Medicare beneficiaries can join, switch, or drop Medicare Advantage and Medicare Part D plans during the Annual Enrollment Period.
Medicare Annual Enrollment Period
The Annual Enrollment Period (AEP) is every year from October 15 to December 7. During that time, anyone who is enrolled in Medicare and who has a Medicare Advantage plan or Medicare Part D prescription drug plan can make changes to their coverage. People who just have Original Medicare Parts A and B can sign up to join a Medicare Advantage or Medicare Part D plan.
What changes can you make during the Annual Enrollment Period? You can join a Medicare plan if you are enrolled in both Medicare Part A and Part B, switch from one Medicare Advantage plan or Medicare Part D plan to another, or drop your Medicare plan and return to Original Medicare.
If you have a Medicare Advantage plan with prescription drug coverage and want to drop that plan, you have a few options. You can choose to switch to a different Medicare Advantage plan with or without drug coverage, drop the Medicare plan and return to Original Medicare, add a Part D plan if you switch to a plan without drug coverage or Original Medicare, or simply drop Medicare drug coverage.
If you have separate Medicare Advantage and Medicare Part D plans, you can make changes to either, both, or make no changes to your coverage.
How to Prepare for Medicare AEP
Sorting through your Medicare plan options can be intimidating. Thankfully, your current plan will give you a headstart by handing you next year’s numbers. In September, your plan sends you the Annual Notice of Change to alert you to any changes that will go into effect in the new year with your plan’s coverage, pricing and other details. With that information ready, you will be motivated to start comparing the available Medicare plans in your area and have plenty of time to identify the most suitable choice.
Changing Your Medicare Plan
When you want to make changes to your coverage, you should take the time to determine which aspects of a Medicare plan are most important to you. Medicare beneficiaries look first for coverage, then compare pricing. Your priorities will customize this process.
You can use the Medicare Star Rating system as a final step to understand how different plans in your area compare when it comes to a few different categories. The ratings for Medicare Advantage plans tell you how the plans are for preventive services, managing chronic conditions, plan responsiveness and care, member complaints, and customer service. Medicare Part D plans are rated for customer service, member complaints, member experience, and drug pricing and patient safety.
Ready to start working with a Medicare professional? The team at Magellan Healthcare is ready to help you take advantage of the 2022 Annual Enrollment Period. Give us a call today to learn more!
