If your plan is to switch to a new Medicare plan, you will need to do so during the Annual Enrollment Period, also commonly referred to as the Open Enrollment Period. This is a set time during each year that can be used to change your Medicare coverage. If you are curious about the Medicare Annual Enrollment period, here’s everything you need to know.
What Changes Can Be Made During Annual Enrollment?
Your current coverage dictates what you can do during the Annual Enrollment Period. Refer to the following sections to see which situation fits your current circumstances.
I currently have just Original Medicare
If you have Original Medicare, you can:
- Join a Medicare Advantage (Part C) plan with or without prescription drug coverage
- Join a Part D prescription drug plan
- Leave your coverage the same and allow it to renew
I currently have Original Medicare and a Part D prescription drug plan
If you have Original Medicare and Part D coverage, you can:
- Join a Medicare Advantage plan with or without prescription drug coverage
- Switch from your current Part D plan to another Part D plan
- Drop Part D coverage completely
- Leave your coverage the same and allow it to renew
I currently have a Medicare Advantage plan with built-in drug coverage
If you have Medicare Advantage with built-in drug coverage, you can:
- Switch from your current Advantage plan to another Advantage plan
- Drop Medicare Advantage and go back to Original Medicare
- Join a Part D plan (if you go back to Original Medicare)
- Drop your prescription drug coverage
- Leave your coverage the same and allow it to renew
When Is The Annual Enrollment Period?
As the name implies, the Annual Enrollment Period occurs every year. It runs from October 15 to December 7. If you change your coverage during the Annual Enrollment Period, your new coverage choices will go into effect on January 1.
Take Advantage Of The Annual Enrollment Period
If you are hoping to enroll in a Part D plan, switch to Medicare Advantage, or switch back to Original Medicare, the Annual Enrollment Period is the perfect time for you to do so. If you aren’t sure which plan to change to, we can help you find one. Just give Peritia Advisors a call at 319-200-5050.
