Time is almost up for this years Medicare Open Enrollment period. You have until the 7th of December to modify your existing Medicare plans. In this period you can enroll in a Medicare Advantage Plan or a Part D drug plan.
Any modification made during this period is effective from January 1st of the following year. Generally, this is the only time of the year when one can opt for a new plan or switch from Advantage plans to Original Medicare plans. A tweak not known to many is to purchase a Medigap policy which compensates for Medicare costs to some extent. The availability of a Medigap Policy completely depends on the place of residence.
Medicare coverage and costs are revised every year. It is recommended to compare the existing package with the new ones for better understanding before making any possible modifications. The members of Medicare Advantage Plans of Part D receive notice of changes and the current evidence of coverage which are to be compared to see if any modification will result in cost and coverage benefits.
Medicare has rolled out a Plan Finder tool for locating the best plans in Part D drug coverage policies. The tool is designed to understand the requirement of drugs, cost of those drugs and the availability in pharmacies often visited based on which it runs extensive comparisons with other plans and end up displaying the best plan to opt for if there is any.
Joining an Advantage Plan is a very simple process. Calling their national toll free number may be the quickest way to know about the plans in that area following which one can choose to opt for a particular package best suited for the requirements. Calling the State Health Insurance Assistance Program can help you understand the available options and is recommended for changes if necessary. After shortlisting a plan, it is a must to check that the doctors and hospitals are included in the network. Speaking to the representative should be followed by noting down the date, the conversation and a cross-check with the current plans for transparency.
Though there are different ways to enroll during the fall open enrollment period, the most hassle-free way of enrolling and protecting yourself is to directly call their toll free number which is 1-800-MEDICARE. One last check to confirm all the details before making payment is suggested.
In case that you are not satisfied with any Advantage Plan opted for during the Fall Open Enrollment period, you can modify the plan in the next window which is called the Medicare Advantage Open Enrollment Period abbreviated as MA OEP. This period starts from 1st January and ends on 31st March of every year. This is the final window for making any sort of changes wished for in the Medicare Advantage Plans and the Part D drug coverage plans.
There lies a distinct difference between Open Enrollment for Federal Marketplaces and the Fall Open Enrollment period. The federal marketplaces are meant to annually offer enrollment periods for American citizens who are not insured or underinsured according to the standards set by the law. Though the duration of both the windows may coincide, the federal marketplaces or exchanges is not recommended citizens with existing membership with Medicare or are eligible for Medicare. For people who can afford and are eligible for Medicare and are looking to modify their current plans or opt for the new membership with the organization, the Fall Open Enrollment Period starting from October and ending on December is the correct time of the year.