The Medicare Annual Election Period closed on December 7, and won’t reopen until October 15, 2023. However, for those of you enrolled in a Medicare Advantage plan, you do have a second option to make changes if you decide that you need to do so. The Medicare Advantage Open Enrollment Period begins January 1 and runs through March 31, and offers all Advantage plan enrollees a second chance to consider their plans.
There are many reasons you might wish to make changes on January 1. Perhaps you’ve realized that a better plan is available in your area, or you’ve become unhappy with your network of doctors and providers. One common scenario is that a favorite physician drops out of the network, and you want to continue seeing them. Or perhaps you want to access a different clinic or hospital. Maybe you’re unhappy with your plan’s formulary (list of covered prescriptions) and need to access better coverage certain medications.
Whatever your reason, when Medicare Advantage Open Enrollment begins, you can perform the following actions:
- Switch from one Medicare Advantage plan to another
- Drop your Medicare Advantage plan entirely, and return to Original Medicare
- Add a Plan D (prescription) plan to your Original Medicare, if you decided to leave Medicare Advantage
It’s important to remember that the Medicare Advantage Open Enrollment Period is only for those enrolled in a Medicare Advantage plan on January 1. This enrollment window does not apply to those currently on Original Medicare. If you want to move from Original Medicare to a Medicare Advantage plan, you will need to either wait until AEP in the fall, or qualify for a Special Enrollment Period.
If you need help understanding what you can do with regard to your enrollment at this time, or to compare different Advantage plans available to you, give us a call and we’ll be happy to review your options.