The Medicare Annual Enrollment Period (AEP), which runs from October 15th to December 7th, is a critical time for Medicare beneficiaries to make changes to their plans. But what happens if you missed the deadline or made a choice you regret? Fortunately, there’s still an opportunity to adjust your coverage during the Medicare Advantage Open Enrollment Period (OEP), which takes place from January 1st through March 31st.

What Can You Do During OEP?

The Medicare Advantage Open Enrollment Period is not an extension of AEP, but it does allow you to:

• Return to Your Previous Medicare Advantage Plan: If you made a switch during AEP and regret it, you can go back to the plan you had before.
• Switch to a Different Medicare Advantage Plan: If your current Advantage plan isn’t meeting your needs, you can switch to a new one.
• Drop Medicare Advantage and Go Back to Original Medicare: If you decide Medicare Advantage isn’t the right fit, you can return to Original Medicare and enroll in a standalone Part D plan to cover prescriptions. The new Part D plan will take effect the first of the month following your change.

What You Cannot Do During OEP

The OEP has specific restrictions, including:

• No New Advantage Plan Sign-Ups: If you don’t already have a Medicare Advantage plan, you cannot sign up for one during this period.
• No Return to Medicare Advantage After Part D Enrollment: If you signed up for a standalone Part D plan during AEP, you cannot switch back to a Medicare Advantage plan during OEP.

Remember: Medicare Advantage OEP Runs from January 1 to March 31

If you missed the AEP deadline or made an enrollment decision that isn’t working, the Medicare Advantage Open Enrollment Period gives you a chance to fix it. This window is only available for 90 days, so you would be wise to research your options promptly so that you can make the right decision for you at this time.

If you have questions at this time, remember we are here to answer them. Give us a call and we’ll be happy to help.