Posted by MedEd at MHI
A: The Medicare Open Enrollment Period takes place every fall between October 15 and December 7. This is the time for people on Medicare who are enrolled in a Part D drug plan or a Medicare Advantage plan to make sure their current plan will still be a good choice for them next year.
The message from the Centers for Medicare & Medicaid Services (CMS) as well as agencies and individuals who advocate for people on Medicare is clear. All people with Part D drug plans or Medicare Advantage plans including the Part D benefit should check their plan every year during the Open Enrollment Period. Why? Because their plan may choose not to cover one of their medications next year. Or the premium, deductible or copays may have increased to a level they are no longer comfortable paying.
Those who submit an application for a new plan during this time will continue to use their current plan through December 31 of the current year. Their new plan will become effective on January 1.
What if no action is taken during the Open Enrollment Period? This year’s plan will automatically roll over into next year. That could be a good thing. Perhaps not though, if one of their expensive medications is dropped from their plan’s formulary.
Protect your interests and your budget – check between October 15 and December 7 to make sure this year’s plan makes good sense for you next year!