Your Options During Medicare Open Enrollment

From October 15 to December 7 every year, the Centers for Medicare and Medicaid (CMS) gives you free reign to change your Medicare coverage. Take advantage of the Medicare Open Enrollment Period or you could be stuck with your plan for the coming year, premiums and all.

Open Enrollment is your time to pick the Medicare plan that gives you the best coverage for the best price. Here are your different options.

You can change from Original Medicare to Medicare Advantage.

• You can switch from Original Medicare (Part A and Part B) to a Medicare Advantage plan (Part C).
• You can switch from Original Medical to a Medicare Advantage Plan with Part D coverage (an MA-PD plan).
• You can switch from Original Medicare plus a Part D plan to a Medicare Advantage plan.
• You can switch from Original Medicare plus a Part D plan to an MA-PD plan.

You can change from Medicare Advantage to Original Medicare.

• You can switch from a Medicare Advantage plan to Original Medicare.
• You can switch from a Medicare Advantage plan to Original Medicare plus a Part D plan.
• You can switch from an MA-PD plan to Original Medicare.
• You can switch from an MA-PD plan to Original Medicare plus a Part D plan.

You can change from Medicare Advantage to Medicare Advantage.

• You can change from one Medicare Advantage plan to another Medicare Advantage plan.
• You can change from a Medicare Advantage plan to an MA-PD plan.
• You can change from one MA-PD plan to another MA-PD plan.
• You can change from an MA-PD plan to a Medicare Advantage plan.

You can change your prescription drug coverage.

• You can sign up for a Part D plan.
• You can switch from one Part D plan to another Part D plan.
• You can cancel your Part D coverage.

Open Enrollment has its limits. You cannot enroll in Original Medicare for the first time or sign up for Part B, even if you already have Part A.

You need to sign up for Part A and/or Part B during your Initial Enrollment Period (IEP). The IEP is based on age and begins three months before and ends three months after your 65th birthday.

Alternatively, if you have insurance through an employer, you may be able to delay your initial enrollment. This is only the case if the company you work for employs at least 20 full-time employees. Your special enrollment period begins when you leave your job or you lose your employer-sponsored health coverage, whichever comes first, and lasts for eight months.

If you miss your Initial Enrollment Period, you need to wait until the General Enrollment Period to sign up for Part A and/or Part B. The General Enrollment Period happens once a year from January 1 to March 31.

Do not assume your current plan is the best plan for you. Too many seniors fall victim to convenience and take the easy route when a change in plans could mean better, more affordable care. Costs change. Coverage changes. Your health changes. It is in your best interest to do a little shopping around every year.

If you are not sure where to turn to for help, you can compare different plans at medicare.gov. You may also consider reaching out to your State Health Insurance Assistance Program (SHIP) for advice.