What is the Medicare Advantage Open Enrollment Period?

What is the Medicare Advantage Open Enrollment Period?  There are many dates you need to remember if you are either already enrolled in Medicare or will be in the future.  One lesser known period is the Medicare Advantage Open Enrollment Period that runs from January 1st through March 31st every year.  Don’t confuse this with AEP or the Annual Enrollment Period that happens each fall because we know, it gets confusing.

We find that many people do not know about this enrollment period or they are on a Medicare Supplement and Medicare Prescription Drug plan, so this doesn’t apply to them. This period is only for those already on a Medicare Advantage Plan.  During this period, you can switch to another Medicare Advantage Plan with or without prescription drug coverage or you can also return to original Medicare with the option to join a Medicare Drug plan.  We really wish those on Medicare Prescription plans had this extra change period as well because that would be more fair for them.  Be advised you may or may not be able to enroll in a Medicare Supplement plan because of pre-existing health.  Your new coverage starts the first of the month after the plan receives your application.

Why consider changing your Medicare Advantage plan?

1.  Your doctor (s) are no longer in network.
2.  Your prescription drugs are less expensive on a different plan.
3.  You ran out of time from Oct. 15 – Dec. 7 to make any changes then.
4.  You signed up for a plan that was not explained to you well and you didn’t understand how it worked.  This can happen when you call a TV commercial, respond to a mailer or email, or if you were hounded by telemarketers calling you and you made a change that you regret.
5.  You heard about or found a plan with more benefits that fit your needs.

What is the Medicare Advantage Open Enrollment Period?

It is essentially a do-over time for those on Medicare Advantage Plans or if you are having “buyers remorse” from Jan. 1 through March 31st each year.  A little known fact is that agents are not allowed to actively market during this period.  If you are getting phone calls or emails trying to solicit you, when you didn’t initiate the contact, then don’t hesitate to remind them of this rule or turn their info over to your state Insurance Commissioner.

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