Enrollment in Medicare Advantage has seen a significant increase of over 100% in the past decade.1. One of the driving factors behind this is the availability of plans with premiums as low as $0, that provide coverage for prescription drugs, dental, vision, and hearing care - all of which are not covered by Original Medicare.
Making the switch to a Medicare Advantage plan (Part C) is a hassle-free process. In case you're considering the switch, here is some vital information you need to keep in mind:
Annual Election Period – October 15 through December 7
The Annual Election Period (AEP) runs from October 15 to December 7. This is an excellent time to re-evaluate your Medicare coverage and ensure you have the best plan in place to meet your healthcare needs.
During this time, you can:2
- Switch from Original Medicare to a Medicare Advantage plan
- Change from a Medicare Advantage plan back to Original Medicare
- Switch from one Medicare Advantage plan to another Medicare Advantage plan
As your trusted broker of choice, Lehigh Partners can help you make informed decisions on Medicare plans. We offer support in selecting a Medicare Advantage plan to switch from Original Medicare or vice versa, or to change from one Medicare Advantage plan to another. Whatever your needs may be, we have got you covered.
It's crucial to note that if you make any changes to your coverage during AEP, your new plan's coverage will start on January 1. So, take action today by partnering with Lehigh Partners to explore your plan options and secure coverage that fits your budget and care needs.
Medicare Advantage Open Enrollment Period – January 1 through March 31
The Medicare Advantage Open Enrollment Period (OEP) is from January 1 to March 31. This is an excellent opportunity to assess your current healthcare coverage and make any changes necessary to ensure it aligns with your unique healthcare needs.
During OEP, you can opt to switch from a Medicare Advantage plan without drug coverage to a plan that covers medication. Alternatively, you can switch from a Medicare Advantage plan that covers medication to one that doesn't include drug coverage. It's also possible to switch from your existing Medicare Advantage plan to Original Medicare and join a stand-alone Medicare prescription drug plan.
During this time, you can:2
- Switch from a Medicare Advantage plan without drug coverage to a Medicare Advantage plan with drug coverage
- Switch from a Medicare Advantage plan with drug coverage to a Medicare Advantage plan without drug coverage
- Switch from your Medicare Advantage plan and return to Original Medicare, with the option to join a stand-alone Medicare prescription drug plan
Additionally, if you enrolled in a Medicare Advantage plan during your Initial Coverage Election Period, you can still make changes within the first three months of enrollment. This involves switching from your current plan to another Medicare Advantage plan or returning to Original Medicare.
At this time, it's prudent to partner with a trusted broker like Lehigh Partners Senior Benefits to ensure you have the appropriate coverage for your healthcare needs. We can guide you in selecting or switching to a Medicare Advantage plan and answer any questions you have along the way. Don't wait until it's too late - act today and secure the best coverage for your health.
Get more with a Medicare Advantage plan
Medicare Advantage plans help expand your Medicare coverage beyond Original Medicare, often with extra benefits. Explore Medicare Advantage plans in your area today!
Citations:
- Freed, Meredith et al. "Medicare Advantage in 2021: Enrollment Update and Key Trends." Last accessed August 10, 2023. Link to source
- "Joining a plan." Medicare.gov. Last accessed August 10, 2023. Link to source
