The time for the Medicare Annual Enrollment Period is over, but for policyholders of a Medicare Advantage Plan, the Medicare Advantage Open Enrollment Period is coming up. If you are a Medicare Advantage policyholder, this is an important time to take a close look at your plan and determine if it is still the right fit for your needs. If you need to make adjustments, you’ll need to do so during this enrollment period.
What is the timeframe?
For the Medicare Advantage Open Enrollment Period, you have from January 1st until March 31st. Keep in mind that Medicare Advantage plans are private plans, so alterations will go through your provider rather than Medicare itself. The sooner you submit your revisions, the sooner you will have access to them. All changes will be reflected in your policy the following month, so you won’t have to wait until April to see those changes reflected if you submit your revisions earlier. For example, if you file your changes in January, you will have access to your new policy starting in February.
What options are available?
There are two main things that can be done during the Medicare Advantage Open Enrollment Period:
- You can switch from your current Medicare Advantage plan to another Medicare Advantage plan, with or without an included drug plan.
- You can choose to forego your Medicare Advantage plan and go back to Original Medicare. If you do this, you will also be allowed to join a Medicare drug plan (Part D).
What options aren’t available?
The Medicare Advantage Open Enrollment Period is only available to Medicare Advantage policyholders—it is specifically set up for these individuals to make changes to their plan. Some things that cannot be done during the Medicare Advantage Open Enrollment Period include:
- You cannot switch from Original Medicare to a Medicare Advantage Plan. This can be done during your Initial Enrollment Period or the Medicare Annual Enrollment Period.
- You cannot join a Medicare drug plan if you have Original Medicare. Again, this option is available during your Initial Enrollment Period and the Medicare Annual Enrollment Period.
- You also cannot switch your Medicare drug plan if you have Original Medicare. This works the same as joining a drug plan and will have to be done during the appropriate enrollment periods.
Contact Aging Benefits Advisory Today!
If you need help navigating the world of senior health insurance, our advisors at Aging Benefits Advisory are here to assist. Take advantage of our free consultation to ensure that you receive the plan for your budget and needs. We specialize in Medicare Advantage, Medicare Supplements, Dental, Vision, and Final Expense insurance for the senior market of Pinellas County, Pasco County, Manatee County, Hillsborough County, Polk County, Sarasota County, Citrus County, and Marion County, Florida. If you would like a free consultation, contact us online or give us a call at 727-266-0355. For more information, follow us on Facebook, Pinterest, and YouTube.