Medicare Open Enrollment Period (OEP) is October 15th through December 7th every year. It is an annual period of time when current Medicare users can choose to re-evaluate part of their Medicare coverage and compare it against all the other plans on the market. If while re-evaluating the current plan, it is determined that another plan is a better fit, then this OEP allows individuals to switch to, drop, or add another plan.
This year’s open enrollment will certainly provide individuals something to ponder about and give them additional plans to review. The Centers for Medicare & Medicaid Services (CMS) will now allow Medicare Advantage plans to offer an increased number of plans and Medicare Advantage plans will also be able to provide benefits not previously covered.
“Why should I change my plan and go through that headache again”
This is a common question asked during OEP every year and the simple answer is: to make certain the individual’s current coverage is still meeting your needs. It is important to know that every year, insurance companies are allowed to make changes to Medicare plans that can impact how much individuals pay out-of-pocket—monthly premiums, deductibles, drug costs, providers, and networks. Given the potential for these annual changes, it is a good idea for all Medicare recipients to review their current plan and ensure they still have the best plan to meet their needs.