Medicare Annual Enrollment: 5 Key FAQs You Need to Know

What changes can I make during Open Enrollment?

During the Medicare Annual Enrollment Period, you have the opportunity to make several changes to your coverage. You can switch from Original Medicare to a Medicare Advantage plan, change from one Advantage plan to another, or modify your Part D prescription coverage. This flexibility allows you to tailor your healthcare to better meet your evolving needs, so don’t miss out on reviewing your options.

What’s the difference between Original Medicare and Medicare Advantage?

Understanding the difference between Original Medicare and Medicare Advantage is crucial. Original Medicare is managed by the government and typically requires separate drug coverage, plus optional Medigap insurance. On the other hand, Medicare Advantage plans, offered by private insurers, often bundle medical and drug benefits, sometimes including extras like dental or vision. Choosing between them depends on your healthcare needs and preferences.

Do I need to do anything if I’m happy with my current plan?

Even if you’re content with your current plan, it’s wise to review your coverage annually. Premiums, provider networks, and drug formularies can change, impacting your overall healthcare costs and accessibility. A quick review ensures you remain in the best possible plan for your situation.

When can I learn about next year’s plans?

Starting in October, you can begin researching next year’s Medicare plans. This information is available through Medicare.gov or by calling 1-800-MEDICARE. Educating yourself on the changes and new options early gives you the power to make informed decisions during the AEP.

What if I miss the Open Enrollment deadline?

If you miss the Open Enrollment deadline, you may still have options. Should you experience a significant life event, you might qualify for a Special Enrollment Period. Otherwise, you’ll have to wait until the next Annual Enrollment Period to make changes. Mark your calendar and plan accordingly to avoid unnecessary delays in your coverage adjustments. Understanding the Annual Enrollment Period (AEP) gives you control over your healthcare decisions. Empower yourself by starting your research early, leveraging trusted resources such as Medicare.gov, and consulting with professionals if needed. Remember, even a brief review of your plan can lead to significant savings or enhanced coverage for the upcoming year. Stay proactive for peace of mind and better health management.