AMAC’s Medicare Tip of the Week: Medicare Enrollment Periods Part 2 – MAPD and PDP
Do you know when you can sign up for Medicare Advantage or Prescription Drug plans? If not, AMAC’s Medicare Advisory service is here to break it down for you! Make sure to tune in below to make sure you know these essential enrollment periods. And don’t forget to stay tuned for part 3 on Medicare Supplement enrollment periods!
For help with Medicare plans – or any questions you may have about Medicare – contact AMAC’s Medicare Advisory Service at 1-855-696-7535 or click the button below. For more information, keep reading and be on the lookout for part 3 of the Medicare Enrollment Series next week!
Welcome back! Previously we discussed when you can enroll into Original Medicare. Now we are going to talk about enrollment periods for Medicare Advantage Plans (Part C) and Prescription Drug Plans (Part D).
Medicare Advantage Plans (Part C) cover hospital care, medical services, and prescription drugs under one plan.
The first time you can purchase an Advantage Plan is during your Initial Coverage Election Period (ICEP). Your ICEP starts 3 months before you become eligible for both Part A AND Part B. If you miss your ICEP altogether, you may have to wait until the fall to pick up an Advantage plan.
Medicare Advantage Plans have an exclusive enrollment period called the Medicare Advantage Open Enrollment Period, or MA OEP. There are two instances where someone may be able to use the MA OEP to change their Advantage plan. One of them happens annually from January 1st to March 31st of each year, and it is for people who already have a Medicare Advantage plan but are dissatisfied with their coverage. During the MA OEP, you can drop your current Advantage Plan and switch to a new Advantage Plan or go back to Original Medicare and pick up a Prescription Drug Plan (Part D).
The second instance in which you may use the MA OEP is if you chose a Medicare Advantage plan during your ICEP and are dissatisfied with it. If you are in this situation, you would have up to three months following your entitlement to Part A and B to either drop your Advantage plan and go back to Original Medicare with a drug plan or switch to a different Advantage Plan.
Prescription Drug Plans (Part D) are insurance plans that help you pay for prescription drugs.
You may enroll in a drug plan during your Initial Enrollment Period (IEP). This is the 7-month window that surrounds your 65th birthday. (This is the same IEP window for Part A and B).
During the Annual Election Period (AEP) anyone who is Medicare eligible can join, switch, or drop their Prescription Drug Plan or Medicare Advantage Plan. AEP happens each year from October 15th to December 7th.
If you miss these election periods, you may make changes to your coverage during a Special Enrollment Period (SEP), granted that you have a special circumstance to do so. Both Medicare Advantage Plans and Prescription Drug Plans usually allow you 63-days to make changes during a Special Enrollment Period.
There you have it, the many enrollment periods for Medicare Advantage and Prescription Drug plans deciphered. But by now you may be wondering, but what about Medicare Supplement plans? We will discuss some of the more advantageous times to pick up these plans in our next segment.
