The Medicare Annual Election Period (AEP) ends on December 7, but what if you miss it or want to reconsider your Medicare plan afterward? Fortunately, some Medicare beneficiaries have opportunities to make adjustments at the start of the new year. Here’s what you need to know.
Medicare Advantage Open Enrollment Period (January 1 – March 31)
If you’re currently enrolled in a Medicare Advantage (MA) plan, you can take advantage of the Medicare Advantage Open Enrollment Period (OEP), which runs from January 1 through March 31. During this time, you can:
- Switch to a different Medicare Advantage plan.
- Leave Medicare Advantage and return to Original Medicare, along with enrolling in a standalone Part D (prescription drug) plan.
However, keep in mind that this period does not allow you to:
- Make changes to standalone Part D plans.
- Sign up for Medicare Advantage for the first time.
The OEP is a valuable opportunity to adjust your coverage if your current plan isn’t meeting your needs. This could be due to unexpected expenses, provider network limitations, or changes in your healthcare requirements.
Special Enrollment Periods for Original Medicare
For those who aren’t enrolled in Medicare Advantage, making changes to an Original Medicare plan typically requires qualifying for a Special Enrollment Period (SEP). Circumstances that can trigger an SEP include:
- Moving out of your current plan’s service area.
- Losing health coverage provided by an employer.
- Gaining eligibility for Medicaid.
- Other significant life events.
Special Enrollment Periods allow you to update your coverage outside the standard AEP timeframe, helping you stay aligned with your evolving healthcare needs.
Plan Ahead for Peace of Mind
To help ensure you’re making the best decision, consider reaching out for guidance before December 7. If you do miss the deadline, contact us anyway and we can investigate your OEP or Special Enrollment options.
Don’t wait—take steps now to secure the coverage that works for you!
