All About the Medicare Advantage Open Enrollment Period

Medicare has a bonus enrollment period for people currently enrolled in a Medicare Advantage (MA) plan. It’s called the Open Enrollment Period, or OEP.

What Is the Open Enrollment Period (OEP)?

Open Enrollment Period is a Medicare enrollment period for those looking to change their current Medicare Advantage coverage. During this period, you can switch your Medicare Advantage plan or return to Original Medicare.

The Medicare OEP is only available to those who are currently enrolled in a Medicare Advantage plan. If you don’t have Medicare Advantage at the start of OEP, you will need to wait until the next Annual Enrollment Period in the fall or see if you qualify for a Special Enrollment Period.

What Can I Do During the Open Enrollment Period?

During the Open Enrollment Period, those with existing Medicare Advantage coverage have a few options.

If your current coverage no longer fits your needs, you can enroll in a different MA plan during OEP. When switching your MA plan during this time, you can choose from plans with or without prescription drug benefits.

You may also leave Medicare Advantage and return to Original Medicare coverage. Part D prescription drug plan coverage can be added at this time if you wish. Keep in mind that if you do switch to Original Medicare, you will not be able to reenroll in Medicare Advantage until the next Annual Enrollment Period.

If I Change My Plan During the Open Enrollment Period, When Will My Coverage Change?

If you make changes to your health care plan during the Open Enrollment Period, those changes will go into effect at the first of the next month.

When Is the Open Enrollment Period?

The Medicare Advantage Open Enrollment Period is from January 1 to March 31 every year.

Can I Get Help During OEP?

Yes! You simply need to ask for it. One of the things that makes Open Enrollment Period unique is that, based on Medicare rules, Medicare licensed insurance agents are not allowed to start conversations about OEP. That means you must ask for help first before an agent can assist you.

Conclusion

Open Enrollment Period helps members enrolled in a Medicare Advantage plan ensure they have the right coverage for their needs. This period, from January to the end of March, allows current MA plan members to change their coverage or switch back to Original Medicare.

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