Medicare open enrollment is also known as Medicare’s annual election period from October 15 until December 7 each year. During this enrollment window, plan enrollees will be able to think about your healthcare needs for 2021.
This assessment is important every year, especially now that it is critical in the country due to the coronavirus pandemic, an illness that affects most older Americans.
No matter where you’re from, this time of the year may be confusing for seniors when it comes to Medicare. You may have heard or seen instructions on what you need to do on the tv, radios, or even the internet, but it can be tricky to know what exactly you need to do.
During this enrollment period, the things you can do are:
- Change or enroll in a new Part D Prescription Drug Advantage Plan
- Change or enroll in a new Medicare Advantage Plan (Part C)
- Drop your Medicare Advantage Plan and return to Traditional Medicare
Keep in mind that this period has nothing to do with Medicare Supplement Insurance or Medigap Insurance. Medigap insurance plans are not subject to an annual election period, and you can make changes to your Medicare Supplement Insurance plan at any time of the year.
Any changes you make will go on January 1, 2021
Tips
Read your annual notice of change document in your Medicare Part D or Part C Advantage Plan. These are sent to your home typically during September, and it contains any plan changes that will happen to your plan on the following calendar year. Medicare Part D and Part C are calendar year contract plans. These plans will change every calendar year. Read over the notice and make sure you are aware of the changes in your plan.
Shop your plan options. There can be new, lower-cost plans with better benefits that come into the market every year.
Do your homework. You are probably being bombarded with information about Medicare Open Enrollment on the radio, tv, newspaper, or internet, but most of this information is vague. Read the fine print to know exactly what you need.
Make any plan changes during the enrolment window. If you make plan changes during the enrollment window, your plan changes will go into effect on January 1 of the following year. If you’re happy with your plan, you do not take action to renew your coverage. Generally, if you don’t take action, your current plan will resume for the following year with the adjusted benefits.
Check to see whether the doctors you are considering are in the plan’s network. Going out of network will cost you more. Also, check to make sure all the medications you take are covered in your Part C or Part D plan. Taking a drug that isn’t covered means you’ll pay more out of pocket.
If you miss the deadline, you’ll have to wait until next year to make changes or incur higher premiums and risk paying penalties.
Who are eligible for Medicare Part D
- If you turn 65 this year, you can enroll three months before you turn 65 or your birthday month and three months after.
- If you are under 65 and eligible for Social Security disability payments for two years, have permanent kidney failure, or meet specific criteria, you will be eligible for Medicare.
