Medicare Open Enrollment Period

The Medicare Open Enrollment Period is an annual period of time (October 15 through December 7) when current Medicare users can choose to re-evaluate part of their Medicare coverage, whether it’s Advantage, Part C, Part D, etc., and compare it against all the other plans on the market. If there is a plan more suitable to your needs, you have the option to switch, drop or add a Medicare Advantage and/or Part D plan.


During the Open Enrollment Period (OEP):

  • Anyone who has (or is signing up for) Medicare Parts A or B can join or drop a Part D prescription drug plan.

  • Anyone with Original Medicare (Parts A & B) can switch to a Medicare Advantage plan.

  • Anyone with Medicare Advantage can drop it and switch back to Original Medicare (Parts A & B).

  • Anyone with Medicare Advantage can switch to a new Medicare Advantage Plan

  • Anyone with a Part D prescription drug plan can switch to a new Part D prescription drug plan.


It’s a good measure to reevaluate your Medicare Coverage during Open Enrollment because insurance companies are constantly changing plans, which can impact how out-of-pocket costs such as monthly premiums, drug costs, etc, “networks”. A “network” is a list of doctors, hospitals, or pharmacies that negotiate prices with insurance companies. Lists of covered drugs change annually as well, so that’s something you’ll want to check. Since changes happen somewhat frequently, it’s always a good idea to reevaluate during the Open Enrollment Period.


Reevaluating your coverage during the Open Enrollment Period could:

  • Reduce out-of-pocket costs and ensure drug plans still cover needed prescriptions by switching to better prescription drug coverage.

  • Keep your doctor in-network by switching Medicare Advantage or Part D plans. This could save you some money.

  • Find a higher-quality plan. Plans with a 5-star rating are considered high quality.


It’s smart to talk with a Medicare professional to help you choose the right plan for your needs, and now is certainly the time to do it before the Open Enrollment Period ends on December 7th.


Click on this link to see what Medicare Covers: https://www.medicare.gov/what-medicare-covers





Sources:

https://www.mymedicarematters.org/resource/a-complete-guide-to-medicare-open-enrollment


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All written content on this site is for information purposes only. Opinions expressed herein are solely those of Penny Lane Financial and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual financial professional prior to implementation. Insurance products and services are offered through Penny Lane Financial LLC.