Like every year, Medicare Open Enrollment 2020 started from October 15 and will run till December 7.
During this time, Medicare beneficiaries across the U.S. calculate their present coverage & then make certain modifications which affect their healthcare expenses & also the coverage starting in the month of January (of the next year).
Do you want to make some changes to your existing coverage or else just need to grasp more knowledge about the enrollment period? If yes, keep reading and do not miss any information!!
So, What is Medicare Open Enrollment?
Also termed as the Annual Enrollment Period, or AEP, Medicare Open Enrollment is a period in which a recipient can do some changes to his/her current Medicare coverage.
- You can change your Original Medicare– Parts A and B, to Medicare Advantage and also vice versa.
- You can switch from one Medicare Advantage plan to any other plan.
- You can add as well as change your plans under Medicare prescription drug.
Some Additional Information About Medical Open Enrollment 2020
The Medicare program modifies a little bit every year. You should definitely know what all are new in the year 2020 that could favour you to explore numerous options that you can acquire during 2020’s Open Enrollment.
YOU CAN STILL USE MEDICARE SUPPLEMENT PLAN F AS WELL AS PLAN C
Both Plan F and C won’t fade away completely but do note that the Centres for Medicare & Medicaid won’t permit fresh Medicare recipients to sign up to Plan F and C.
- “DONUT HOLE” OF PART D WILL BE CLOSED
At the beginning of 2020, Part D’s coverage gap will not continue anymore.
- SOME CHANGES IN PART D PLANS & MEDICARE ADVANTAGE
Every year, providers do minute changes to the Medicare Advantage & Part D plans. Normally, there used to be various changes including changes in deductibles, premiums, and many other expenses as well. Always remember that these changes are finalized only before fall Open Enrollment.
Is It Necessary To Revive Your Current Plan?
Are you satisfied with your present Medicare coverage? If yes, then you don’t have to be worried about anything at the time of Medicare Open Enrollment.
Also Read: Choose Top Rated Medicare Plans For You
However, you can Open Enrollment pass to be 100% sure. Do the following two points to advance your current Medicare coverage:
1) OPEN EVERY MEDICARE MAIL
In case, your plan won’t be continuing next year then you will be sent a notice via mail. And by any chance, you omit the notice & fail to sign up in any other coverage then gradually you can lose your coverage as well.
On the other hand, if your plan will continue in the next year then you will receive an mail, i.e., an Annual Notice of Change (ANOC), by your insurer. Study your ANOC thoroughly to confirm that your plan will meet your requirements in the following year. And if not, then my friend it is high time to switch to other options.
2) SHOP AROUND
Regardless of what you think about your present plan, it is a good thought to do some shopping during Open Enrollment. After all, plans & premiums change yearly and what if you will find an option that can suit your situation comparatively better than your present coverage. So if you do not inspect, you will never know about them!!
A Very Important Point To Remember
It is a common query that if anybody enrolls for a Medicare Advantage plan at the time of Medicare Open Enrollment & later on if their requirements change, will they have to wait for the next fall to change their plans?
Well, the answer is “No”!!
In the year 2019, the Medicare program started the Medicare Advantage Open Enrollment Period (MAOEP).
Also Read: Everything About Medicare F Plans
MAOE period starts from January 1 to March 31. At this time, recipients can make changes to their Medicare Advantage plans or can shift back to their Original Medicare. However, the recipient should have the Medicare Advantage to utilize this period. An individual who begins the year with Original Medicare cannot utilize this enrollment period.
So get ready for the Medicare Open Enrollment 2020. Analyze every option and sign up for the best plan.
Time may fly away! Hence, do not miss out on the options you have!!!