Medicare Open Enrollment Information

I know, we "Baby Boomers" will never get old...but we will enroll in Medicare! 

Following up from the last post, here is some information that may be helpful during Medicare's annual "Open Enrollment" (the AEP) for Medicare Advantage (Part C) and prescription (Part D) plans.

During the AEP, Medicare beneficiaries can change how they receive health insurance coverage and add, change, or drop prescription drug coverage.  They can make as many changes as they want during this period--with changes taking effect on January 1, 2013.

It is important to note that if you have a traditional Medicare Supplement Insurance policy, it is guaranteed renewable.  That means that no action needs to be taken to continue your coverage other than paying premiums on time.

From October 15 -- December 7, 2012, Medicare beneficiaries can make any of the following changes:

• Change from a Medicare Advantage plan back to Original Medicare.
• Change from a Medicare Advantage plan back to Original Medicare and a Medicare Supplement policy (health history questions may be asked, and some plans may not be available). 
• Change from Original Medicare to a Medicare Advantage Plan.
• Switch from a Medicare Advantage plan to a different Medicare Advantage plan.
• Switch from a Medicare Advantage plan that does not offer prescription drug coverage to a plan that does offer prescription coverage.
• Switch from a Medicare Advantage plan that does offer drug coverage to one that does not.
• Join a stand-alone prescription drug plan.
• Switch from one prescription plan to another.
• Drop prescription coverage altogether.

Another important period to keep in mind is the Medicare Advantage Disenrollment Period from January 1 -- February 14, 2013.  During this time, Medicare benenficiaries can switch from a Medicare Advantage plan to Original Medicare.  Regardless of whether the Advantage plan had drug coverage, beneficiaries also have the option to join a stand-alone prescription drug plan.  Changes made during this period are effective the first day of the following month.