Medicare Annual Enrollment Period 2023

The Medicare Annual Enrollment Period, also known as the Annual Election Period, allows you to change your existing Medicare Advantage or Medicare Part D prescription drug coverage for the following year. Each fall during the Annual Enrollment Period, anyone with Medicare coverage can benefit from this enrollment period.

Below, we review the Medicare Annual Enrollment Period, when it happens, how it works, and how to best utilize the enrollment period.

What is the Annual Enrollment Period for Medicare?

Medicare Annual Enrollment Period Basics

Medicare is made of four parts: Medicare Part A, Part B, Part C, and Part D. Additionally, Medicare Supplement plans are available to help cover costs left over by Original Medicare.

During the Annual Enrollment Period, you are able to make changes to your Medicare Part C and Part D plans for the upcoming year. Subsequently, could affect your Medicare Supplement plan as well if you choose to enroll in this plan type.

The Annual Enrollment Period happens each fall and allows you to ensure you are enrolled in the best coverage year after year.

When is the Annual Enrollment Period for Medicare?

The Medicare Annual Enrollment Period, also known as the Fall Enrollment Period or the Open Enrollment Period, occurs each year from October 15 to December 7. You can change your Medicare elections for the upcoming year during this enrollment period.

The Medicare Annual Enrollment Period is an opportunity to improve your Medicare elections to fit your lifestyle, healthcare needs, and budget. If you are unhappy with the changes you have made in the past or with your current plan, the Annual Enrollment Period is the time to fix those issues for the following year.

Comparing Prescription Drug Plans During the Medicare Annual Enrollment Period

There are over 21 million Americans enrolled in a Medicare Part D drug plan. Thus, it is essential to review and compare Medicare Part D prescription drug plans each year during the Medicare Annual Enrollment period due to annual changes in the plans.

Like Medicare Advantage plans, Medicare Part D benefits also do not stay consistent year after year, and it is crucial to review your plan changes. This way, you can compare other policy options.

Common reasons you may want to switch drug plans are:

• Changes in premium
• Changes in the drug formulary
• Change in preferred pharmacy

Any above changes could significantly affect how you use your Medicare Part D plan. This means that a better plan may be available. However, you may not know these changes unless you review and compare your plan.

Each year, the company that manages your Medicare Part D plan must send you an Annual Notice of Change document in September. This document will explain any changes to your current policy that will take effect the following year. Reading and understanding these changes is a must, as they directly affect your coverage.

Comparing Medicare Advantage Plans During the Annual Enrollment Period

Like Medicare Part D, your Medicare Advantage plan will see changes in networks, coverage, and out-of-pocket costs each year. Between October 15 and December 7 each year, you can enroll in a Medicare Advantage plan for the new year. Your plan will experience changes yearly, so it is wise to keep up to date.

The best way to understand your plan changes is by reviewing the Annual Notice of Change. However, another plan may have made changes that exceed the benefits of your current policy, so you and your agent should review all available plans to ensure you get the best coverage.

Can I Enroll in Original Medicare During the Annual Enrollment Period?

The Medicare Annual Enrollment Period is not the time for you to enroll in Medicare Part A or Medicare Part B (Original Medicare). To be eligible for the Annual Enrollment Period, you must already be enrolled in Original Medicare. If you are new to Medicare and need to enroll in Part A or Part B you must do so during your Initial Enrollment Period or the General Enrollment Period.

What Changes Can I Make During the Medicare Annual Enrollment Period?

During the Medicare Annual Enrollment Period, you can:

• Switch from Medicare Advantage to Original Medicare
• Enroll in a Medicare Advantage plan
• Change from one Medicare Advantage plan to another
• Enroll in a Medicare Part D plan
• Change from one Medicare Part D plan to another
• Disenroll from a Medicare Part D plan

If you plan to switch from a Medicare Advantage Plan to Original Medicare and wish to enroll in a Medicare Supplement plan, you can do so during this time. You can also pick up a Medicare Part D prescription drug plan to replace your coverage through your MAPD once you switch to Original Medicare.

Remember you must pass the Medicare Supplement underwriting eligibility questions to enroll in a Medicare Supplement plan. So, it is crucial to work with an agent to enroll in the right policy based on your healthcare needs to avoid a lapse in coverage.

Can I Switch to Medicare Supplement During the Medicare Annual Enrollment Period?

You can enroll in a Medicare Supplement (Medigap) plan at any time. However, you cannot have Medicare Advantage and Medicare Supplement coverage at the same time.

Therefore, you must have a valid disenrollment period for your Medicare Advantage plan before picking up Medigap coverage. Fortunately, the Annual Enrollment Period is a valid disenrollment period for Medicare Advantage.

When you switch to a Medicare Supplement plan, you must undergo medical underwriting. A carrier can deny issuing you a Medicare Supplement policy based on your pre-existing conditions. If you believe you may not qualify for a Medicare Supplement plan, it is essential to have a Medicare Advantage plan in mind to avoid a lapse in coverage.

Often, licensed agents can help you find a plan with a carrier that will accept your pre-existing condition. However, that is not always the case with more severe health conditions.

When do Changes Made During the Annual Enrollment Period Go Into Effect?

If you make changes to your Medicare coverage during the Annual Enrollment Period, these changes will go into effect on January 1 of the following year.

During the Annual Enrollment Period, you are able to make as many changes as you wish. However, the most recent change will be honored. For example, if you switch from a Humana Medicare Advantage plan to an Aetna Medicare Advantage plan, then later in the enrollment period decide to change to a Cigna Medicare Advantage plan, the Cigna plan will be effective on January 1.

Should You Change Coverage During the Annual Enrollment Period?

You should consider changing your coverage during the Annual Enrollment Period because plans change annually and a new option may fit your needs better than your current plan. The only way to know is by reviewing your options each year.

Some changes that occur to Medicare Advantage and Medicare Part D plans include:

• Premium increases
• Provider network changes
• Formulary changes
• Changes in benefits
• Changes in preferred pharmacies

To avoid any unexpected surprises, you should do your due diligence to review your plan and others in your area during the Annual Enrollment Period.

Your Medicare Annual Enrollment Period Checklist

It is crucial to have a plan when approaching the Annual Enrollment Period. It is never too early to prepare. If you wait too long, contacting an agent may be difficult, and you may lose your chance to change plans.

To have a successful Annual Enrollment Period, you should:

1. Make sure you are eligible to make coverage changes

If you are newly eligible for Medicare or delayed coverage for any reason and do not yet have Medicare Part A and Part B, this is NOT the enrollment period for you. You will not be eligible to make changes during this enrollment period unless you are within your Initial Enrollment period or are eligible for a Special Enrollment Period. In this case, you will need to wait until the General Enrollment Period.

2. Decide if your current coverage is still best for you

When deciding on your coverage during the Medicare Annual Enrollment Period, you must take a deeper look at your current coverage and determine if there are any changes you would like to make. If you can find a plan with these changes, it may be best to enroll in this new plan. However, no changes are necessary if your current plan is still the best for you.

3. Contact a licensed Medicare agent before December 7 to enroll

The most critical step of the process is connecting with a licensed Medicare insurance agent specializing in the plans you want to enroll in. Often, an agent may be able to help you find plans that you were not aware of, help you save money, or recommend plans with more benefits. Working with an agent is crucial to ensuring you are on the best plan for your needs.

FAQs

How to Sign Up for Medicare During the Annual Enrollment Period for 2022

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