Medicare Annual Election Period Ends Today
As you may know, Medicare’s Annual Election Period (AEP ends today, December 7. During this time you had the opportunity to assess your Medicare plan and make changes. If you did not make changes, you will be automatically re-enrolled into your current plan for the 2022 year.
But don’t panic. If you overlooked AEP or think you might change your mind about your decision, you might have another opportunity to make changes to your plan (depending upon the circumstances). The Medicare Advantage Open Enrollment Period begins on January 1 and lasts until March 31.
During Medicare Advantage Open Enrollment, you can make changes to your Medicare Advantage plan only. If you’re enrolled in Original Medicare, this enrollment window does not apply to you.
For those enrolled in a Medicare Advantage plan, you can take the following actions during the enrollment window from January 1 to March 31:
- You can compare Advantage plans and determine if a different plan might suit you better
- You can switch from your Advantage plan into a different one
- You can drop Medicare Advantage and return to Original Medicare
- Enroll in a Part D (prescription) plan if you return to Original Medicare
The Medicare Advantage Open Enrollment Period provides an important opportunity for numerous reasons. You might have just learned that your preferred provider or facility is no longer covered under your plan. Or, you might have learned important medications are no longer included on your plan’s formulary (list of covered drugs). You might even discover that you need a new medication, and need to shop for a plan that provides better coverage for it. Certain other conditions might apply as well, such as your budget or healthcare preferences, that can necessitate a change in Advantage plans or a return to Original Medicare.
For more information on the Medicare Open Enrollment Period, call our office to speak with one of our Medicare specialists.