Every fall, Medicare beneficiaries are provided an opportunity to review and change their Prescription Drug Plan (Part D) or Medicare Advantage Plan (Part C) during the Open Enrollment Period (OEP) from October 15 to December 7. It’s important for Medicare beneficiaries to remember that Prescription Drug Plan and Medicare Advantage Plan costs, benefits, and providers can change each year, so evaluating your options could help you find better coverage, and even save money.
To better understand the Open Enrollment Period (OEP) and how to identify plan options that work best for you, continue to read by clicking on the topics below:
The Medicare Open Enrollment Period (OEP) runs from October 15th to December 7th every year. During this time, people with Medicare can review Medicare prescription drug plans (Part D) and Medicare Advantage Plans (Part C) offered in their area and enroll in a plan that meets their needs.
Any plan changes will go into effect on January 1st of the following year. These changes include switching between Medicare prescription drug plans (Part D), switching from traditional Medicare to a Medicare Advantage plan (or vice versa) or switching between Medicare Advantage plans. NOTE: If you switch from Medicare Advantage plan to traditional Medicare the OEP does not provide a guarantee that you will be accepted for coverage by a Medicare supplement (Medigap). You may be required to undergo health underwriting before you can join a Medicare supplement plan.
The choices you make during the OEP could save—or cost—you hundreds of dollars out of pocket and even impact your health. Read more below about how to understand changes to your current plan for the next year.
Every September you will receive an Annual Notice of Change (ANOC) from your current plan. If you don’t receive your ANOC by September 30, you should contact your plan right away to request it. The ANOC will tell you about any changes to your plan for the next year. When reviewing your ANOC, there are some key components you should review:
Premium: It is increasing?
Deductible: Is the amount you pay out of pocket before your plan covers your claims going to increase, decrease, or stay the same?
Copayment/coinsurance: Will the amount you have to pay out of pocket for each drugs (or if you have a Medicare Advantage plan- services) change?
Drug coverage: If you have Medicare Part D, have your prescriptions been added or removed from your plan’s drug list? Have any been moved to a different tier, changing the price you can expect to pay?
Network: If you have Medicare Advantage are there any changes to which providers, facilities, and pharmacies are in your network?
Other Changes: Will there be new services covered, previous services ending, or other changes to services under your plan?
You could also receive information in the mail that the company selling your plan has chosen not to renew it. If your plan does not renew you will need to find a new plan during the OEP.
There are many considerations when choosing a Medicare plan, so it is important to know what to look for and how to find objective sources of information and assistance. You can:
Compare plans using the Medicare Plan Finder: This can be done at https://www.medicare.gov/plan-compare. This federal tool allows you to set up an account to input and store information such as your drug list, then compare plans available in your county. Tips for using the Medicare Plan Finder can be found by watching this video from Medicare. Or you can download our "Steer Your Own SHIIP" document for step-by-step instructions.
Contact SHIIP: In Iowa, SHIIP uses trained volunteer counselors to offer trusted, unbiased Medicare counseling. You can call Iowa SHIIP at 1-800-351-4664 or find a counselor at https://shiip.iowa.gov/find-resources/find-counselor. You can find contact information for SHIPs in other states by calling 877-839-2675 or visiting shiptacenter.org.
Call 1-800-MEDICARE: You can talk to a customer support representative for assistance. The Medicare Support Hotline is available 24/7, except for some federal holidays. TTY users should call 877-486-2048.
