Yes! You can take full advantage of the Medicare Annual Enrollment Period by dropping your Medicare Advantage plan and returning to Original Medicare or switching to a different Medicare Advantage plan. You can even add a Medicare Part D plan if that fits your needs. Plan ahead to make sure you select the Medicare plan with the most positives for your situation.
Join, Switch, or Drop During AEP
The Annual Enrollment Period (AEP, also called Open Enrollment) arrives every October 15 through December 7. During that enrollment window, you have the freedom to choose your Medicare coverage for the following year. Changes you make go into effect January 1.
When you have Original Medicare. If you have Medicare Part A and Part B, you can sign up for a Medicare Advantage plan with coverage in your area. You are also eligible to join a Medicare Part D plan. Medicare Advantage Prescription Drug plans have prescription drug coverage built-in, which can make them an appealing option for convenient billing.
When you have Medicare Advantage. If you love your Medicare Advantage plan, that’s great! You can renew your contract for the next year. You can also decide you are dissatisfied and compare your plan’s coverage and pricing to the other available Medicare Advantage plans in your area. If you find one that better fits your needs, you can switch to the other Medicare Advantage plan during AEP. If you decide that you dislike all of the Medicare Advantage options, you can drop your plan and return to Original Medicare. When you do this, you can join a Medicare Part D plan if you would be losing your prescription drug coverage. Even if you like your current Medicare Advantage plan, but it lacks drug coverage, you can join a Medicare Part D plan.
When you have Medicare Part D. Your plan will notify you of any changes that are being made to the formulary for the next year. You can renew your contract during AEP, or you can see how your plan stacks up against the competition. If you find your plan lacking, you can switch to a different Medicare Part D plan. You could also choose to drop your Part D. If you have Original Medicare and drop your Part D, you can shop for a Medicare Advantage plan with prescription drug benefits that meet your coverage needs, and join that plan during AEP.
Who Can Make Changes During AEP?
All Medicare beneficiaries enrolled in Part A and Part B can make changes during the Annual Enrollment Period. You can join, switch, drop or renew your Medicare Advantage or Medicare Part D coverage. The only thing you cannot do is enroll in Medicare Advantage when you have a Medicare Supplement, and vice versa.
Are you prepared for the Medicare Annual Enrollment Period? Our team can match you with coverage to meet the new year with a fresh start. Book your appointment today.
