What’s the purpose of Medicare Open Enrollment? What can you do during it? Why is it important? See the answer to these common questions and more in this quick guide.
If you need help right away, some programs may direct deposit a short-term loan into your bank account.
As you think of necessities in life, things like food and shelter probably come to mind. But while overlooked, this might be even more important: Healthcare.
If you need proof of how important healthcare is, think of 2020 and all it brought in terms of the pandemic. Without proper health, the need for food and shelter goes out the window, which is why participating in the Medicare Open Enrollment Period (OEP) is essential.
Although you’ve probably heard of this period from one source or another, you may be wondering what open enrollment is and how it works. Keep reading, and we’ll help you achieve that goal.
Frequently Asked Questions on Medicare Open Enrollment
1. What’s the purpose of Medicare Open Enrollment?
The OEP was instituted to give Medicare users the option to ensure their plans fit their needs every year.
2. When is the OEP?
The 2020 OEP began on October 15. It will finish on December 7. In other words, if you haven’t taken advantage of it yet, now is the time to do so before you miss out.
3. What can you do during Medicare Open Enrollment?
While the OEP won’t let you do everything under the sun as it pertains to Medicare, it still leaves you with several options, such as:
- Optimize your drug coverage by switching your current Medicare Part D plan, adding or dropping Part D if you have Parts A or B, etc.
- Switching between Original Medicare Parts A and B and Medicare Advantage, or vice versa.
- Switching your Medicare Advantage Plan to a different one.
4. How can you tell if you need to change your current Medicare plans?
You may not need to make any changes to your Medicare plans, or 2020 may be the perfect time to do so.
How can you tell? By reviewing your Annual Notice of Change or ANOC. It comes in the mail and gives you a breakdown of any changes to your plan for 2021.
Reviewing your ANOC is an essential part of the OEP process, as it will tell you exactly where your current plans may not fit your needs in the coming year.
5. How can Medicare plans change from year to year?
Here are just some of the changes that may appear in your ANOC, which could prompt the need for something new that better fits your healthcare needs and budget:
- Changes in drug coverage.
- Higher costs for prescriptions and services.
- An increase in out-of-pocket costs.
- Changes of providers and pharmacies within your network.
6. Is there a way to get assistance with making changes during the OEP?
Yes, and this may be your best bet, so you make all of the right moves by consulting a Medicare professional.