It’s after October 15 and that means many seniors are busy choosing their Medicare options for 2019.
Since 2011, October 15 has marked the start of Medicare Open Enrollment, which lasts until December 7, 2018. Open Enrollment is also known as the Annual Enrollment Period (AEP).
The Different Enrollment Periods
AEP is one of four Medicare enrollment periods. The other three are the Initial Enrollment Period (IEP), the Special Enrollment Period (SEP), and the General Enrollment Period (GEP).
We’ll have a look at the current (Annual) Enrollment Period.
What is the Annual Enrollment Period?
The AEP is a time when you can make several changes to your Medicare plan. There are two primary categories that Medicare Open Enrollment deals with: Medicare Advantage and Medicare D.
According to Louise Norris, these are your options:
Original Medicare – Medicare Advantage
If you have a regular Medicare plan, you can upgrade to a Medicare Advantage plan during Open Enrollment.
Medicare Advantage – Original Medicare
On the flipside, if you’re not satisfied with Medicare advantage and want to go back to Original Medicare, go ahead.
Changing Medicare Advantage plans
Annual Enrollment is also a time when you can switch between different Medicare Advantage plans.
Enrollment for Medicare Part D
Medicare D involves prescription drug coverage. The time to enroll for this is when you become eligible. But if you didn’t sign up during that period, you can do so now. However, it may come at a late enrollment penalty.
Changing Medicare D plans
If you already have a Medicare D plan and want change it, now’s the time.
You’re not obligated to change you Medicare plan if you don’t want to. But make sure to look into your current plan, because plans can change from year to year.
Plans can also be terminated. If this happens, you’ll get a notice.
Are you planning on making any changes during Medicare Open Enrollment?
Please share in the comments below.