Members of Medicare Advantage plans may switch plans during the Medicare Advantage Open Enrollment Period. From January 1 to March 31, it is in effect.
Similar to the Medicare Annual Enrollment Period, the Medicare Advantage Open Enrollment allows you to make changes to your coverage. In essence, it offers you a second chance to obtain the coverage you require and want.
How is Medicare Advantage Open Enrollment different from Medicare Annual Enrollment?
Who can use each is the primary distinction between Medicare Advantage Open Enrollment and Medicare Annual Enrollment. Anyone with Medicare can modify their coverage for the future year during Medicare Annual Enrollment, while Medicare Advantage Open Enrollment is only available to those who are already enrolled in a Medicare Advantage plan.
The timing of the two is another difference. While Medicare Advantage Open Enrollment is from January 1 to March 31 and Medicare Annual Enrollment is from October 15 to December 7. Both occur annually.
How to get ready for Medicare Advantage Open Enrollment
Whether you recently enrolled or have had your Medicare Advantage plan for years, you can take this opportunity to confirm – or change – your plan choice. Think about your experiences using your plan and review your plan benefits. How does your strategy compare in the areas listed below?
- Your doctor is a part of the network of providers for your plan.
- The formulary for your prescription medications is available.
- Your expenditures, which include premiums, deductibles, copays, and coinsurance, are acceptable to you.
- For things like dental, vision, and hearing care, you have the extra coverage you desire.
- You are content with the extra advantages included in your plan, such as the nurse hotline, mail-order pharmacy, and wellness services.
You have between January 1 and March 31 to make any changes you want. You can look into additional plan choices.
