Don’t love your Medicare plan or feel the need to change plans? We’ll make it easier for you by giving the details on how and when you can change your Medicare plan.
Each year, people seek to change their plans since their current plan may not make sense for them in terms of medical needs and affordability. It’s best to review your Medicare plan each year to make sure that your current plan still fits your medical needs. You may find a less expensive plan, move homes, which may change your available network providers, and any other triggering events that could change your medical needs.
Annual Enrollment Period
October 15 – December 7
The Annual Enrollment Period (AEP) is every year from October 15 to December 7. You can change your current plan into a different type of Medicare plan. The only thing you can’t do during AEP is enroll in Medicare for the first time, unless your Initial Enrollment Period happens to occur during AEP.
During AEP, you can:
- Switch from Original Medicare (plus Medicare Supplement Plan) to a Medicare Advantage Plan.
- Switch from a Medicare Advantage Plan to Original Medicare (plus Medicare Supplement Plan).
- Switch from one Medicare Advantage Plan to another.
- Switch from one Medicare Part D Prescription Drug Plan to another.
- Enroll in a Medicare Part D Prescription Drug Plan, if you were unable to sign up when you were first eligible (a late enrollment fee may apply).
Medicare Advantage Open Enrollment Period
January 1 – March 31
The Medicare Advantage Enrollment Period (OEP) is another window where you can make changes to your Medicare coverage. You are able to switch from Medicare Advantage to Original Medicare and Part D plan, as well as pick up a Medicare Supplement plan. You can also switch from one Medicare Advantage plan to another. This is an opportunity for you to fix any buyer’s remorse or if you’re unhappy with your recently enrolled plan.
Special Enrollment Periods
Special Enrollment Periods (SEP) is based on specific circumstances. If you’re working when you turn 65 and have coverage, you are able to begin an SEP when you retire and lose employee coverage. Another reason would be moving or changing your address and your new address is outside your plan’s current service area.
Each triggering event allows you to do different things. For example, if you move, you are able to switch to Original Medicare or to a new Medicare Advantage plan that is within your network. The length of time varies depending on the reason for the SEP, but you are able to start as soon as two months before the triggering event and continue a month or two after.
Changing Your Medicare Plan
When switching Medicare plans, all you have to worry about is the enrollment. Once you enroll in a Medicare plan, you’ll automatically be disenrolled from your old plan. If you wish to enroll in Original Medicare from Medicare Advantage, simply call one of our licensed agents as it is the best way to match your medical needs with the right Medicare plan.
