Medicare’s October open enrollment period is fast approaching – Here are the steps you need to take to change your coverage before Dec. 7

Time is of the essence! Get ready for the Open Enrollment Period for Medicare. This is that time of the year when you review your plan and make adjustments if necessary. Whether it is opting for a Medicare Advantage Plan instead of Original Medicare or making changes to drug coverage, the time has come. Here is all the information that you will be needing  to help you make your Medicare decision before December 7.

When is the Medicare open enrollment period?

The Medicare Open Enrollment Period runs from October 15 to December 7 each year. During this time, you can make changes to your Medicare Advantage (Part C) or Prescription Drug (Part D) plans. It’s crucial to take action now if you’re thinking about switching plans, as any changes made during this window will take effect on January 1 of the following year.

Can I switch from Medicare advantage to original medicare?

Yes, if you’re currently enrolled in a Medicare Advantage Plan, you can switch back to Original Medicare (Parts A and B) during this open enrollment period. If you prefer the flexibility of going to any doctor that accepts Medicare, without worrying about a network, now is the time to make that change.

If you’re making the switch to Original Medicare, remember, you may also want to consider adding a Medicare Part D plan if you need prescription drug coverage. This will ensure you do not have a gap in coverage and avoid any late penalties.

How to change your medicare plan

The process of changing your coverage is simpler than it may seem. Here are the steps to follow during the open enrollment period:

1. Review your current plan: Take a close look at your current Medicare coverage. Are you happy with your plan? Does it still meet your needs in terms of doctors, prescription drug coverage, and costs? If you are seeing changes in your health or medication needs, it may be time to reassess.
2. Compare plans using the Medicare Plan Finder: Use the Medicare Plan Finder tool on the official Medicare website to compare available plans. This tool allows you to see the details about coverage, premiums, and out-of-pocket costs based on your current prescriptions and healthcare needs.
3. Decide which plan to switch to: If you are switching from a Medicare Advantage Plan to Original Medicare, consider adding Medicare Part D for prescription drug coverage if you need it. If you’re already on Original Medicare, you can switch to a Medicare Advantage Plan or change your Part D plan.
4. Enroll in a new plan or make changes: You can sign up for a new plan or make changes to your existing plan directly through Medicare or by contacting private insurance companies offering the plans you’re interested in.
5. Confirm your coverage: After making changes, ensure that you receive a confirmation letter from Medicare or the plan provider. This will ensure that your new coverage starts on January 1.

What plans can I change during open enrollment?

Here is a breakdown of the plans you can change or update during the October 15 to December 7 Open Enrollment Period:

• Switch from Medicare advantage to original Medicare or vice versa.
• Switch from one Medicare advantage plan to another (different provider or coverage level).
• Add, switch, or drop a Medicare Part D plan for prescription drugs.

Remember, changes you make during this time will go into effect on January 1 of the following year.

Things to keep in mind before December 7

• Deadlines are critical: You must make your changes by December 7, or you will miss your chance until the next open enrollment period the following year.
• Review your current prescription drug coverage: Many Part D plans can change their formularies and cost structures each year. Be sure to compare your current coverage against other plans to avoid any surprises in the new year.
• Medicare advantage changes: If you are considering switching to a Medicare Advantage plan, check if the plan includes any additional benefits like dental or vision coverage, which may be important to you.

What happens after December 7?

After the open enrollment period that ends on December 7, no further adjustments can be done until another year. However, according to the U.S Government, aside from the Open Enrollment, you can also switch plans if you have a life changing event that qualifies you for a  Special Enrollment Period (SEP). The life changing event could be getting married, moving to a new place, or losing other health coverage. But, take advantage of the open enrollment period so that you can secure the most appropriate coverage for yourself in the coming year.

Remember, Medicare Open Enrollment allows you to assess your health plan coverage in place and modify it as you wish.  So make sure to act before December 7 so that you would be ready for the upcoming year.

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