You can only change your Medicare coverage during certain “enrollment periods.” Primarily people make changes during the General Enrollment, Annual Enrollment, and Open Enrollment. If you want to make changes outside of these specific times, you may need a Special Enrollment Period.
Though, there are specific things you can do during each different enrollment period. Here’s what you need to know about capitalizing on the Annual Enrollment Period.
What is Medicare Annual Enrollment?
The Medicare Annual Enrollment Period is a time of the year wherein Medicare plan members are allowed to make changes to their coverage in preparation for the following year. This enrollment period begins on October 15th and ends on December 7th. Expect the changes you make to take effect on January 1st.
What Can You Do During Annual Enrollment?
During Annual Enrollment, there are many different actions you can take. Though, you are not allowed to enroll in Medicare for the first time. The only actions available involve changing coverage from one Medicare plan to another. One exception, though, is that current Medicare plan members can enroll in a Part D prescription drug plan.
Here are some specific actions you can take during Annual Enrollment:
- 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
What Makes Annual Enrollment Important?
Annual Enrollment is important because it occurs soon after you receive the Annual Notice of Change from Medicare. This letter explains what has changed in your current plan, allowing you to switch during Annual Enrollment if the benefits you need are no longer offered. Understand that people who are enrolled in Original Medicare may struggle to make the changes they need outside of this enrollment period.
Capitalize on the Annual Enrollment Period
If you need help shopping for the best Medicare plan during Annual Enrollment, contact Magellan Healthcare. We can help you compare plans and find one that fits your needs. To get started, call us at 866-779-3553.
