Medicare Annual Enrollment: 5 Key FAQs You Need to Know

What changes can I make during Open Enrollment?

During the Medicare Annual Enrollment Period (AEP), which runs from October 15 to December 7, you can switch from Original Medicare to a Medicare Advantage plan, change from one Advantage plan to another, or modify your Part D prescription coverage. Taking advantage of this window ensures you're not missing out on potential benefits tailored to your needs, so always consider if a plan change might benefit you.

What’s the difference between Original Medicare and Medicare Advantage?

Original Medicare is government-managed and typically paired with separate drug coverage and optional Medigap policies. On the other hand, Medicare Advantage plans are offered by private insurers and often bundle medical and drug benefits, with extras like dental or vision care sometimes included. Understanding these differences helps you choose a plan that fits your personal health care preferences and lifestyle.

Do I need to do anything if I’m happy with my current plan?

Even if you’re satisfied with your current Medicare plan, it’s wise to review your coverage annually. Keep in mind that premiums, provider networks, and drug formularies can change each year. By reviewing these details, you're ensuring there are no unexpected surprises next year that might affect your healthcare access or costs.

When can I learn about next year’s plans?

Information about next year’s plans becomes available starting in October. To explore this information, you can call 1-800-MEDICARE or visit Medicare.gov. Getting familiar with upcoming changes early in the AEP helps you make informed choices without the last-minute rush or pressure.

What if I miss the Open Enrollment deadline?

If you miss the deadline, which ends on December 7, you may not be able to change your plan until the next year’s enrollment period unless you qualify for a Special Enrollment Period due to significant life events. This makes adherence to the deadline crucial for maintaining optimal health coverage without interruption.

Understanding the Annual Enrollment Period gives you control over your healthcare decisions. Start researching early, use trusted resources like Medicare.gov, and consult with a professional if needed. Even a small review of your plan can lead to significant savings or better coverage in the year ahead. Empower yourself by making informed choices about your healthcare!