Medicare has a time window for everything. Joining it for the first time, dropping your plan, switching plans, and adding new types of Medicare coverage all take place within different timeframes.
The Annual Enrollment Period is for when you already have Medicare, but would like to make adjustments. This enrollment period lasts from October 15 to December 7.
What Can I Do During The Annual Enrollment Period?
The Annual Enrollment Period allows you to:
- Drop your Medicare Advantage plan and return to Original Medicare
- Switch from Original Medicare to Medicare Advantage
- Join, switch, or drop a prescription drug plan
- Switch from one Medicare Advantage plan to another
These changes are effective January 1 of the upcoming year. After that, your costs and coverage will be tied to the plan you joined during the Annual Enrollment Period.
What Can I Not Do During The Annual Enrollment Period?
Because the Annual Enrollment Period is only for those who already have a Medicare plan, you will not be able to enroll in Medicare for the first time. If you missed your Initial Enrollment Period and would like to join Medicare, you can join during the General Enrollment Period, which lasts from January 1 to March 31.
What Are Times To Look Out For?
Aside from the Annual Enrollment Period itself, there are other dates to watch for. These include the Evidence of Coverage, Annual Notice of Change, and Medicare Summary Notice.
If you have Medicare Advantage, you will get the Evidence of Coverage and Annual Notice of Change in the mail. The Evidence of Coverage will be in your mailbox by October 15, and the Annual Notice of Change will arrive by September 30. These show the extent of what changes in costs and coverage will take place the following year. These two documents also serve as reminders for the upcoming Annual Enrollment Period.
If you are enrolled in Original Medicare, you will get the Medicare Summary Notice on a quarterly basis. Like the Evidence of Coverage, it gives a detailed look into what your Medicare plan covers, and from there you can evaluate your satisfaction with your current Medicare coverage.
How Can You Make The Most Out Of The Annual Enrollment Period?
Since the Annual Enrollment Period lasts for such a short period of time, you need to assess how you feel about the coverage you’re getting now, and what you’d like to get out of your Medicare plan in the future.
And with Eldridge Agency, we will help guide you through this process. When you join us, we put you first. Your needs, concerns, and preferences come first, and we will help you find the policy that gives you everything you need at the lowest price.
