Like most insurance plans, Medicare has specific enrollment periods wherein beneficiaries can change their coverage. There are several enrollment periods, but two primary ones are Annual Enrollment and Open Enrollment. Each offers Medicare beneficiaries different options, so it helps to know exactly what you can do during both periods.
To learn how the Open Enrollment Period and Annual Enrollment Period compare to one another, continue reading.
What is the Annual Enrollment Period?
The Annual Enrollment Period is a time of year when Medicare plan members can alter their current coverage. The enrollment period lasts from October 15th to December 7th of every year. During this time, Medicare beneficiaries are encouraged to review their current coverage to determine whether they need to make any changes. Changes made during the enrollment period will take effect in the next year and last for the following 12 months.
Annual Notice of Change
In September of every year, Medicare beneficiaries currently enrolled in coverage will receive an Annual Notice of Change letter. This letter informs them of any changes that may affect their current coverage. Based on what is in the Annual Notice of Change, they may wish to pursue alternative coverage that features benefits that are no longer available through their current plan. For this reason, it is crucial that all Medicare plan members review the Annual Notice of Change when it is sent to them.
What You Can Do During Annual Enrollment
There are several actions you can take during Annual Enrollment, including:
- Switching from an Advantage plan to Original Medicare
- Switching from one Advantage plan to another one
- Changing from Original Medicare to an Advantage plan
- Switch from one Part D prescription drug plan to another
- Drop your current Part D prescription drug plan
- Purchase a Part D plan if you are not currently enrolled in one
Contact a Medicare agent today if you need help with any of these things.
What is Open Enrollment?
Open enrollment typically refers to the Medicare Advantage Open Enrollment Period. During this time, there are limited actions that can be taken. Primarily, Medicare beneficiaries can switch to another Medicare Advantage plan.
Open Enrollment vs. Annual Enrollment
Open Enrollment and Annual Enrollment are similar because both allow Medicare beneficiaries to switch to another Medicare Advantage Plan. However, Annual Enrollment offers many more options for actions that can be taken. If you want to learn more about effectively utilizing these different enrollment periods, contact Magellan Healthcare by calling 866-779-3553.
