Annual Medicare Enrollment

The annual Medicare enrollment (election) period runs from October 15th – December 7th. You know it’s that time of year when the Medicare commercials, junk mail, and unsolicited calls are never-ending. Any Plan changes made during this time go into effect on January 1st.

This time of the year is for people already on Medicare, not if you’re newly eligible. Your 65th birthday month may fall during the above dates; however, you would not be under the December 7th deadline for Plan enrollments.

You already have Medicare.

Suppose you’re already enrolled in Original Medicare Part A (Hospital 80%) + Part B (Medical 80%) and don’t have group/employer health insurance as an option. In that case, you generally will fall into one of the scenarios below. (Your group/employer health insurance may be based on your or a spouse’s current employment or a “retiree” plan based on former employment.)

1. You have Original Medicare Part A and Medicare Part B only, with no other coverage. (You may have a standalone Medicare Part D Rx Plan, though.)
2. You have Original Medicare Part A and Medicare Part B + a Medicare Supplement “Medigap” Plan + a standalone Medicare Part D Rx Plan.
3. You enrolled into a Medicare Advantage “Part C” Plan, and now you get your 80% Medicare Part A and Medicare Part B benefits provided to you from the insurer, not Medicare. These Plans typically include Medicare Part D Rx coverage as well.

The annual Medicare enrollment period allows you to change certain types of coverage for the upcoming plan year.

What can I do during the Annual Medicare Enrollment?

Based on the scenarios listed above, here’s what you can do.

If you fall into scenario number one, you can enroll in a Medicare Advantage “Part C” Plan or stay with Original Medicare Part A and Medicare Part B and ADD a standalone Medicare Part D Rx Plan for drug coverage. If you already have a standalone Medicare Part D Rx Plan, you can review your Plan and apply for a new drug Plan during this time. (At any time during the year, you can apply for a Medicare Supplement “Medigap” Plan or apply to lower your Plan rate if you already have a Plan.)

If you fall into scenario number two, this is the time of the year to ADD or review your standalone Medicare Part D Rx Plan for the upcoming plan year. If you have a drug Plan, the insurance company will mail you an annual notice of change letter in September (by September 30th), letting you know what changes you can expect on your Plan and reminding you that now’s a good time to call your agent to review!

Suppose a Medicare Advantage “Part C” Plan is something you want to try out for the upcoming year. In that case, you should contact your agent so they can show you all of the Part C Plans available in your county, go over the benefits, ensure the Plan accepts your doctors, and confirm what your prescription costs will be using the Medicare Part D Rx Plan included. (Again, if you already have a Medicare Supplement “Medigap” Plan and want to review your Plan and rate, this can be done ANY time during the year! Let me know if you want to shop your Plan and rate.)

If you fall into scenario number three, you also have several options. You can shop and compare Medicare Advantage “Part C” Plans for the upcoming year and select a new Plan if desired. The effective date of the new Plan is always January 1st. You can also switch back to Original Medicare Part A and Medicare Part B, apply for a Medicare Supplement “Medigap” Plan (may be subject to a health questionnaire), and a standalone Medicare Part D Rx Plan.

Next Steps

If you’re happy with your Plan and weren’t notified that your Medicare Advantage “Part C” Plan or Medicare drug Plan “Part D” will be discontinued for the upcoming Plan year, you don’t have to do anything! The Medicare hysteria is designed to get you to pick up the phone and call. If you have a trusted agent, contact them for a Plan review.

If you have questions about the annual Medicare enrollment and your coverage options, we’re more than happy to help. Call or schedule a call now!

Schedule Medicare Plan Review with Chad Cason

Owner/Agent,

Chad Cason

Call (404) 996-0045 or (888) 901-4870 to schedule a call with me!

Annual Medicare Enrollment Period 2024