Medicare is a public health insurance program that provides coverage to millions of Americans. If you are new to Medicare, you may not be aware that you can only enroll in Medicare plans during certain times of the year. These times of the year are called enrollment periods. The Medicare Advantage Open Enrollment Period is one such period, and it only occurs once throughout the year.
To learn more about Medicare Advantage Open Enrollment, continue reading.
What Is An Enrollment Period?
Enrollment periods are times during the year that you can enroll in Medicare coverage. There are several Medicare enrollment periods to choose from, so make sure you use the ideal one to get your benefits as soon as possible.
What Is Medicare Advantage Open Enrollment?
The Medicare Advantage Open Enrollment Period is an enrollment period that offers people the opportunity to change their Medicare Advantage plan. The period starts on January 1 and ends on March 31. You can’t enroll in Medicare during this time, but you can switch from Medicare Advantage back to Original Medicare. You can also use this time to change Medicare Advantage plans if you aren’t happy with your current one. If you opt to switch from Medicare Advantage back to Original Medicare, you can also join a Part D prescription drug plan if needed.
If you make changes to your coverage during Medicare Advantage Open Enrollment, your new coverage will start the first day of the month after your new plan gets your request for coverage.
Should You Wait For Medicare Advantage Open Enrollment?
The Medicare Advantage Open Enrollment Period isn’t a one-size-fits-all solution. If you aren’t interested in Medicare Advantage or haven’t yet enrolled, you’ll need to use another Medicare enrollment period to get your benefits. The best way to enroll in Medicare is to use the Initial Enrollment Period. This period begins three months before your 65th birthday and ends three months after you turn 65. The period includes your birth month, giving you a total of 7 months to enroll in Medicare for the first time.
We suggest using the Initial Enrollment Period to enroll if you can, though we understand that this isn’t always an option. Though, be warned that people who don’t enroll during the Initial Enrollment Period may be subject to late enrollment penalties.
Get Enrolled In Medicare
If you have a Medicare Advantage plan and need to make changes, the Medicare Advantage Open Enrollment Period is the time to do it. If you have other needs, you may need to use another enrollment period to make your desired changes.
To get help with Medicare enrollment, you can always rely on an insurance agent, like the ones at Magellan Healthcare. We’ve assisted many clients who weren’t sure about enrollment, so trust us to guide you through the process.
You can get started with a free consultation by calling 866-779-3553.
