Medicare Enrollment Periods – Simplified
Is it just me or are there too many acronyms to know and keep track of nowadays? And it seems Medicare has no shortage of those. It can be pretty confusing, especially when it comes to the times of the year when you can sign up or make plan changes. I think it is important to understand the different Medicare enrollment periods that occur throughout the year in the event you want or may need to adjust your health insurance coverage. I have included a simplified summary of the what they are, including a few tips I think you might find useful.
Annual Election Period (AEP)
When is it? October 15th – December 7th
What is it?
It is when Medicare beneficiaries can add, change, or drop their Medicare Part D or Medicare Advantage plan coverage for the next year.
During AEP insurance carriers release the plan benefit changes for the next upcoming year. Your current health insurance carrier with send you an Annual Notice of Changes (ANOC) in September so you can see a side by side comparison of your current benefits and what changes will occur to your plan for next year.
It is a good idea to look this over to see if your healthcare needs are being met and it is also a good time to check in to other carriers to see what benefits they are offering for the new year. The AEP gives you a chance to change if you are not happy with the future adjustments to your plan. You can change your mind as many times as you would like during this time frame, but the application put in last will be what insurance plan you will have starting on January 1st.
What changes can I make?
Drop a Medicare Advantage Plan and return to Original Medicare
Elect to change from one Medicare Advantage plan to a different one
Change from Original Medicare to a Medicare Advantage plan
Elect to change from one Part D prescription drug plan to another
Cancel your current Part D plan
Pick up a Part D plan if you currently do not have one
Open Enrollment Period (OEP)
When is it? January 1st – March 31st
What is it?
During this time frame you get one more chance to make a change to your coverage. If you decide to make a change, it will go into effect the following month. For example, a plan change on February 8th would be effective for March 1st.
Some of the reasons a person might change are:
Provider network changes
Dental coverage provided isn’t as comprehensive
Certain benefits covered at 80% such as chemotherapy, durable medical equipment, and Part B drugs
What changes can I make?
Switch from one Medicare Advantage plan to another Medicare Advantage plan
Disenroll from a Medicare Advantage plan and return to Original Medicare, with or without a Prescription Part D drug plan
*The Medicare OEP does not, however, allow a beneficiary to change from one Part D plan to another.
Special Election Periods (SEP)
When is it? January 1st – November 30th
What is it?
You can make changes to your Medicare Advantage and Medicare prescription drug coverage when certain events happen in your life, like if you move or you lose other insurance coverage. These chances to make changes are called Special Enrollment Periods (SEPs). Rules about when you can make changes and the type of changes you can make are different for each SEP.