People sometimes use the phrases “Medicare Annual Enrollment Period” and “Medicare Open Enrollment Period” interchangeably, but they are not the same.
The Medicare Annual Enrollment Period, or AEP, begins October 15th and ends December 7th.
During the AEP, Medicare beneficiaries enrolled in Medicare Advantage Part C or Medicare Part D prescription plans are encouraged to evaluate their coverage options for the upcoming year.
Beneficiaries can make as many plan changes as they want during the AEP and its the last application submitted before the end of the day on December 7th that will be effective January 1st of the upcoming year.
The Medicare Open Enrollment Period, or OEP, begins January 1st and ends March 31st.
During the OEP, Medicare beneficiaries who are already enrolled in a Medicare Advantage plan can do one of two things:
1. Beneficiaries get one more chance to make a change to another Medicare Advantage plan. Applications submitted in are effective the first of the following month. For example, an application submitted during the month of January is effective February 1st.
2. Beneficiaries can disenroll from Medicare Advantage and return to Original Medicare as their primary coverage and have the option of enrolling in a Stand-alone Medicare Part D prescription drug plan.
The Medicare OEP is not meant to encourage beneficiaries to make changes to their plan, but rather acts as more of a “get out of jail free card” (Monopoly reference!) if changes were made to their Medicare Advantage plan that they were not made aware of.
What is NOT allowed during the Medicare OEP?
During the Medicare OEP, beneficiaries enrolled in a Stand-alone Medicare Part D prescription drug plans are NOT eligible to make a change to their plan using the OEP election.
Also, beneficiaries enrolled in Medicare Advantage are not eligible to make more than one plan change using the OEP election.
What happens after OEP has ended?
After April 1st, you will have to keep your Medicare Advantage Part C plan for the remainder of the year, unless you qualify for a Special Election Period, or SEP, such as having low-income status, moving out of the service area for your current plan, having access to a Medicare 5-star plan, or some other SEP.
What does this mean to you?
If you are enrolled in a Medicare Advantage Part C plan after the New Year and you feel your coverage is not suiting your needs, you have until March 31st to change your plan. If you need help reviewing your plan decisions or if you have any other questions about Medicare, please connect with one of our Member Agents. There are never any fees for their educational or enrollment services!
