If you’re already enrolled in Medicare, you may be wondering what you can do if you’re no longer satisfied with your plan. This is where the Medicare Annual Enrollment Period comes into play. Also known as the Annual Election Period or Fall Open Enrollment Period, this period lasts from October 15 through December 7 each year, giving Medicare beneficiaries the opportunity to make changes to their Medicare coverage.
Do I Need to Make Changes?
You don’t have to make changes to your Medicare plan if you’re satisfied with it, but do keep in mind that Medicare makes changes every year and this can impact what your plan covers and what you might have to pay out-of-pocket. Fortunately, if any changes are made, you’ll be notified of the specific changes so you can review them and determine whether or not they impact you in a positive or negative way.
If you are not happy with the changes that will be made for the upcoming year, you can use the Annual Enrollment Period to switch plans or drop one completely.
What Changes Can You Make?
As already stated, this period allows Medicare beneficiaries to review their plans each year, see what changes will be made for the upcoming year, and make changes if necessary. During this period, you will be able to:
- Join a Medicare Advantage plan or drop a Medicare Advantage plan and stick with Original Medicare
- Switch from one Medicare Advantage plan to another, with or without prescription drug coverage
- Join, switch, or drop a Part D plan
- Switch insurance carriers
We’re Here to Help
At Medicare Sharks, we’re here to help guide you through an easy process of selecting a Medicare plan that makes sense for you. If you’re ready to learn more about your Medicare options and how you can take advantage of the upcoming Annual Enrollment Period, reach out to us today!