If you want to make changes to your Medicare plan or you’d like to enroll during the current period, time is running out. The Medicare Advantage Open Enrollment Period (MA OEP) and the General Enrollment Period (GEP) both begin on January 1st and recur annually. However, these periods only last for three months. This means that your last chance to make any changes during this period will end today, March 31st. Read on to learn more about these periods and how you can take advantage of open enrollment before it’s too late!
The Medicare Advantage Open Enrollment Period is reserved for Medicare beneficiaries who are already enrolled in a Medicare Advantage plan. If you have a Medicare Advantage plan, you can switch to a different plan at any time during this period. You can either switch to a different Medicare Advantage plan or to Original Medicare, with or without drug coverage. You cannot make any changes if you just have Original Medicare.
It’s also important to note that you can only make one change during each Medicare Advantage Open Enrollment Period. This means that once you switch to a different plan, you will not be able to make any further changes during the same enrollment period. So, make sure that you like your new plan before you make any drastic changes. These changes will go into effect on the first day of the month following the month in which you applied.
Though it coincides with the Medicare Advantage OEP, the General Enrollment Period is treated as a distinct period for enrolling in Medicare. The General Enrollment Period is designed for people who missed their Initial Enrollment Period or chose to delay enrollment. During the GEP, you can sign up for Medicare Part A and/or Part B. If you’re eligible for premium-free Part A, then you’ll only need to sign up for Part B. However, signing up for Part B after your Initial Enrollment Period may require you to pay a Part B premium penalty. In any case, you can expect your coverage to begin on July 1st.
As you can see, knowing when you can make certain changes is vital. To help you take advantage of all the recurring Medicare enrollment periods, here are the most important dates to remember:
Remember, the deadline to take advantage of the Medicare Advantage OEP or the GEP is fast approaching. Both enrollment periods officially end tomorrow — March 31st. So, if you’d like to make a change to your Medicare Advantage plan or sign up for Original Medicare, make sure to do it now!
If you’d like to learn more about the Medicare Advantage OEP, the General Enrollment Period, or your Medicare coverage options, feel free to fill out this form or give us a call anytime. Time for 65’s partnered licensed agents are focused on giving you the information you need, with zero pressure to enroll in a plan.