The Medicare plan you have now may not be the one you have forever. Medicare offers a wide variety of options and is always evolving from year to year. There may come a time when your medical needs or financial situation changes, or you may become interested in a plan that fits your preferences.
Whatever the case, you can make the switch during the Annual Enrollment Period.
What is the Annual Enrollment Period?
The Annual Enrollment Period takes place from October 15 to December 7. It is a time when you can drop, switch, or join a Medicare policy. This isn’t for first-time enrollees, but for those already enrolled in Medicare and considering other Medicare options.
Documents such as your quarterly Medicare Summary Notice, Annual Notice of Change, and/or Evidence of Coverage can serve as influences because these give a breakdown of how your Medicare coverage has saved you on costs and what the future holds for your current plan.
Most commonly, individuals enrolled in Original Medicare (Part A and Part B) will use this to switch to a Medicare Advantage plan (also known as Part C). Or, you may decide to keep your Original Medicare coverage and add a Medicare Part D plan. Original Medicare doesn’t include prescription drug coverage, as Part D is exclusively sold through private insurance.
If you’re enrolled in a Medicare Advantage plan, you may choose to switch to another Medicare Advantage plan, such as one with prescription drug coverage, or change back to Original Medicare. You may also enroll, switch, or drop Part D plans.
What If I Need To Switch Outside Of The Annual Enrollment Period?
Medicare has made provisions for those who have emergencies that may cause either loss of non-Medicare health insurance policies or moving out of a Medicare Advantage network.
This could be a situation such as: moving to a new city, losing employer coverage, or moving back into the United States after living in a foreign country.
Instead of making these changes during the Annual Enrollment Period, you will qualify for what is known as a Special Enrollment Period.
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Your situation may change, but our dedicated approach to customer service never will. We know the ins and outs of Medicare, and we’re here to be part of your journey when it comes time to switch to the best plan for you. We will not only align you with the policy that suits you perfectly – we’ll get you that policy at the lowest possible price.
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Emily Trevino, Senior Managing Partner at Wise Insurance, leverages her extensive background in biology and business finance to master Medicare, health insurance, and retirement planning. With over a decade in the field, Emily has co-authored “Medicare Breakdown – The Alphabet Soup of Medicare,” marking her as a pivotal figure in insurance education. Her commitment extends through active participation in the National Association of Benefits and Insurance Professionals (NABIP) and speaking at major industry events. Emily’s drive for community service and personal resilience shines through her adventurous pursuits and dedication to societal well-being. Connect with Emily on LinkedIn to explore the future of informed insurance decisions.
