Annual Enrollment vs Open Enrollment

Medical Advantage - Annual Enrollment Period (AEP) vs. Open Enrollment Period (OEP)

Medicare beneficiaries have the chance to review and modify their current coverage during the AEP, or Annual Enrollment Period, of Medicare. This enrollment time frequently offers more cheap coverage options or policies with more benefits because plans change every year. Even if you’re happy with your current Medicare plan, it can be beneficial to consider all of your options.

Participants in Medicare Advantage plans have the option to change their plans once throughout the Medicare Advantage Open Enrollment Period, or OEP. What can and cannot be changed during OEP is subject to restrictions.

Medicare's Annual Enrollment Period

Even if you’re happy with your current Medicare plan, AEP is a fantastic chance for all Medicare recipients to examine all of the available coverage options. Think about the advantages you might be forgoing, such as dental, vision, hearing, and prescription drug coverage, that you both need and deserve. Additionally, prices and plans are subject to annual change, while there can be $0/month premium options available in your location.

Open Enrollment Period (OEP) for Medicare Advantage

Only those with a Medicare Advantage plan enrollment are eligible for OEP, and only one switch is permitted during the first quarter of the year. You have up to three months from January 1 to March 31 to alter your mind after enrolling in a Medicare Advantage plan. If you’re returning from a Medicare Advantage plan to Original Medicare (Parts A and B), you can only enroll in Part D coverage during the first three months of the year, unless you qualify for a special enrollment period (available only in certain situations).

Open Enrollment Period for Medicare Advantage

Participants in Medicare Advantage can:

Change their Medicare Advantage plan.

Terminate their Medicare Advantage plan and switch back to Original Medicare (Medicare Parts A and B).

Become members of a standalone Medicare Part D plan if they decide to switch back to Original Medicare.

Only one switch is permitted for Medicare Advantage plan members during the OEP in the first quarter of the year. You have until the end of March to make a change if you enroll in a Medicare Advantage plan in the autumn during AEP and decide you don’t like the plan once it goes into effect in January. Additionally, you can only enroll in Part D coverage for the first three months.

Medicare Enrollment Timing: OEP vs. AEP

The Initial Enrollment Period, which begins three months before you turn 65 and lasts until March 31, allows you to sign up for Medicare. However, since costs and benefits are subject to change each year, it can be very helpful to review your coverage every year to ensure that it still meets your needs.

Only Medicare Advantage members are permitted to make changes to their coverage during OEP at the start of the calendar year, however all Medicare beneficiaries are permitted to do so during AEP in the fall. Even if you’re happy with your Medicare coverage, AEP is a fantastic chance to compare all of your alternatives and make sure you’re receiving all the benefits you’re entitled to. You can examine your options during OEP for a one-time change if you’ve enrolled in a Medicare Advantage plan and determine it’s no longer the best fit for you.

Explore the Medicare Annual Enrollment Period Guide for 2023

Get assistance with your Medicare options from DreamhealthQuotes.

Medicare language can be overwhelming and perplexing, but by evaluating the plans offered in your area by some of the most reputable carriers, we can save you time. There is no cost to the service, and enrollment is optional. Check out the plans that are offered to you.