Medicare Open Enrollment: What You Need to Know

The world of healthcare coverage can be complicated, and few topics lead to more confusion than Medicare. In addition to sparking political arguments that have probably become a holiday dinner tradition, the program’s many features can make it feel like you need a Ph.D. to understand your policy.

Fortunately, we have broken down the main facts that you need to know about open enrollment and getting the coverage you deserve.

Medicare Open Enrollment: What Is It?

The Medicare open enrollment period takes place on an annual basis from October 15 to December 7. During this time frame, anyone who has Medicare can switch to new health and prescription drug coverage plans.

Why Reconsider Your Healthcare Coverage During Open Enrollment?

Not every healthcare policy is perfect, and what works for one person may not cover another person’s needs. Open enrollment periods are designed to let you find a better match without being penalized for switching providers or plans.

Another important fact to remember is that healthcare policies change. For instance, you will receive a letter each year in September called an Annual Notice of Change, or ANOC, that describes new policy terms that you should be aware of.

As your medical needs evolve, your coverage should keep up. Your condition might worsen or improve over time, and your caregiver could prescribe you new treatments and medications to help you cope. In other words, the combination of Medicare Parts A, B, C and D that formerly worked may now fall short.

What Should You Look for During Open Enrollment?

The open enrollment period is when insurers publish information about the plans they will offer during the upcoming year, as well as what coverages they will include. It is important to understand these details in depth so that you can secure a policy that is both affordable and comprehensive enough to take care of you.

In addition to including its own unique terms, your current plan may base your eligibility on what kind of Medicare coverage you receive. Before taking the plunge, learn how signing up for a new or supplemental plan could impact your benefits.

Healthcare coverage can be enormously complex, but that doesn’t mean you should have to settle for anything less than what you need. Discover how to master open enrollment by viewing our policy offers.