What to Know Concerning Medicare Open Enrollment
The initial introduction of Medicare was done in the year 1966. The coverage aims to offer coverage to individuals above 65 years of age and those who are below this age but have some disabilities. According to statistics, the number of Americans who benefit from this health plan annually is about 60 million. These Americans make use of hospital insurance Medicare Part A ,medical insurance which is Medicare Part B, and prescription drug coverage which is Medicare Part D. In case you would like to change your present coverage, you are likely wondering when the Medicare open enrollment is on. The truth is that the question is valid since the last thing you would want is to have the current Medicare open enrollment period to pass, leaving you with no option but to wait for the next Medicare open enrollment period. Below are some of the things you might need to know concerning Medicare open enrollment.
It is paramount to begin by appreciating what Medicare Open enrollment is is all about. Let’s start by ensuring that you understand the analogy behind the Medicare open enrollment period. Medicare open enrollment period is that time when you can effect changes to any of the varying aspects of your coverage. This allows you to make the changes that you need in case the current plan is not good for you. Although one can make so many changes on their plan, it is good to mention the most common.
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In case you currently have the Original Medicare plan, you can switch it to Medicare Advantage Plan It is also during this period that you can change your present Medicare Advantage plan.Alternatively, you can change to a different plan in case you have a Medicare Part D. It is good to note that the Medicare open enrollment is usually near the year-end. In case there are some changes you would like to change on your plan, make sure that the Medicare open enrollment that will start this year on October 15th and will close on December 7th this year does not pass you. You should start to think about the changes you plan to make early enough to avoid the last-minute rush.
You will not need to make changes to your current Medicare health plan if the one you have is okay with you. Medicare open enrollment period should not be something you mind about if there are no changes you would like to make on your plan. If your plan does not discontinue due to some reasons, it will auto-renew to the next year without your intervention. However, it is good to check if there are changes in your plan since premiums and benefits change from one year to the other.