What changes to my Medicare plan may I make during the enrollment period?

Medicare’s annual enrollment period, also known as the Annual Election Period (AEP), runs from October 15 to December 7, 2023. During this period, you can make several changes to your Medicare coverage, including:

1.       Switching from Original Medicare to Medicare Advantage: You can enroll in a Medicare Advantage plan if you’re currently on Original Medicare (Part A and Part B). Medicare Advantage plans often include prescription drug coverage and may offer benefits like dental and vision coverage.

2.       Switching from Medicare Advantage to Original Medicare: If you’re currently on a Medicare Advantage plan and want to return to Original Medicare, you can do so during the AEP.

3.       Switching between Medicare Advantage Plans: If you’re already on a Medicare Advantage plan, you can switch to a different Medicare Advantage plan during the AEP. You can also change from one plan to another or add or drop prescription drug coverage.

4.       Joining or Changing Your Medicare Prescription Drug Plan (Part D): If you’re on Original Medicare, you can join, switch, or drop a Medicare Part D prescription drug plan. You can also change your current Part D plan.

5.       Making Changes to Supplemental (Medigap) Insurance: If you have a Medicare Supplement Insurance (Medigap) policy, you can make changes to it, but this may be subject to underwriting requirements depending on your state and the specific plan.

6.       Reviewing and Updating Medicare Advantage Plans: Even if you don’t want to switch plans, it’s a good idea to review your current Medicare Advantage plan each year to make sure it still meets your needs. Plan benefits can change from year to year.

7.       Enrolling in Medicare for the First Time: If you’re turning 65 or otherwise becoming eligible for Medicare for the first time, you can use this period to enroll in Original Medicare, Medicare Advantage, or a Part D prescription drug plan.

8.       Dropping Medicare Advantage and Returning to Original Medicare: If you’re on a Medicare Advantage plan, you can return to Original Medicare during this period. You may also be able to enroll in a standalone Part D plan.

It’s essential to review your current plan, consider your healthcare needs and budget, and compare your options before making any changes during the Medicare AEP. Be aware that any changes you make during this period generally take effect on January 1 of the following year. Be aware that specific rules and timelines may vary depending on your location and circumstances, so it’s a good idea to consult with Pinnacle Insurance Services, your local Medicare expert for personalized guidance. We can answer all your Medicare questions at 816-477-0180 or email us at mspurgeon@pinsbroker.com