Medicare Annual Enrollment Period: 5 Key FAQs

What's the Difference Between Original Medicare and Medicare Advantage?

Original Medicare is run by the government. It typically requires pairing with separate drug coverage and optional Medigap. Conversely, Medicare Advantage plans, provided by private insurers, often bundle medical and drug benefits, sometimes including extras like dental or vision. It's important to understand these differences so you can choose the option that fits your healthcare needs best.

What Changes Can I Make During Open Enrollment?

During the Annual Enrollment Period, you have the opportunity to switch from Original Medicare to a Medicare Advantage plan, change from one Advantage plan to another, or modify your Part D prescription coverage. This flexibility is crucial for adapting your healthcare plan to your changing needs.

Do I Need to Do Anything If I’m Happy with My Current Plan?

Even if you're satisfied with your current plan, it's wise to review your coverage during the AEP. Plan details like premiums, provider networks, and drug formularies can change each year, so taking a closer look might prevent unpleasant surprises later on.

When Can I Learn About Next Year’s Plans?

Starting in October, you can access information about plans for the upcoming year. Resources like 1-800-MEDICARE or Medicare.gov are invaluable for staying informed and making informed decisions.

What If I Miss the Open Enrollment Deadline?

If you don't make changes during the Annual Enrollment Period and don't qualify for a Special Enrollment Period triggered by a major life event, you'll need to wait until the next AEP to adjust your coverage. Knowing this helps ensure timely decisions about your healthcare coverage.

Understanding the Medicare Annual Enrollment Period equips you with the control needed over your healthcare decisions. Begin researching early, use reliable sources like Medicare.gov, and consider consulting a professional if you need more guidance. Even a brief review of your plan could result in significant savings or enhanced coverage in the year ahead.