Enrollment periods are important when it comes to Medicare. There are several enrollment periods that you can leverage, but the rules for each one are different. For example, if you want to enroll in Medicare for the first time, you won’t be able to do so during the Annual Enrollment Period.
Yet, during this period, you can enroll in a Part D plan, even if you don’t have one. To learn more about what is allowed during Annual Enrollment, continue reading.
What Is the Annual Enrollment Period?
The Medicare Annual Enrollment Period is a set time of the year that provides Medicare beneficiaries with the option to make changes to their Medicare coverage. The enrollment period begins on October 15th and ends on December 7. Any changes made to your coverage will go into effect on January 1st.
What Changes Are Allowed During Annual Enrollment?
Your current coverage dictates what changes you will be able to make during the Annual Enrollment Period. If you are currently enrolled in Original Medicare, you have several options. They include:
- Join a Medicare Advantage plan
- Join a Part D prescription drug plan
- Leave your plan as is
- Switch to a new Part D prescription drug plan
- Drop a Part D prescription drug plan
Please note that if you don’t have qualifying prescription drug coverage, you may be charged a penalty if you decide to join Part D later. The only way to avoid this penalty is to purchase a prescription drug plan that provides benefits equal to Part D coverage.
If you are not enrolled in Original Medicare and instead have Medicare Advantage, here is what you can do during the Annual Enrollment Period:
- Drop Medicare Advantage plan and switch to Original Medicare
- Switch to a new Medicare Advantage plan
- Leave your plan as is
AEP Is for Your Benefit, So Use it!
If the Annual Enrollment Period is approaching, you want to make sure you know what coverage changes you need to make. Don’t wait until the time comes to start looking into it. Have an insurance agent answer your questions today!
The insurance professionals at Eldridge Agency are ready to assist you. Just give us a call at (775) 328-1197 to review plans in your local area.
