Many Seniors are aware of the Medicare AEP from October 15th until December 7th. However, many Medicare enrollees can be confused on what can be done during the period. Just so there is no confusion, anyone entitled to Medicare and enrolled in Part A and Part B at any age can do the following during the Medicare Annual Enrollment Period:
- Change Medicare Advantage Plans
- Switch from Original Medicare to an Advantage Plan
- Switch back to Original Medicare from an Advantage Plan
- Enroll in a Prescription Drug Plan (PDP) – Change Prescription Drug Plan
Now that you know what you can do during the Annual Enrollment Period. You should also know what you cannot do, for the most part you cannot enroll in both a MA or MAPD plan and a PDP at the same time the most current enrollment will automatically dis-enroll you from the other one. The only exceptions to this rule are PFFS (Private Fee For Service) plans and MSA (Medicare Medical Savings Account).
It is very important to review your plan every year as carriers make annual changes to the plans.
Things that can change:
- Premiums
- Co-Pays
- Covered services (the ones that are above and beyond what Medicare requires)
- Drug Formulary (what prescriptions are covered and the cost)
- Coverage areas
- Network of doctors and facilities
- Maximum out of pocket levels
Note: It is possible for carriers to make necessary changes to the network and formulary mid year.
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