The Annual Enrollment Period for Medicare is the timeframe beneficiaries have to enroll in or change their health plan and it runs from October 15 through December 7. However, outside of that, one needs to be an a Special Enrollment Period in order to obtain or change their insurance plan. If you’ve had certain life events happen to you, you qualify to purchase or change your health insurance plan within a specified time frame, depending on the event. Most of the time, Medicare residences commonly have SEP’s of…
- Change of residence
- Loss of coverage.
There are a few different options for people who move to a new place. For example…
- If you are in a Medicare Advantage plan, and move outside of the plan’s service, you can either inform your plan before or after you move.
2. Some people move to a new address that is still in their plan’s service area, but there are new plan options they did not have before. In this case, they can switch to a new Medicare Advantage plan or Medicare Prescription Drug Plan.
1. If you tell the plan before you move, the SEP is the same time frame as if you were moving to a new coverage area outside of the previous plan’s network. (the month before the month you move, plus two full months after your move)
2. If you tell the plan after you move, the SEP begins the month you tell your plan, plus two full months.
Some people have had a loss of coverage that would qualify them for an SEP. For example…
- You have left coverage from your employer or union (this includes COBRA coverage).
2. If you were on Medicaid and are no longer eligible, you will have an SEP that lasts three full months from either the date you are no longer eligible or notified (whichever is later). Your options are…
1. Join a Medicare Advantage plan or Medicare Prescription drug plan.
2. Switch from your current plan to another Medicare Advantage or Prescription drug plan.
3. Drop your Medicare Advantage plan and return to Original Medicare.
4. Drop your Medicare prescription drug coverage.
If you have questions or are confused about which company is best for you, book a meeting with an agent. The goal is to lower your potential cost as low as possible while still receiving great medical care when you need it.
Making the right choices about your Medicare coverage can be smooth and simple. If you are in need of any assistance in transitioning to Medicare coverage, call an agent and set up a meet and greet. We are here to help you.
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