January Marks the Beginning of Medicare’s Open Enrollment Period

Medicare’s Open Enrollment Period from January 1 to March 31 is an important opportunity for certain Medicare beneficiaries to review and adjust their health care coverage.

At this time each year, individuals already enrolled in a Medicare Advantage plan can make changes to their coverage. However, this enrollment period does not allow individuals enrolled in Original Medicare to join a Medicare Advantage plan.

Who Is Eligible to Make Changes?

During this period, clients currently enrolled in a Medicare Advantage plan can:

• Switch to a different Medicare Advantage plan.
• Disenroll from Medicare Advantage and return to Original Medicare (Part A and Part B). Beneficiaries who choose this option can also enroll in a stand-alone Medicare Part D prescription drug plan.

Plan changes made during this period will take effect on the first day of the month after the change is submitted.

Why Would My Client Want to Switch Plans?

There are several reasons why a client might reconsider their coverage during this time:

• Cost: They may realize that a combination of premiums, deductibles, or copays may be more affordable in another plan.
• Provider Network: They may discover that their PCP, specialists or preferred hospitals are no longer in-network, leading them to move to another plan with a more desirable network.
• Prescription Drug Coverage: If their medications are not covered or drug costs have increased, they may want to switch to a plan with better Part D benefits.
• Other Benefits and Coverages: Medicare Advantage plans can change benefits, coverages or rules each year, prompting enrollees to find a plan that better suits their needs or is more convenient. For example, some plans require members to submit their own reimbursements for covered dental services. On the other hand, members in a Samaritan Advantage plan can simply use their Benefits Mastercard to pay for these services.

If you’d like help reviewing a client’s open enrollment options or putting together a client presentation, reach out to a member of our team at 541-768-7578 or email us at [email protected]. You can also review our recorded online broker training at your convenience.