What Happens If You Miss Medicare Annual Enrollment?
If you are anywhere near the age of 65, you may know that we have recently come out of the Medicare Annual Enrollment Period (AEP), which happens every fall. You may have noticed a huge influx of spam calls and junk maild from October 15 to December 7, which marked AEP. During this time you had the ability to enroll in a Medicare Advantage plan, change your current plan, or drop your Advantage plan and return to Original Medicare. Now that this year’s AEP is over, people often wonder what happens if you miss it. Don’t worry, Open Enrollment gives you the opportunity to update or revisit your Medicare Advantage plan and make changes if you’d like to do so. This period lasts from January 1 to March 31.
Why Would I Want to Pay Attention to the Open Enrollment Period?
OEP is another opportunity to ensure you are making the most of your Medicare benefits. During OEP, you can make the following changes to your benefits:
Make changes to or enroll in a Medicare Advantage Plan
Add or drop drug coverage on your Medicare Advantage Plans
Update insurance coverage by changing to a new plan or switching insurance companies entirely
There are a few reasons you may want to take advantage of this opportunity. You may have noticed a price increase in your current plan. Medicare Advantage plans are provided by private insurance companies, and while there is a mandated price range established by the Centers for Medicare, there are natural fluctuations depending on your location, medications, and specific situation. If you missed AEP, utilizing the OEP helps you ensure you have the best plan for you in terms of plan scope and pricing. Another reason to pay attention to OEP is if you’ve had a significant change in your plan’s formulary. As prices fluctuate, so do the medications lists within MAPDs. If you’ve noticed a cost increase in your medications, changing up your plan may be the answer. Lastly, another good reason to revisit your Medicare benefits during OEP is if a preferred healthcare provider has opted out of your current insurance carrier’s network. Changing your plan may allow you access to a different network.
Do You Have Questions About Your Medicare?
If you need help revisiting and making changes to your Medicare Advantage plan, our Medicare experts would be glad to help you. To set up a free consultation, give us a call at (901) 460-7220. You may also fill out the form below, and we will get back to you as soon as possible.
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