IS NOW THE TIME TO REVIEW YOUR MEDICARE PLANS?
When it comes to joining or switching Medicare plans, there are three different enrollment periods to consider:
- Initial Enrollment Period (“IEP”) When you first became eligible for joining a Medicare plan.
The IEP is a 7-month period that begins 3 months before the month of your 65th birthday and ends 3 months after the month of your 65th birthday.
- Open Enrollment Period – (From October 15 – December 7) During which you can join, switch or drop a plan.
What are some of the changes you may make?
- Change from original Medicare to a Medicare Advantage Plan or vice versa
- Switch from one Medicare Advantage Plan to another Medicare Advantage Plan or drug plan
- Join a Medicare drug plan
- Medicare Advantage Plan Open Enrollment Period – (From January 1 – March 31 each year)
What are some of the changes that are allowed?
- Change from your Medicare Advantage Plan to original Medicare and add a separate Medicare drug plan
- Switch from one Medicare Advantage Plan to another Medicare Advantage Plan
Note: The rules for the Medicare enrollment periods are complex and penalties may apply for not joining Medicare on a timely basis
Sources for help with your questions
- If you are still working, contact your personnel or benefits department
- A licensed insurance agent who handles Medicare plans
- 1-800-Medicare (1-800-633-4227) – the Help line is available 24 hours a day, 7 days a week