You can choose to join, switch, or drop a Medicare Advantage or Prescription Drug Plan during your Initial Enrollment Period, Annual Election Period, Special Enrollment Period, or the Medicare Advantage Open Enrollment Period.
Initial Enrollment Period (IEP)
If your Medicare eligibility begins when you’re 65, your Initial Enrollment Period begins three months before the month you turn 65 and ends three months after the month you turn 65. If you become eligible for Medicare prior to reaching 65, you have a similar seven-month enrollment period starting three months before the month your Medicare eligibility begins.
Although your initial enrollment signs you up for Medicare Part A and Medicare Part B, some people decide not to keep Part B coverage. Keep in mind that dropping Part B coverage will make you ineligible for enrollment in a Medicare Advantage Plan. Otherwise, you can join the Medicare Advantage or Prescription Drug Plan of your choice during this period.
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Annual Election Period (AEP)
An Annual Election Period, available every year, allows you to enroll in a Medicare Advantage or Prescription Drug Plan, switch plans, or make changes in your existing plan. Annual enrollment takes place from October 15th through December 7th, with changes taking effect January 1st of the following calendar year. Annual Election Period provides a great opportunity to reassess and fine-tune your coverage as you head into a new year, and one of MedicareMall’s representatives will be happy to discuss the options with you prior to or during your next annual election opportunity.
Special Enrollment Period (SEP)
You may qualify for a Special Enrollment Period (or SEP) if you meet certain conditions. Conditions qualifying you for an SEP include:
- Moving to a new address outside your plan’s service area;
- Returning to the United States after living outside the country;
- Currently living in, or have just left, an institution such as a skilled nursing facility or long-term care hospital;
- Being released from jail;
- Losing eligibility for Medicaid;
- Leaving coverage from your employer or union; or
- Losing creditable drug coverage.
There are other conditions that may qualify you for a Special Enrollment Period, and MedicareMall will be happy to help you determine whether you may qualify.
Medicare Advantage Open Enrollment Period (OEP)
Regardless of whether you joined a new Medicare Advantage plan during the AEP or simply chose not to disenroll from your current Medicare Advantage plan, you have the opportunity to make a change to your Medicare Advantage plan from January 1st until March 31st.
Should I Really Consider Changing or Disenrolling from a Medicare Advantage Plan?
If your Medicare Advantage plan has changed its premiums or benefits for the current year, or if your medical situation has changed in recent weeks, you may decide that it is time for a change in your health coverage.
Regardless of why you may decide that a change is in order, you have a one-time option of changing or leaving your Medicare Advantage Plan during the Medicare Advantage Open Enrollment Period.
During the Medicare Advantage Open Enrollment Period, you can:
- Switch to a different Medicare Advantage plan
- Drop your Medicare Advantage plan and return to Original Medicare (Part A & B)
- Apply for a Medicare Supplement plan if you return to Original Medicare (Part A & B)
- Enroll in a stand-alone Medicare Part D Prescription Drug Plan (only if you return to Original Medicare (Part A & B))
However, you will not be allowed to do the following:
- Switch from Original Medicare (Part A & B) to a Medicare Advantage Plan
- Join a Medicare Part D Prescription Drug Plan, if you are on Original Medicare (Part A & B)
- Switch from one Medicare Part D Prescription Drug Plan to another, if you are on Original Medicare (Part A & B)
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If you are on Medicare due to a disability
You can join a Medicare Advantage or Prescription Drug Plan from three months before to three months after your twenty-fifth month of disability. You will have another chance to join three months before the month you turn 65 until three months after the month you turn 65.
If you would like further information about Medicare Advantage Enrollment Periods or Prescription Drug Plan Enrollment Periods, please contact a licensed, bonded MedicareMall representative for a free consultation.
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