Medicare Fall Open Enrollment runs from October 15th through December 7th. During this time, Medicare beneficiaries can review their coverage and make certain changes for the upcoming year.
Why Review Your Coverage?
Medicare Advantage and Part D prescription drug plans can change their premiums, copays, drug formularies, pharmacy networks, provider networks, and other benefits each year. That doesn’t mean you necessarily need to switch plans, but you should review your coverage annually.
During September, you should have received an Annual Notice of Change (ANOC) explaining what will be different next year. Pay particular attention to changes involving your medications, doctors, pharmacies, premiums, deductibles, and out-of-pocket costs.
During Fall Open Enrollment, you can:
- Change from one Part D prescription drug plan to another
- Join, leave, or change a Medicare Advantage plan
- Switch from Original Medicare to Medicare Advantage
- Leave Medicare Advantage and return to Original Medicare
…Or you can keep your current coverage if it still meets your needs. Reasons to consider switching include an important medication no longer being covered, a doctor leaving your Medicare Advantage network, or a significant increase in costs.
What About Medigap?
Fall Open Enrollment does not work the same way for Medigap (Medicare Supplement) policies: Medigap plans have federally standardized benefits. If you have Plan G, Plan N, Plan F, or another standardized Medigap plan, its basic benefits do not change simply because a new year begins. Your premium, however, may increase.
Also, Fall Open Enrollment does not give you an automatic right to switch Medigap policies without medical underwriting. In many states, insurers can ask health questions and may deny an application, unless you qualify for guaranteed-issue protections.
Your Next Step
Don’t feel pressured to change coverage simply because Medicare advertisements are everywhere: Review your Annual Notice of Change and compare it with your healthcare and prescription needs. If your current coverage continues to work well, keeping it may be the right choice. But, if important benefits or costs are changing, Fall Open Enrollment is your opportunity to explore alternatives.
Source: Boomer Benefits
The Medicare information provided in this communication is for general educational and informational purposes only and is not intended as Medicare or insurance advice or as a recommendation regarding any specific Medicare plan or coverage option. Medicare benefits, costs, plan availability, provider networks, formularies, enrollment rules, and Medicare Supplement (Medigap) requirements can vary and may change over time. Before enrolling in, changing, or terminating Medicare coverage, please consult Medicare.gov, 1-800-MEDICARE, your State Health Insurance Assistance Program (SHIP), or an appropriately licensed Medicare insurance professional. This communication is not affiliated with or endorsed by the U.S. government or the federal Medicare program.
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