Medicare Advantage Open Enrollment Period

Suppose you are unhappy with your current Medicare Advantage plan. Luckily, the Medicare Advantage Open Enrollment Period is an annual window that allows you to make a one-time change to your existing Medicare Advantage coverage.

We often hear how beneficiaries decide to enroll in a Medicare Advantage plan without fully understanding its benefits. The Medicare Advantage Open Enrollment Period allows you to switch to another Medicare Advantage plan based on what you like or dislike about your current coverage or drop Medicare Advantage all together.

What is the Medicare Advantage Open Enrollment Period?

The Medicare Advantage Open Enrollment Period runs from January 1 to March 31 each year. However, this is not the only enrollment period for Medicare Advantage plans. There are other Medicare Advantage Enrollment Periods you should understand.

The Medicare Advantage Open Enrollment Period is not the time to enroll in a Medicare Advantage plan when you have Original Medicare. You can only do this during the Annual Enrollment Period in the fall.

Additionally, you can only make one change to your healthcare coverage during this time, so choose wisely. Once you make that change, you cannot make another change until the Medicare Annual Enrollment Period unless you qualify for a Special Enrollment Period.

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Medicare Advantage By The Numbers

As the number of Medicare Advantage enrollees grows, so does the number of those eligible to utilize the Medicare Advantage Open Enrollment Period. In 2022:

• 48% of those enrolled in Medicare had a Medicare Advantage plan
• The average beneficiary had access to 43 Medicare Advantage plans
• There were 28.4 million total Medicare Advantage enrollees

These numbers continue to grow each year as more plans become available and more Medicare beneficiaries choose to enroll in Medicare Advantage coverage.

What Can You Do During the Medicare Advantage Open Enrollment Period?

The Medicare Advantage Open Enrollment Period is a one-time opportunity for Medicare Advantage enrollees to make changes to their plan.

During this window, a current Medicare Advantage enrollee can:

• Switch from one Medicare Advantage Plan to another
• Disenroll from a Medicare Advantage Plan, returning to Original Medicare
• Pick up a Medicare Part D prescription drug plan after returning to Original Medicare

What Can You Not Do During the Medicare Advantage Open Enrollment Period?

The Medicare Advantage Open Enrollment Period is only available to those who are already enrolled in a Medicare Advantage plan. This enrollment period is not the time to enroll in Medicare Advantage for the first time. To enroll in a Medicare Advantage plan for the first time, you must do so during your Initial Enrollment Period, a Special Enrollment Period, or the Annual Enrollment Period.

Additionally, you may not enroll in Original Medicare for the first time or a Medicare Supplement plan without answering underwriting health questions during this enrollment period.

If you disenroll from a Medicare Advantage plan during the Medicare Advantage Open Enrollment period, you may enroll in a Medicare Supplement plan. However, you must go through medical underwriting if your state requires it.

Who is Eligible for the Medicare Advantage Open Enrollment Period?

The Medicare Advantage Open Enrollment Period is only for beneficiaries who currently have a Medicare Advantage plan and want to make a change. This window is not a time for new beneficiaries to enroll in Medicare Part A, Part B, or Part D. It is also not a time for those on Original Medicare to enroll in a Medicare Advantage (Medicare Part C) plan.

If you are a new beneficiary looking to enroll in Original Medicare, you may do so during your Initial Enrollment Period, the General Enrollment Period, or a Special Enrollment Period if you qualify.

Can I Switch to a Medigap Plan During the Medicare Advantage Open Enrollment Period?

The Medicare Advantage Open Enrollment Period is only applicable to you if you are already enrolled in a Medicare Advantage plan. However, if you decide to drop your Medicare Advantage plan and wish to enroll in a Medicare Supplement plan or a Medicare Part D plan, you may do so.

Keep in mind, when you enroll in a Medicare Supplement plan, you must answer underwriting health questions. This means you can be denied coverage for any reason. Thus, if you wish to drop Medicare Advantage for Medicare Supplement, be sure you can pass underwriting before leaving your Medicare Advantage plan.

However, if your state does not regularly require medical underwriting to enroll in a Medigap plan, you will be able to enroll in coverage as normal.

How Many Times Can I Change My Plan During the Medicare Advantage Open Enrollment Period?

If you decide to utilize the Medicare Advantage Open Enrollment Period, you will be limited to one change during this time. Thus, if you switch your plan and are not satisfied with your new coverage, you’ll need to wait until the Annual Enrollment Period to enroll in a new plan for the following year.

Thus, when making a plan selection during the Medicare Advantage Open Enrollment Period, you should be careful to thoroughly review your plan’s benefits and compare them with all available options in your area.

When is My Effective Date Following the Medicare Advantage Open Enrollment Period?

If you use the Medicare Advantage Open Enrollment Period to change your Medicare Advantage plan selection, coverage begins on the first day of the month following your application. For example, applications submitted in January become effective on February 1, and applications in February become effective on March 1.

How to Prepare for the Medicare Advantage Open Enrollment Period

Since you are only eligible to make one change during the Medicare Advantage Open Enrollment Period, it is essential to make the right choice. To do this, it is extremely important thoroughly prepare for the enrollment period before it begins.

To ensure you are prepared for the Medicare Advantage Open Enrollment Period you should:

• Ensure your doctors and hospitals are in your plan’s network
• Review your plan’s additional benefits
• Understand your plan’s out-of-pocket costs
• Ensure your plan’s drug formula covers your medications

By doing the above recommendations, you are sure to enroll in a plan that meets your needs. Plus, by choosing the right plan, you could save money on healthcare-related costs throughout the yeat.

What is the Difference Between the Annual Enrollment Period and the Medicare Advantage Open Enrollment Period?

The Annual Enrollment Period is the open enrollment window for all Medicare beneficiaries each fall. It runs from October 15 through December 7, unlike the Medicare Advantage Open Enrollment Period, which runs from January to March.

During the Annual Enrollment Period, you can make changes to your Medicare Advantage or Medicare Part D coverage more than once. Still, the final enrollment is the one that takes effect on January 1.

New plans for the following year are also available during the Annual Enrollment Period. Those on Original Medicare may enroll in a Medicare Advantage plan for the first time.

Any changes made during the Annual Enrollment Period go into effect on January 1 of the following year.

What Was the Medicare Advantage Disenrollment Period?

The Medicare Advantage Disenrollment Period ran annually from January 1 to February 14. The Affordable Care Act legislation discontinued the Medicare Advantage Disenrollment Period in 2010.

The problem with discontinuing the Medicare Advantage Disenrollment Period is that it forced people to keep coverage that they did not want or did not fit their health care needs for an entire year. The Medicare Advantage Open Enrollment Period now replaces the Disenrollment Period.

Often, beneficiaries are under the false assumption that Medicare Advantage is the same as a Medicare Supplement plan. This is far from the truth.

There are many misconceptions about Medicare Advantage plans. Thus, ensuring you are on the right plan to fit your needs is essential. By utilizing the Medicare Advantage Open Enrollment Period, you can be sure your Medicare Advantage plan is the right fit for your healthcare and budget needs.

How to Get Help During the Medicare Advantage Open Enrollment Period

If you are unhappy with your Medicare Advantage coverage and wish to change plans or return to Original Medicare, we can help.

At MedicareFAQ, we have licensed agents who are well versed in all things Medicare who will help you compare Medicare Advantage plans in your area. Complete our online rate form to compare plans and receive personalized rate quotes today.

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