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Medicare Plans

by | Oct 15, 2024

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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:

 

  1. 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.

 

 

  1. 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

 

  1. 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
  • Medicare.Gov
  • 1-800-Medicare  (1-800-633-4227) – the Help line is available 24 hours a day, 7 days a week

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