The Medicare Open Enrollment Period: What You Should Know

During the last six weeks of each year (November 15th through December 31st) there is an Medicare open enrollment cycle held annually for existing beneficiaries. If you have any changes to make during this particular time period they will take effect as of January 10th of the new year.

Medicare beneficiaries are given the choice to choose traditional Medicare only, a Medicare supplement insurance plan, or signing up Medicare prescription drug plan during this six week period at the end of the year.

Once the beneficiary has made a choice, they will have until March 31st to switch their plans. If the beneficiary does not make a change before March 31st, the plan stays the same till the next year’s open enrollment period.

All beneficiaries are able to stay with their current Medicare Advantage plan by not doing anything. If they decide to make any changes, they can call 1-800-MEDICARE or go online to enroll at Medicare.gov.

So what do you need to do before making that decision?

First thing would be a review of your current prescription drug and health plans. It’s important you be aware of what your current benefit plan is and the price, as the plan costs do change annually. This gives you the opportunity to check your existing plan with the other Medicare plans to see if there are better choices for you. Again, if you decide you’re happy with your current plan, you don’t have to do a thing. Your current plan will just rollover when the open enrollment period ends.

If you are thinking about making a change to any of your health insurance plans, it’s a good idea to do it as soon as you can. Since the new plans to into effect the first of the new year, you will be able to avoid any sort of confusion with your pharmacist.

If you decide to go with a new plan, as soon as you make the change use one of these methods to join.

Sign Up with a Paper Medicare Application: the company that will be handling your plan should have that application for you. All you have to do is fill out the information and then mail, fax, or perhaps email it back.

Visit the Plan Website: after you locate the website for the plan you’ve chosen just do an online application.

Go to the Medicare Website: there will be a variety of drug plans to choose from on their official site. There is always the possibility the plan you choose will end up not being available, so you should be prepared to make a different application choice.

You Can Call the Company Directly: you can just call and do your enrollment over the phone if you get the number for which ever drug plan company Medicare has.

Call Medicare: if you need to, as a last resort, you can reach Medicare at 1-800-MEDICARE and just do your enrollment by phone. The phone would be the most time-consuming and hardest option to deal with, so consider it a last resort.

What sort of information is needed if you want to join a Medicare Drug Plan?

When you are prepared to join, the following list of items will be needed to complete your enrollment.

All of your personal information (i.e. full name, date of birth, address, etc).

The information that is on your Medicare card.

Your choice on the premium payment option.

Any other insurance information you might have. Your social security number (which is optional).

Your current email address (also optional).

Emergency Contact – their name and phone number.

If it’s applicable, the current contact information of the nursing home or assisted living facility where you are residing.

Once you are through the Medicare open enrollment application process, the company you have enrolled through will be sending you a packet of information. The materials you received will include your membership card, your handbook, a list of covered prescription drugs, a directory of approved pharmacies, procedure instructions for an appeal or complaint, and any other details related to the plan.

One last word – it’s vital that you set aside time each fall to search out the best health insurance plan that Medicare has available for you and your significant other. It is in your best interests to compare all the options available to you before you make a final decision, no matter what your ultimate choice is.

Entry Filed under: Benefits Explained