The Annual Enrollment Period, sometimes referred to as Open Enrollment, takes place from October 17th to December 7th. During this time, individuals may add, change, or drop Medicare plans, including Original Medicare, Medicare Advantage, and Prescription drug plans.
The question is, of course, what does this mean for you as a Medicare beneficiary? Let’s take a look at some of the ways the Annual Enrollment Period can benefit you.
Find Better Deals on the Same Coverage
During Annual Enrollment, you have the option to switch from one insurance provider to another. This means that, if you find a provider that offers you a deal on the same or even better coverage than your current plan, you may cancel the current and switch to the new offer.
Annual Enrollment Over Other Enrollment Periods
The other enrollment periods are Initial, Special, and General Enrollment. The Initial Period begins on your 65th birthday. One of the benefits of the Annual Enrollment Period is that, if you miss this initial window, you will have yearly opportunities to apply.
Special Enrollment occurs if you fall under certain guidelines, such as your working status. However, there are few individuals who qualify for this period. So, most individuals benefit from Annual Enrollment because it is simply a more available option.
Finally, General Enrollment occurs between January 1st and March 31st each year. However, unlike the Annual Enrollment Period, you can only sign up for Original Medicare (Parts A and B).
Add More or Reduce Coverage on Your Current Plan
Under the Annual Enrollment Period, on top of being able to switch carriers, you may also:
- Original Medicare to Medicare Advantage
- Medicare Advantage to Original Medicare
- A Plan with Prescription Drug Coverage to One Without
- A Plan Without Prescription Drug Coverage to One With
Say, for instance, you are no longer able to cover your monthly premium payment. It is an unfortunate circumstance but, under the Annual Enrollment Period, you may disenroll in some of your additional coverage to make it more affordable.
Or, alternatively, say you need more coverage on top of your current plan. In that case, you may add a Part D prescription drug plan and/or Medicare Advantage with any provider of your choice.
Interested in Taking Advantage of Annual Enrollment? Contact Trusted Senior Specialists
The Annual Enrollment Period is a great opportunity to find the best possible Medicare coverage at a great price. With Trusted Senior Specialists, you can rest assured that we will do all that it takes to make this dream a reality. When you’re ready to get started, give us a call at (855) 952-1941.