Things to Know About Medicare Advantage Open Enrollment
Medicare Advantage (MA) Open Enrollment is an annual period running from January 1 to March 31. This timeframe allows individuals who already have a Medicare Advantage plan to review their coverage and make necessary adjustments. ISU – Bright Agency provides medicare advantage open enrolment in Columbus, IN, Greensburg, IN, Madison, IN, Seymour, IN, North Vernon and surrounding areas.
This is what you need to know:
Who Can Participate?
Only individuals already enrolled in a Medicare Advantage plan as of January 1 can take part.
It’s not for those in Original Medicare (Parts A and B) or those without Medicare coverage.
What Changes Are Allowed?
Switch MA Plans: You can switch to a different Medicare Advantage plan that better suits your healthcare or budgetary needs, including plans with or without prescription drug coverage.
Revert to Original Medicare: You can disenroll from your MA plan and return to Original Medicare. If you choose this option, you can also enroll in a stand-alone Part D prescription drug plan.
What’s Not Allowed?
You can’t join an MA plan if you’re not already in one.
You can’t change your stand-alone Part D drug plan during this period.
Why Participate?
The open enrollment period is a valuable opportunity to reassess your healthcare needs:
Review your plan’s coverage for drugs, doctors, and services.
Address issues like increased premiums or changes in your plan’s network.
Align coverage with changes in your health or lifestyle.
Steps to Take
Evaluate Current Plan: Review your plan’s Annual Notice of Change to understand updates in premiums, benefits, or networks.
Compare Options: Use tools like Medicare’s Plan Finder to compare plans.
Seek Help: Contact Medicare, SHIP (State Health Insurance Assistance Program), or a trusted advisor for guidance.
Final Notes
Changes made during this period will take effect on the first day of the following month. This ensures continuity of care while allowing for adjustments. Stay informed and proactive to make the most of your coverage. If you need assistance, we’re just a phone call away.