Medicare Open Enrollment 2023 Guide (Important)

Medicare Open Enrollment 2023 Guide: All the information you require on the yearly election period, such as opportunities to adjust coverage, eligibility specifics, and enrollment deadlines

Avoid these costly errors when enrolling with Medicare.

Today, abbysmedicareadvantage.com published advice to assist consumers in avoiding costly errors while assessing and choosing coverage throughout the Medicare open enrollment period.

Will Medicare diabetic treatment coverage be improved by the Inflation Reduction Act?

The cost of diabetes care for Medicare participants would be lessened because of the Inflation Reduction Act, passed in August 2022.

Changes to Medicare in 2023: What You Need to Know

According to information made available today by abbysmedicareadvantage.com, some of the key trends to monitor this fall include changes to out-of-pocket expenses, new benefits, and the continuous expansion of Medicare Advantage plans.

Medicare enrollment dates for 2023 coverage, at a look

In addition to your initial chance to sign up for Medicare plans, the federal government offers additional opportunities each year for registration and plan modifications.

How soon after I enroll in Medicare will I start receiving benefits?

To prevent coverage gaps that would prevent them from receiving the care they require, Medicare enrollees must be aware of when their plan will go into effect.

In what ways will Medicare benefits change in 2023?

Medicare coverage will change in 2023 with a lower standard Part B premium of $164.90 and a lower Part B deductible of $226. The deductible, coinsurance and Part A rates will all rise in 2023.

Change your Medicare Advantage coverage for these four reasons.

During Medicare’s annual open enrollment period, you can switch plans if you’re enrolled in a Medicare Advantage plan and are dissatisfied with it. These four factors could lead you to alter your insurance.

Supplemental advantages of Medicare Advantage

The ability to offer greater supplemental benefits aimed at enhancing the quality of life for Medicare members with chronic illnesses is now available to insurers that offer Medicare Advantage plans.

Four indications that it’s time to switch your Medicare Part D coverage

High premiums, modifications to your prescriptions or your plan’s formulary, and your access to in-network pharmacies are a few reasons you might want to think about changing your Medicare prescription drug coverage.

What is Medicare open enrollment?

Medicare plan members can review their current Medicare coverage, whether it be Original Medicare with supplemental drug coverage or Medicare Advantage, and make changes if they wish to do so during the annual election period (AEP), also known as the annual coordinated election period (ACEP), which occurs each fall.

The annual election period for Medicare is the subject of this guide. We’ve covered more alternatives for enrolling in or changing your Medicare coverage if you’re interested in finding out more.

When is Medicare open enrollment?

Each year, Medicare open enrollment began on October 15 and ran through December 7. (Some individuals may be eligible for extended enrollment opportunities in regions where FEMA declares an emergency or significant catastrophe that prevents them from signing up within the typical timeframe.)

What plan changes can I make during the Medicare open enrollment period?

If you already have Medicare coverage and want to enroll during the open enrollment period, you can:

Change from Original Medicare to Medicare Advantage (so long as you’re signed up for both Parts A and B of Medicare and you live in the plan’s coverage area).

Change from Medicare Advantage to Original Medicare (with a Medicare Part D plan and perhaps a Medigap plan; depending on the state and the individual’s circumstances, medical underwriting may be necessary for Medigap).

Alternate between different Medicare Advantage plans.

Switch between several Medicare Part D prescription medication plans.

If you didn’t sign up for a Medicare Part D plan when you first became eligible for it, do so now. A late-enrollment penalty might be imposed if you haven’t kept up with other creditable coverage.

If I change my coverage at the start of the AEP, can I change my mind before the December 7 deadline?

Yes. Later on in the AEP, you can change your mind and select a different plan. You are permitted an unlimited number of plan modifications during the AEP.

The plan that goes into effect on January 1 will be the last one you choose.

If I make a mistake when I change my coverage during the AEP, what can I do to fix it?

If you discover your error while the AEP is still in progress, you can simply choose an alternative plan in its place (before the deadline of December 7), and the new selection will go into effect on January 1.

You can choose a different Medicare Advantage plan during the Medicare Advantage Open Enrollment Period (MAOEP) or move to Original Medicare and a Part D plan if the AEP has expired and you’ve already enrolled in a Medicare Advantage plan but feel you should have chosen a different plan.

For instance, it’s possible that you chose an Advantage plan that excludes from its network a hospital with a convenient location or that doesn’t cover an expensive prescription you need. Or perhaps you allowed your current Advantage plan to automatically renew without realizing that the premium or benefits will change starting in January. Whatever the cause, the MAOEP offers Medicare Advantage beneficiaries one “do-over” chance at the beginning of the year.

The period for the MAOEP is from January 1 to March 31.

