Medicare Open Enrollment is one of the most important times of the year for Medicare beneficiaries. It’s your opportunity to review your current healthcare coverage, make changes, or enroll in a new plan to better suit your needs. As your trusted Medicare experts, Emerald Medicare is here to help guide you through the process with objectivity and always with your best interest in mind.
What Can You Do During Medicare Open Enrollment?
During AEP, you have several options for updating your Medicare coverage, including:
1. Switching from Original Medicare to Medicare Advantage
If you’re currently enrolled in Original Medicare (Parts A and B) which is only 80% medical coverage and no Part D coverage and may want to explore additional ancillary benefits and look at the option of a Medicare Advantage (Part C and D) plan. Medicare Advantage plans often offer coverage beyond Original Medicare, such as dental, eye exams, hearing, and prescription drug coverage.
2. Switching from Medicare Advantage back to Original Medicare
If your Medicare Advantage plan no longer meets your needs or you prefer the flexibility of Original Medicare, you may be able to switch back to Original Medicare during AEP based on the state you live in and the pre-existing rules for each state. You may also want to consider enrolling in a Medicare Supplement (Medigap) plan to help cover more of the out-of-pocket costs but with a higher premium cost. These plans are offered without some of the ancillary benefits the Medicare Advantage plans offer.
3. Changing Medicare Advantage plans
If you’re already enrolled in a Medicare Advantage plan but are unsatisfied with your coverage, you can review your doctors and medications to consider a change to a different Medicare Advantage plan during AEP that best suits your health and your needs . This is the best time of year to compare plans and ensure you’re getting the best benefits that you need or want at the cost that fits your budget.
4. Enrolling in or changing your Medicare Part D (Prescription Drug Plan)
If you’re not currently enrolled in a Medicare Part D plan and need prescription drug coverage, you can sign up for one during AEP. Also, you can change to a different Part D plan when you are on Original Medicare if your current plan’s formulary, premiums or co-pay costs has changed.
Key Dates for Medicare Open Enrollment
- October 15: Open Enrollment begins. This is your first chance to review your current coverage and make any changes or enroll in new plans for the upcoming year.
- December 7: Open Enrollment ends. After this date, you won’t be able to make changes to your Medicare coverage unless you qualify for a Special Enrollment Period (SEP). Check with your broker if you have the need to change any of your plan decisions after this date.
- January 1: Any changes made during Open Enrollment will go into effect on this date.
Tips for Making the Most of Medicare Open Enrollment
- Review Your Current Coverage
- Before making any changes, take the time to review your current plan’s coverage for the new year. A Annual Notie of Change is the document that was sent to you with any changes that your plan is offering for the new year. Ask yourself if your needs or budget have changed over the past year. Have you been prescribed new medications or seeing any new doctors? Do you need additional coverage, such as dental or eye exam coverage?
- Compare Plans on Medicare.gov
- One of the best tools for comparing Medicare plans is the Medicare Plan Finder on Medicare.gov. This website allows you to compare costs, coverage, and carrier ratings of different Medicare Advantage, Part D, and Medigap plans. The Emerald Medicare team uses this trusted resource to help our Medicare enrollees find the best options for their healthcare needs.
- Consider Your Medications
- Prescription drug coverage is a critical component of Medicare. If you take medications regularly, it’s important to ensure that your Part D plan’s formulary (the list of covered drugs) still covers your prescriptions at an affordable cost. Make sure to compare different Part D plans to avoid surprises in the new year.
- Check Your Providers
- If you’re considering a Medicare Advantage plan, it’s important to confirm that your preferred doctors, specialists, and facilities are in-network. Provider networks can change from year to year, so always verify that your healthcare team will be covered by the plan you choose.
- Look for Changes in Benefits
- Medicare Advantage plans often update their benefits from year to year. During AEP, review the benefits offered by different plans, such as coverage for dental, vision, hearing, and fitness memberships. Be sure to choose a plan that offers the additional benefits you value most. Review your Annual Notice of Change documentation that you received in the mail. Called a ANOC.
- Get Help from a Medicare Broker
- The Medicare Open Enrollment period can feel overwhelming, but you don’t have to go through it alone. By working with a Medicare broker, you can get expert, personalized advice based on your healthcare needs and budget. At Emerald Medicare, we can walk you through all your options and help you make the best choice for the coming year.
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Stay Prepared for Open Enrollment with Emerald Medicare
The Medicare Annual Enrollment Period is your best chance to review your healthcare coverage and make the changes that will benefit you in the year ahead. By taking the time to compare plans, review your current coverage, and explore new options, you can ensure you have the right plan for your needs.
Need help navigating Medicare Open Enrollment? At Emerald Medicare, we’re here to provide the expert guidance you need to make informed decisions. Click below to schedule an appointment with one of our expert brokers through Calendly, or contact us directly at the number or email below.
Contact Us:
- Phone: (888) 683-6372 or (845) 358-1220
- Email: office@emeraldmedicare.com