: Medicare annual enrollment — what you need to know

by | Oct 17, 2022 | Stock Market

​Every year beginning on Oct​. 15 and running through Dec​. 7 those already on Medicare can make changes to their coverage as needed. This is known as the Medicare ​a​nnual ​e​nrollment period. Changes made during this period become effective as of Jan​. 1 of the following year.  Read: Sticking with your Medicare plan this open enrollment season? You could pay a hefty price.

Changes you can make  During the Medicare ​annual ​e​nrollment period, you can change any aspect of your Medicare coverage. Potential changes include: 
Switch from Original Medicare Parts A and B to a Medicare Advantage plan (Part C).

Switch from one Medicare Advantage plan to another.

Switch from coverage under a Medicare Advantage plan and go back to Original Medicare Parts A and B.

Move to a Medicare Advantage plan that offers prescription drug cover to one that doesn’t, or vice versa. If you switch to a plan that doesn’t include prescription drug coverage you will need to enroll in a Medicare Part D plan to get that coverage.

Switch from one Medicare prescription drug plan to another.

Consider a Medigap or other Medicare supplement plan. 

Any of these steps, or others, should only be taken after analyzing your needs in light of your current Medicare arrangement.  If you make a change from a Medicare Advantage plan that includes prescription drug coverage to either another Medicare Advantage plan, or to Original Medicare Parts A and B, be sure that you have creditable prescription drug coverage. Failure to have this coverage either at the initial Medicare enrollment period or later on can result in costly, permanent penalties.  If you wish to enroll in a Medicare Supplement plan (Medigap), you cannot have this coverage and a Medicare Advantage plan in place at the same time. The Annual Enrollment period is a valid time to switch to a Medigap policy …

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