As you might already be aware, Medicare’s Annual Enrollment Period just began on October 15. From that date until December 7, you can review your current Medicare plan and make any necessary changes. Or, if you don’t make any changes, your current plan will automatically renew.
But let’s back up and discuss which types of changes you can make at this time, so that you know what the possibilities are:
- Drop Medicare Advantage and go back to Original Medicare
- Switch from Original Medicare to a Medicare Advantage plan
- Investigate the different Medicare Advantage plans available in your area
- Change from one Medicare Advantage plan to another
- Add a Part D prescription plan to your Original Medicare
- Drop your Part D plan
- Change from one Part D plan to another
Review your Annual Notice of Change. Your current plan’s administrator should have sent you this notice at some point within the past month. The ANOC details upcoming changes to your current plan, so that you can determine whether the plan still meets your needs. If it does not, now is the time to evaluate your other options, such as a different Medicare Advantage plan or Original Medicare (with or without a Part D plan added to it).
Choice is always a good thing, so even those of you who are satisfied with your current plan should take the time to investigate other options. After all, this is the only way to know whether another plan might be even better for you!
And finally, there is one thing you cannot do during Medicare AEP. Now is not the best time to enroll in a Medigap (Medicare Supplement) plan. The best time to do that is during your original Medicare enrollment window. At that point, you won’t have to face a health screening. Later, you will have to answer these questions and pass underwriting, and there is no guarantee that you will be able to secure a policy.
Therefore, if you’re just approaching Medicare eligibility, consider a Medigap policy now. Don’t make the mistake of thinking that you can always add one later; in many cases, you can’t.
If you have any other questions about what you can or cannot do during Medicare’s Annual Enrollment Period, give us a call and we’ll be happy to help.
