The New Medicare Open Enrollment
There’s a new Open Enrollment Period for Medicare. While the big annual election period ended in mid-December, the new Medicare Advantage Open Enrollment Period began on January 1 and will continue through March 31. Here’s what you can do during this time.
First, a little background.
Most people enroll in a Medicare plan when they turn 65. The initial open enrollment period lasts for seven months, including the birthday month, the three months before, and the three months after. During this time, enrollees can decide what types of coverage they want. There are two basic options:
- Original Medicare, which includes Medicare Part A and Medicare Part B, along with a Medicare Part D prescription drug plan. Enrollees may also select a Medicare Supplement, often called Medigap, to help with out-of-pocket costs.
- Medicare Advantage, also called Medicare Part C, which is offered by private companies and combines Medicare Part A, Medicare Part B and (often) Medicare Part D.
Every year, Medicare enrollees get to review their coverage and decide whether they want to change it. This is helpful since Medicare Part D and Medicare Advantage plans may change from year to year, and people’s needs also change.
This fall open enrollment period lasts from October 15 to December 7. During this time, enrollees can switch from Original Medicare to Medicare Advantage, from Medicare Advantage to Original Medicare, or from one Medicare Advantage plan to another. They can also switch their Medicare Part D prescription drug coverage.
The Medicare Advantage Open Enrollment Period is new.
The Medicare Advantage Open Enrollment Period is separate from the open enrollment period that occurs at the end of the year. It lasts for three months: January, February and March.
During this time, Medicare enrollees who have selected a Medicare Advantage plan for the current coverage period can switch to a different Medicare Advantage plan or to Original Medicare. It’s also possible to make a coinciding change to Medicare Part D coverage.
This new period replaces the Medicare Advantage Disenrollment period, which let enrollees switch from Medicare Advantage to Original Medicare. With the new Medicare Advantage Enrollment Period, enrollees have more options and more time to decide.
Be careful, however – although the period lasts for three months, enrollees are limited to a one-time change.
Why does all of this matter?
People who are eligible for Medicare have a lot of coverage options. While it may all sound pretty much the same, there are important differences.
Some Medicare Advantage plans cover things that Original Medicare doesn’t, like routine hearing, vision and dental care, and even treatments like acupuncture. Not all Medicare Advantage plans offer these benefits, however – there’s variation from plan to plan. At the same time, to stay in a Medicare Advantage plan’s network, you may have to switch doctors or hospitals. Costs can also vary.
These differences make it very important to review plan details carefully. The best option for one person may not be the best option for another person, and what works well for you one year might not always be a good fit.