Your alternatives are more constrained if the AEP has terminated and you’ve signed up for a stand-alone Part D plan that doesn’t meet your needs. There is no better way to modify a stand-alone Part D plan than the MAOEP. Generally, these plans can only be altered during the fall AEP.

However, you can call 1-800-MEDICARE and provide the specifics if you think that you were provided with false or misleading information that caused you to select the incorrect plan. The call center might let you alter your plan at that time depending on the situation.

Who’s eligible to make coverage changes during Medicare open enrollment?

You can make adjustments during open enrollment if you have Original Medicare or Medicare Advantage coverage at the moment.

Although Medigap plans are typically only guaranteed issue during a beneficiary’s first enrollment period and other special enrollment periods, the yearly Medicare open enrollment period does not apply to them. To be clear, you cannot enroll in a new Medigap plan on a guaranteed-issue basis during the annual Medicare open enrollment period. As you can at any time of the year, you can apply for new Medigap coverage during this period. But if your six-month initial enrollment period for Medigap has passed, the insurer will base your eligibility and price on a medical underwriting process.

(It should be noted that 11 states have laws that permit at least partial guaranteed-issue access to new Medigap policies, but this usually only applies to transferring from one Medigap plan to another that offers the same or lower benefits.)

Additionally, you cannot use the AEP to enroll in Medicare Part B if you didn’t do so when you originally became eligible. Use the Medicare general enrollment period in its instead, which is open from January 1 through March 31. Additionally, those who must pay a premium for Medicare Part A and did not sign up for it when they first became eligible might enroll during the regular enrollment period. The majority of patients are exempt from paying a premium for Part A.

Can I sign up for Medigap during the AEP?

At the AEP or any other time of the year, you can apply for a Medigap (Medicare supplement) plan. But unlike Part D and Medicare Advantage plans, Medigap plans do not have a nationally mandated yearly enrollment period.

However, if you apply to a Medigap plan after your initial six-month enrollment period has ended, the Medigap insurer will probably utilize medical underwriting to assess your eligibility and premium.

11 states allow existing Medigap participants to choose among at least some additional plans without having to submit to medical underwriting, and a few of those states also provide newly enrolled individuals that option.

How are plan costs changing for 2023 Medicare coverage?

Here is a thorough description of changes to Medicare’s premium and out-of-pocket costs. however generally:

The Inflation Reduction Act will guarantee that Part D enrollees no longer have to pay for advised vaccinations and cap the cost of insulin supplies at $35 per month in 2023.

For 2023, Part B deductibles and premiums will be lower (the first decrease in more than a decade).

The deductible, coinsurance, and Part A premiums (for those who must pay for Part A) will all rise in 2023.

Average Part D premiums are anticipated to slightly decline in 2023.

The IRMAA (high-income surcharge) threshold for Medicare Part D and Part B will rise dramatically, but the high-income Part B premiums will fall in line with ordinary Part B premiums.

The allocable cap on out-of-pocket expenses for Medicare Advantage plans will increase to $8,300 for in-network expenses (excluding prescription expenditures). However, most plans will still have out-of-pocket maximums that are much lower than this cap.

How many people change their coverage during the AEP?

During Medicare’s AEP, the majority of beneficiaries do not change plans. According to a KFF analysis, over a decade, 10% to 13% of beneficiaries moved to a different Part D plan annually. Additionally, it varied from 6% to 11% for Medicare Advantage recipients, making it much lower.

Even more concerning is the fact that during a recent open enrollment period, seven out of ten beneficiaries didn’t even examine their available coverage options. Your current strategy may remain the greatest choice for the upcoming year. The majority of Medicare beneficiaries aren’t actively comparing the available options, so there’s no way to know that.

What will happen if I don’t change my Medicare coverage during the annual election period?

Your current coverage will renew for 2023 if you don’t make any changes to your plan. But those modifications can involve altered costs and advantages. The drug formulary (covered drug list) or provider network of the plan you now have may have changed, which could result in the loss of coverage for a certain drug or physician. Additionally, the plan’s premium and/or cost-sharing structures can vary.

This is why it’s crucial to carefully weigh your options every fall. You should find out how your current plan and the other plans that are offered in your area will cover your doctor visits and prescriptions for the upcoming year.

You won’t be able to alter your stand-alone Part D plan after the yearly election period is over until the following election period. The Medicare Advantage Open Enrollment Period (MAOEP), which runs from January through March, will still be available to you if you have a Medicare Advantage plan. During this time frame, only one plan modification is permitted.

But it’s crucial to remember that the new plan choice would become effective at the earliest in February (and as late as April, depending on when you make the plan selection). This implies that regardless of how much you had spent in the first few months of the year under your old plan, your out-of-pocket expenses for the year would reset to zero when the new plan began.

The ideal course of action is to choose your new plan by the yearly election period deadline (by December 7) if there is any chance that you might wish to change plans so that the coverage takes effect on January 1 and covers you for the entire year.