October 15th to December 7th is the “Medicare Open Enrollment Period” – the time when people with Medicare can change their Medicare health plans and prescription drug plans for the coming year.
You may be seeing a lot of information about Medicare Open Enrollment in the mail, on the internet, or from insurance agents. To help get past the “information overload”, we asked our very own Medicare expert, Eileen Hamm, to lay out the most important things to know.
Q: What changes can be made during the Open Enrollment Period?
A: Here are the changes you can make during open enrollment:
- Switch from one Medicare Advantage plan to another
- Enroll in a Medicare Part D prescription drug plan
- Switch from one Medicare Part D prescription drug plan to another
- Switch from an Original Medicare supplement plan to a new Medicare Advantage Plan
Q: Will the changes be effective immediately?
A: Any changes to your coverage made during Open Enrollment will not be effective until January 2017.
Q: Can I switch from one Original Medicare Supplement plan to another Original Medicare Supplement plan during the Open Enrollment Period?
A: If you have an Original Medicare Supplement plan (NOT a Medicare Advantage plan), you can change from one Original Medicare Supplement plan to another anytime during the year. However, if you are not in one of the “guaranteed issue periods,” you may be declined coverage due to health conditions.
The only time you can switch from a Medicare Advantage plan to an Original Medicare Supplement plan is from Jan 1- Feb 14. And again, you may be declined if you have health issues.
Q: Why would I want to make changes?
A: Plans change. The premium many go up, the copay may increase, or the network of doctors may change. The plan provider must notify you in advance of changes like these. You should review the materials they send you, like the “Evidence of Coverage” (EOC) and “Annual Notice of Change” (ANOC), and see what changes are in works for the coming year.
Your situation may change as well. In the case of prescription drug coverage, perhaps your prescriptions are different now, and will cost a lot more under your current plan.
If your plans or your own situation are changing, make sure they will still meet your needs for the following year. It’s perfectly fine to stay with the same plans though, if you’re satisfied they still meet your needs. If you’re happy with your plans and they are still being offered, you don’t need to do anything.
Q; How can I get help with reviewing my Medicare coverage?
A: It’s important to get objective advice when it comes to Medicare and supplemental insurance coverage. Blankinship & Foster has retained Eileen Hamm to provide this objective advice at no cost to our clients.
If you haven’t reviewed your Medicare coverage, don’t delay. Give us a call to schedule a review of your current coverage with a Medicare expert.