The Medicare Open Enrollment period runs from October 15-December 7. During this time, people on Medicare should be reviewing their Medicare coverage, specifically Medicare Advantage (Part C) and Medicare Drug Plans (Part D).
Every year, these plans change. The best source of information about this coverage is www.medicare.gov. This can be a confusing process, so it is best to have a licensed insurance agent who specializes in Medicare coverage to help you make the right decisions.
Some people have Medicare Supplement (otherwise known as Medigap) policies. These plans use Medicare as your primary insurance. They also work in conjunction with Medicare Part D (drug plans).
Contrary to popular belief, Medicare Supplement plans are not included in the Open Enrollment period. In fact, you can change Medicare Supplement plans at any time of the year (if you qualify medically).
However, the Open Enrollment period is a good time to review your Medicare Supplement coverage at the same time you are reviewing your Part D coverage and evaluate your options based on changes to current plans, your budget or health needs.
During Open Enrollment, you can decide to stay in Original Medicare or to join a Medicare Advantage Plan. If you are already on a Medicare Advantage Plan, you can switch back to Original Medicare during Open Enrollment and enroll in a Medigap plan (if you qualify medically).
I can’t stress enough how important it is to have an experienced licensed and independent insurance agent who specializes in Medicare coverage. Having someone who answers your questions at all times of the year is vital to keeping your coverage where it needs to be, in addition to keeping your monthly premiums as low as possible. Choose an agent who is competent and trustworthy, one on whom you can rely on for straightforward answers and continued support for any Medicare related questions and concerns.
I encourage you to contact your agent or to find one if you have not already done so. Together, you can determine whether your current coverage still meets your needs. After December 7th, you will not be able to make any changes to your Medicare Advantage Plan or Part D drug plan for 2021.
Alton Bell Insurance Services LLC is one of the area’s most trusted and experienced Medicare Supplement insurance agencies. Call 214-763-2559 for a free phone consultation.