Medicare Advantage Open Enrollment
Key Points
You sign up for Medicare Part A and Part B through Social Security, while other parts and plans are purchased through private insurance carriers.
If you have other creditable coverage, such as large employer insurance, you may be able to delay Medicare past 65 without penalty.
Most people enroll in Medicare during their 7-month Initial Enrollment period, which takes place around their 65th birthday.
Medicare Advantage Open Enrollment Period (MA-OEP)
What you need to know
What is Medicare?
Before diving into MA-OEP, let’s quickly go over what Medicare is. Medicare is a federal health insurance program primarily for people aged 65 and older, but it also covers some younger folks with disabilities. There are four parts:
- Part A (Hospital Insurance): Covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
- Part B (Medical Insurance): Covers certain doctors’ services, outpatient care, medical supplies, and preventive services.
- Part C (Medicare Advantage): An alternative to Original Medicare (Part A and Part B), offered by private companies approved by Medicare.
- Part D (Prescription Drug Coverage): Helps cover the cost of prescription drugs.
Who is Eligible for Medicare?
Eligibility is usually straightforward. If you’re 65 or older and a U.S. citizen or permanent legal resident, you’re likely eligible. Some younger people with disabilities or certain conditions like End-Stage Renal Disease can also qualify.
Medicare Advantage Open Enrollment Period (MA-OEP)
What is the Medicare Advantage Open Enrollment Period?
The Medicare Advantage Open Enrollment Period (MA-OEP) runs from January 1 to March 31 each year. During this time, if you’re already enrolled in a Medicare Advantage plan, you have the option to:
- Switch to another Medicare Advantage plan.
- Drop your Medicare Advantage plan and return to Original Medicare.
- Sign up for a standalone Medicare Part D (prescription drug) plan if you return to Original Medicare.
Why is MA-OEP Important?
MA-OEP is crucial because your healthcare needs might change from year to year. What worked for you last year might not be the best option now. If you missed the Annual Enrollment Period (AEP) reviewing your plan during MA-OEP can help you find better coverage or save money.
Mary, found that her prescription costs were skyrocketing on her Medicare Advantage plan. She missed the deadline during AEP to make changes. After reviewing her plan during MA-OEP, she was able to switch to a plan with better drug coverage, saving her hundreds of dollars a year.
Steps to Take During MA-OEP
Reviewing Your Current Coverage
The first step is to look at your current coverage. Ask yourself:
- Are my doctors still in-network?
- Are my prescription drugs covered?
- Have my health needs changed?
Comparing Different Plans
Comparison shopping is vital.
Consider:
- Costs: Look at premiums, deductibles, and out-of-pocket costs.
- Coverage: Ensure the plan covers your medications and preferred healthcare providers.
- Convenience: Check the plan’s rules about referrals and in-network doctors.
Think of it like buying a car: you wouldn’t just buy the first one you see, right? You’d
Remember, the deadline is March 31. Don’t wait until the last minute, or you might find yourself in a long queue for assistance.
Tips for a Successful MA-OEP
Start Early
Procrastination is your enemy during MA-OEP. Start reviewing your plans as soon as the enrollment period begins. This gives you ample time to compare options and avoid rushed decisions.
Seek Help if Needed
If you’re feeling lost, don’t hesitate to seek help. You can also talk to an insurance representative at 411Medicare who can help you navigate the options.
Jim and Barbara, who were completely overwhelmed by their choices. With a little guidance, they found a plan that was perfect for their needs and saved money on their prescriptions.
FAQ
What if I miss the MA-OEP deadline?
You might have to wait until the next the Annual Election Period – AEP to make changes, unless you qualify for a Special Enrollment Period (SEP).
Can I change my plan more than once during MA-OEP?
No, you can only make one change during the MA-OEP.
What if I’m happy with my current plan?
It’s still wise to review your plan each year. Even if you’re satisfied, there might be new plans that offer better coverage or lower costs.
Conclusion
Medicare Advantage Open Enrollment Period (MA-OEP) is a vital time for reviewing and adjusting your healthcare coverage. It runs from January 1 to March 31, and it’s your chance to make sure your plan meets your current needs.
Stay informed, start early, and don’t hesitate to seek help if you need it. Remember, making the right choices during MA-OEP can lead to better health coverage and potential savings. Take control of your healthcare decisions and use the resources available to find the best plan for you.