It's Medicare Open Enrollment—Are You Ready?
Medicare Open Enrollment is here again! This season is all about giving you the chance to make adjustments to your current Medicare plan. If you're new to Medicare, here's what you need to know: Open Enrollment each fall is your window to update existing coverage. Changes you can make include:
- Switching from Original Medicare to Medicare Advantage or back again.
- Joining a new Medicare Advantage or Part D prescription drug plan.
If you're feeling a bit overwhelmed by the choices, don't worry—here are some quick tips to help guide you through.
1. Mark Your Calendar: October 15 to December 7
Fall Open Enrollment runs from October 15 to December 7, with changes effective January 1. During this period, you can:
- Move between Medicare Advantage and Original Medicare.
- Sign up for Part D prescription drug coverage.
- Consider a Medigap policy, which might help cover costs that Original Medicare doesn't. (Note: Availability varies by location, so check for options near you.)
2. Review Your Coverage and Costs
Take some time to assess what's coming next year:
- Look at your "Medicare & You" handbook for details on costs and benefits.
- Check your Medicare Advantage or Part D plan's Annual Notice of Change and Evidence of Coverage for any shifts in benefits, costs, or rules.
Even if you're happy with your plan, it's worth seeing if better options are available.
3. Use Tools to Compare Plans
Help is just a click away. The Plan Finder tool lets you search for the best Part D plan based on your medications, costs, and preferred pharmacy. Before enrolling, double-check the details to make sure it fits your needs. If needed, Medicare Advantage has its own Open Enrollment from January 1 to March 31, where you can make changes if your plan isn't working out.
4. Understand the Difference Between Medicare and Marketplace Open Enrollment
The Federal or State Marketplaces (also called Exchanges) provide open enrollment for those who are uninsured or underinsured. It may overlap with Medicare Open Enrollment, but these Marketplaces aren't typically used by Medicare enrollees.
So, whether you're new to Medicare or have been enrolled for years, remember: Medicare's Fall Open Enrollment runs from October 15 to December 7. This is your chance to make any needed changes for the year ahead!