Between October 15 and December 7, Medicare beneficiaries can switch plans. This an essential time for anyone who wants to get the best coverage possible for the following year.
But be careful – it can go by quickly. The Open Enrollment Period lasts less than two months, and since it overlaps with the holiday season, it’s an especially busy time for many people.
To make the most out of Open Enrollment Period, you need to be ready. Think about the following questions:
- Are you happy with the coverage your current policy provides?
- Are you happy with your costs, including monthly premiums, deductible, and out-of-pocket costs?
- Are your current policies going to change? Look for your Annual Notice of Change, a document listing any changes in the costs and coverage in your current plan. This should be sent to you by the end of September.
- Are there other coverage options that would better suit your needs? Even if you’re reasonably happy with your current plan, it’s smart to see if there’s anything better out there. If you don’t do it now, you’ll have to wait an entire year before you have another chance.
During the Open Enrollment Period, Medicare beneficiaries can switch from Original Medicare to Medicare Advantage plans, or vice versa. They can also enroll in a new Medicare Part D plan for prescription coverage. The options they select will go into effect the following year, starting January 1, 2018.
Check out this infographic from the Medicare Rights Center to learn more about the Open Enrollment Period. And, remember PTT Financial agents are here to help!