like to switch back to Original Medicare (with a Supplement Plan), are able to do so. There are other special election period exceptions in which people can switch out of their plans during the year, but as the name entails, they must qualify for the exception.
If you are unhappy with your current coverage, or are curious to hear what other Medicare coverage options are available ot you, call the experts at Plan Medicare: 516-900-7877.