Don’t miss open enrollment period for Medicare
As a Medicare beneficiary, you are only able to enroll into Medicare at certain times throughout the year. These times are called enrollment periods. You may have heard the terms “annual enrollment period” also known as AEP and “open enrollment period” also known as OEP used interchangeably. So, is there a difference between the two? The answer is yes and here is the way you can tell what the difference is and how to be sure that you are able to make the necessary changes at the correct time.
Medicare Advantage open enrollment period (OEP)
This occurs from January 1 to March 31. During the first three months of the year, anyone with a Medicare Advantage plan can make a one-time change to their coverage. This is different from the annual open enrollment period (AEP), during which any Medicare beneficiary can make several changes to their coverage up until the deadline which is always October 15th to December 7th each year.
The special Medicare Advantage Open Enrollment is happening now, and it is the period that only applies to beneficiaries with Medicare Advantage plans. This period can only be used to make a one-time change. During this period, you can:
Change from a Medicare Advantage plan back to original Medicare
If you choose to go back to the original Medicare, you can also join a Part D plan at this time
Switch to a different Medicare Advantage plan (with or without prescription drug coverage)
How can I make changes to my Medicare Coverage plan?
When you decide to switch to a new Medicare Advantage Plan or make changes to your coverage, you can do so by:
Accessing Medicare’s website at Medicare.gov.
Contacting Medicare directly at 1-800-MEDICARE (1-800-633-4227)
Contact your local SHIP (State Health Insurance Assistance Program) Benefits Counselor to help you choose the right options for you and facilitate the enrollment process. (1-800-372-4464) You may only make one change during this enrollment period. Your changes will go into effect beginning the first month after your change request is received by the provider. You’ll be disenrolled automatically from your old plan when your new plan’s coverage begins.
Medicare Part B enrollment period
Medicare Part B is medical insurance that provides coverage for services such as outpatient care, preventive services, ambulance services and more. If you are not eligible for automatic enrollment in Medicare, you will have to sign up yourself during one of three enrollment periods.
The “initial enrollment period” is a seven-month period that begins three months before you turn 65, includes the month you turn 65 and ends three months after turning 65.
If you missed this initial enrollment period, you would have another chance to get coverage within the (OEP) beginning January 1 through March 31st. You can also:
Enroll in original Medicare if you did not do so when you were first eligible
Join a Medicare Advantage plan if you have Part A coverage and get Part B coverage for the first time during this enrollment period
Your coverage will start on July 1 you make changes during this period. Additionally, you may have to pay a late enrollment penalty on your premiums if you are enrolling late or did not have previous creditable insurance coverage.
What if I miss the Medicare Open Enrollment Periods?
If you miss the Open Enrollment Period, you may not be able to make any changes to your current Medicare coverage until the next enrollment window starts in October. But there could be some exceptions that you may be eligible for to make changes.
You can find out about all your Medicare options by contacting your local SHIP (State Health Insurance Assistance Program) Benefits Counselors Angela Glass and Vonne Wilson. Call the Ark-Tex Area Agency on Aging at 1-800-372-4464 to schedule an appointment.