If you are a Medicare recipient but find that the plan and choices you have made previously are not currently suiting your needs, then you have an opportunity each year during the Medicare Annual Enrollment Period (AEP) to make changes to your plan.
During the AEP, you can make any of the following changes: (Unless you qualify for an exception throughout the rest of the year, the AEP is the only time available to make these changes.)
| 1. You may add, drop or change your Medicare Part D prescription drug coverage.
Medicare prescription drug plans can change the drugs it covers (its formulary) during the course of the year with 60 days notice to affected parties. While your plan will continue to cover the drug until the end of the calendar year, you might lose coverage in January. |
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| 2. You may add, drop or change Medicare Advantage plans (Part C).
If you choose to enroll in the Medicare Advantage plan during the AEP, you can choose to return to Original Medicare (including Medicare Part D prescription drug coverage) during Medicare Advantage Disenrollment Period (MADP) which lasts from January 1 until February 14. |
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| 3. Switch from Original Medicare (Medicare Parts A and B) to a Medicare Advantage plan.
Or
4. Switch from a Medicare Advantage plan to Original Medicare.
Original Medicare covers hospital and doctor visits including emergency and urgent care. Medicare Advantage is provided through an HMO or PPO.Medicare Advantage Plans cover vision, hearing, dental and general healthcare but require you to choose a primary care physician and use only doctors, hospitals, and other medical facilities that are part of that health plan’s provider network.Medicare will pay for your advantage plan up to a fixed amount, but it may require an additional co-payment, premium or out-of-pocket expense. |
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If you’re choosing to enroll in a new plan, be sure that you enroll before you disenroll in your old plan. Any changes you make to your Medicare Plan during an AEP become effective on January 1 of the following year. For example, if you change plans during the October 15 through December 7 AEP in 2011, your new plan will go into effect on January 1, 2012.
It is also important to note that Medicare Supplement Insurance Plans are an exception, and you can join one any time throughout the year.
