This year’s Medicare Open Enrollment Period (OEP), also known as the Medicare Annual Election Period (AEP), takes place from Oct. 15-Dec. 7, 2013
During the 2014 annual OEP/AEP, your options include:
- Switching from Original Medicare (Parts A and B) to a Medicare Advantage (Part C) plan
- Switching from Medicare Advantage back to Original Medicare
- Switching from one Medicare Advantage plan to another
- Switching from one Part D plan to another
- Discontinuing Medicare Part D coverage
Why consider making changes during OEP/AEP?
The coverage that was right for you a year ago may not be right for you going into a new year. Some premiums may go up from year to year. Your medical situation and medical needs can change dramatically from one year to the next. Perhaps you want coverage that you did not think was important or necessary a year ago.
These are only a few reasons you may consider making changes during Medicare Open Enrollment.
Open Enrollment gives you to the opportunity to fine tune your Medicare coverage and ensure you get the coverage you want for next year. Any changes you make during Open Enrollment between October 15 and December 7, 2013 will take effect on Jan. 1, 2014.
If you are presently enrolled in a Medicare Advantage plan:
There is no guarantee that your plan will be renewed next year. There is a possibility that your plan’s sponsor will change your benefits or premiums, discontinue service in your area, or choose not to renew your plan. You may choose to continue with your current plan, however, if the plan’s sponsor offers the option and if all changes are acceptable to you.
You may also choose to enroll in a new Medicare Advantage plan, with or without prescription drug coverage. You can also leave Medicare Advantage and return to Original Medicare—which will open up the opportunity to enroll in a Medicare supplement plan designed to save you money.
During Open Enrollment, you can enroll in a stand-alone Part D prescription drug plan or switch from your current prescription drug plan to another. You may also drop Part D coverage, although that is not advisable unless you are planning to have other prescription drug coverage.
“What if I do not want to change plans and wish to keep my plan?”
You are not required to make any changes during Open Enrollment. However, the annual OEP offers an excellent opportunity to evaluate your current health coverage in order to determine whether any changes are advisable. To discuss your OEP/AEP options with a licensed, bonded Medicare plans representative, contact MedicareMall today!