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Medicare Advantage Open Enrollment Period Switch or Ditch

Medicare Advantage Open Enrollment Period | Switch or Ditch

The Medicare Advantage Open Enrollment Period [OEP] is from JANUARY 1st to MARCH 31st. During this period, you can switch to a different Medicare Advantage plan or return to traditional Medicare. It’s your call, but it’s a one-time deal, so choose wisely!

The Medicare Advantage Open Enrollment Period provides you with ONE opportunity to switch to a different Medicare Advantage plan.

Alternatively, you can drop your Medicare Advantage plan entirely and return to traditional Medicare, enrolling in a standalone Medicare Part D prescription drug plan.

This is NOT for those with Original Medicare – BUT you may be eligible for the Medicare Advantage Open Enrollment Period if you’re already enrolled in a Medicare Advantage plan.

What’s the difference between the Annual Election Period and this Open Enrollment Period?

The Annual Election Period (AEP), from OCTOBER 15th through DECEMBER 7th, is when you can initially enroll in, change, or drop your Medicare Advantage plans.

In comparison, during the Medicare Advantage Open Enrollment Period (OEP), you can make ONE change. If you’re dissatisfied with your current Medicare Advantage plan and you find another Advantage plan with better benefits or saves you some money, you can make that switch.

You CANNOT join a Medicare Advantage plan for the first time during OEP if you have Original Medicare.

Are you allowed to change a prescription drug plan?

This Open Enrollment Period is all about Medicare Advantage, not the standalone Part D drug plans. But if your Advantage Plan includes Part D prescription drug coverage, you can switch the Advantage plan.

If you’re feeling bold, you can drop your Medicare Advantage plan and return to Original Medicare, allowing you to enroll in a standalone Part D prescription drug plan.

What if I miss the Medicare Advantage Open Enrollment Period?

Life happens. There’s something called Special Enrollment Periods (SEPs) for certain life events like moving or losing current coverage that can give you another chance to make changes.

Your choices during the Medicare Advantage Open Enrollment Period can be a game-changer for the rest of the year. This is about empowering you to choose a plan that fits your needs, and maybe it improves your healthcare quality and peace of mind.

So mark your calendars for JANUARY 1st to MARCH 31st. Weigh your options – contemplate the benefits like you’re mullin’ over the best barbecue recipe. When you decide – make your moves – because it’s your health we’re talking about !

If you have more questions, contact your trusted, independent Medicare broker.

Stay healthy and keep smiling – because Medicare doesn’t cover frowns!

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