By Maura O’Toole
Many seniors are not aware of the Medicare Advantage Open Enrollment Period (OEP) that runs every year from Jan. 1 to March 31. This enrollment period is specifically for anyone who is already enrolled in a Medicare Advantage Plan and allows them to switch plans if they missed their opportunity in the fall or are unhappy with the plan that they chose.
Maura O’Toole from FitzGibbons Agency says “Medicare can be very confusing and selecting the right plan on your own can result in unforeseen coverage gaps and out of pocket costs. We help our customers sort through all of the plans available locally and enroll them in the best plan for their needs. This should not be a Do-It-Yourself process.”
Whenever you are considering making a change to your Medicare plan, it is essential to understand the implications. For example, suppose you are enrolled in a Medicare Advantage plan and choose to go back to Original Medicare during OEP. In that case, depending on your specific situation, you may not be able to buy a Medicare Supplement Insurance (Medigap) policy. This could leave you without the coverage you want and need. Working with an independent agent experienced with Medicare is one way to ensure any changes you wish to make can be done in a way that does not leave you with any coverage gaps.
The Medicare Advantage Open Enrollment Period runs from Jan. 1 through March 31 every year. Don’t confuse OEP with the Annual Election Period (AEP), which runs from Oct. 15 through Dec. 7 each year. AEP is when most people make annual changes to their Medicare plans for a Jan. 1 effective date. The purpose of OEP is to allow someone who may have chosen the wrong plan during AEP or did not realize that changes had been made to their current plan to make one change to another plan.
Any changes made during OEP will be effective the first day of the following month. For example, changes made in January will be effective Feb. 1, changes made in February will be effective March 1 and changes made in March will be effective April 1.
During OEP, if you are enrolled in a Medicare Advantage plan, you can make the following changes:
- Switch to a different Medicare Advantage Part D or MA Only plan;
- Drop their Medicare Advantage plan and return to Original Medicare, Part A, and Part B; and
- Sign up for a stand-alone Medicare Part D Prescription Drug Plan if they return to Original Medicare.
Unlike AEP, when you can make multiple plan changes, and the last selection you make is the one that becomes effective on Jan. 1, Medicare beneficiaries are only allowed to make one plan change during OEP. While you can make a change if necessary, there are limitations on the kinds of changes you can make during OEP.
During the OEP, Medicare beneficiaries may add or drop Part D coverage; those enrolled in either MA Part D or MA-only plans can switch to:
- MA-Part D
- MA-only
- Original Medicare (with or without a stand-alone Part D plan)
The following plan changes are NOT allowed during OEP:
- OEP does not allow an individual enrolled in Original Medicare to join a MA plan.
- OEP does not allow Part D changes for individuals enrolled in Original Medicare, including those enrolled in stand-alone Part D plans.
- OEP is not available for those enrolled in Medicare Savings Accounts or other Medicare health plan types (such as cost plans or PACE).
Have further Questions? Just Ask Fitz!
Maura O’Toole
Huntington Agency
6 Southgate Road
Baldwinsville, NY 13027
https://www.thehuntingtonagency.com/
