If you’re not careful, the last day of Medicare Open Enrollment will sneak up and pass you by. Even if you are satisfied with your plan, take 15 minutes to speak with an agent to compare Medicare plans and ensure there have been no major changes to your current Medicare coverage.
When is the last day of Medicare Open Enrollment?
The last day to submit an enrollment application during the Medicare Enrollment Period is December 7th. If you made plan changes during the Medicare Annual Enrollment Period, your new coverage will start on January 1st.
What is the Medicare Open Enrollment Period?
The Medicare Open Enrollment Period is also known as the Medicare Annual Enrollment Period. During this time, all eligible Medicare beneficiaries can make changes to their Medicare coverage.
Those that are interested in comparing Medicare plans and making changes can do so every year from October 15th-December 7th.
Do I need to change my Medicare plan every year?
You may not need to change your Medicare plan ever year. But, it is highly recommended to review your plan annually. If you have a Medicare Advantage plan, there is no guarantee your plan is available from one year to the next. Your insurance carrier is required to notify you by mail, if so.
Also, check to be sure you doctor(S) still accept the plan, check your prescription coverage and pharmacy. Those are just a few reasons to review your Medicare plan annually.
Some people change plans every chance they get. Others, would prefer to keep the same insurance for as long as possible (change makes some people uncomfortable).
For dual eligible beneficiaries (Medicare + Medicaid), they can change plans once per quarter (except October 1-December 31).
Why do Medicare Plans change every year?
Good, bad, or indifferent, changes to most Medicare plans happen every year (in most cases, the changes are for the better).
To be clear, the biggest changes come from Medicare Advantage Plans (Part C) and Medicare Drug Plans (Part D).
Medicare Supplement Plans haven’t had a change in benefits since 2010. In 2020, we saw legislation pass that reduced eligibility for certain plans (like, Plan F and Plan C). Still, no change in actual benefits, though.
However, you can expect for Supplement premiums to change annually. Be sure to talk with an agent and compare Medigap premiums at least once every year.
Getting back to Medicare Advantage and Medicare Part D plans, you can expect changes like:
- Premiums
- Deductibles
- Co-pays
- Co-insurance
- Network
- Popular Supplement Benefits like;
- Flex Card/Healthy Food Card
- Part B giveback (money back in your social security check)
- Dental, Vision, Hearing
- Over the counter allowance (OTC)
Medicare Advantage Plan Options
We recently posted an article about choosing a 2023 Medicare Advantage plan, in which we mention that there are 3,998 Medicare Advantage plan options in 2023.
Choose from HMO, PPO, Special Needs Plans, Dual Eligible Plans…how can you make heads or tails?
Medicare Supplement Plan Options
In 47 states, there are 12 standardized plans to choose from. The top 5 Medicare Supplement plans are: Plan F, Plan G, Plan N, Plan C and HD-F/HD-G.
Wisconsin, Minnesota and Massachusetts offer Medicare Supplement plans, but the coverage is not standardized.
In some states, there
Medicare Part D Plans
There are 801 Part D plans to choose from in 2023.
Feeling overwhelmed? How is anyone supposed to choose a plan with so many options?
Let’s help narrow it down. On average, you will have 43 Advantage plans and 23 drug plans to choose from.
Call us today, 866-633-4427 and one of our licensed agents can help compare Medicare plans from over 25 top-rated insurance companies.
What Medicare Plan changes can I make during the Annual Enrollment Period?
We’ve put together a nice chart below that shows what your Medicare plan options are during the enrollment period.
Medicare Enrollment Periods
Although this article is about the Medicare Annual Enrollment Period (Open Enrollment Period), there are many other Medicare Enrollment Periods. See our Medicare Enrollment Periods chart below.
Get Help Comparing Medicare Plans
Since 2014, Melissa and her team have assisted thousands of Medicare beneficiaries. They represent over 25 top-rated insurance companies and are licensed in 40 states.
Call today for immediate help, 866-MEDIGAP (866-633-4427).
You can also click here to schedule your appointment.
