The beginning of the year is the time to cement your plans for the next 12 months, make some resolutions — and make changes to your Medicare if you’re over 65.
While the Open Enrollment Period runs from Oct. 15 through Dec. 7 every year, Medicare recipients have another chance from Jan. 1 through March 31 to make changes during the General Enrollment Period and the Medicare Advantage Open Enrollment Period.
This is the time to fix mistakes or change coverage you’re not happy with, and it’s an important part of the Medicare system.
Here are the options available to those who are over 65 during this make-over period:
Enroll for the first time — This is the time, and usually the only time, during which people who are eligible for Medicare Parts A and B but did not do so when first eligible, have another opportunity to sign up.
Generally, people are first eligible to enroll in Medicare during their Initial Enrollment Period. This period starts three months before you reach your 65th birthday and last until three months after it.
During the Initial Enrollment Period, most people who are still actively employed past their 65th birthday and get their health insurance through their employer (or an actively working spouse), can safely delay enrolling in Medicare Part B until the worker retires.
However, people who do not sign up for Medicare Parts A & B on time and don’t have other insurance through active employment, may face a late enrollment penalty that will last for the rest of their lives.
Change Medicare Advantage plans — If you’re enrolled in a Medicare Advantage Plan (with or without prescription drug coverage), you can switch to a different Medicare Advantage Plan (with or without drug coverage) or drop your Medicare Advantage plan and switch to Original Medicare (and join a separate Medicare drug plan) once during the three-month period.
Whether you recently enrolled or have had your Medicare Advantage plan for years, you can take this opportunity to change your plan. If you’re looking to switch plans, you should ask yourself these questions about your current plan and any plan to which you’re considering switching:
- Are your doctor and other providers in the plan network?
- Are your prescription drugs on the plan formulary?
- Are you comfortable with your costs, including premiums, deductibles, copays and coinsurance?
- Do you have the additional coverage that you want for things like dental, vision and hearing care?
- Are you happy with your plan’s additional benefits such as fitness programs, mail-order pharmacy, nurse line and other wellness services?
You can make only one change during this period.
Your new plan benefits will be in effect for the rest of the year starting the month after you enroll.
What you can’t do
While you can make a number of changes to your coverage during the first three months of the year, you are limited in terms of what you can do.
Here’s what you cannot do during this time:
- Switch from Original Medicare to a Medicare Advantage Plan.
- Join a Medicare drug plan if you are in Original Medicare.
- Switch from one Medicare drug plan to another if you’re in Original Medicare.
A note about Medicare Supplement (Medigap) plans: If you want to change your Medicare Supplement plan, you can do so at any time. There is no official enrollment period for Medigap insurance, but you might have to undergo a medical underwriting procedure to switch providers
