The Medicare Annual Election Period (AEP) has come to an end, but what happens if you have missed it or if you change your mind about your Medicare plan after December 7? Fortunately, there are options for some Medicare beneficiaries to make changes early in the new year.
Medicare Advantage Open Enrollment Period (January 1 – March 31)
If you are enrolled in a Medicare Advantage (MA) plan, you can use the Medicare Advantage Open Enrollment Period (OEP) from January 1 to March 31 to:
- Switch to a different Medicare Advantage plan.
- Return to Original Medicare and select a standalone Part D (prescription drug) plan.
However, you cannot make changes to standalone Part D plans or enroll in Medicare Advantage for the first time during this period.
The OEP provides an opportunity to adjust your coverage if your current Medicare Advantage plan isn’t meeting your needs, whether due to unexpected costs, provider network issues, or a change in your healthcare needs.
Special Enrollment Periods for Original Medicare
If you’re not enrolled in Medicare Advantage and want to make changes to your Original Medicare plan, you must qualify for a Special Enrollment Period (SEP). Qualifying circumstances for an SEP include:
- Moving out of your plan’s service area.
- Losing employer-based health coverage.
- Becoming eligible for Medicaid.
- And certain other life changes
An SEP allows you to make changes outside of the AEP, ensuring you’re not stuck with a plan that no longer works for you due to life changes.