Medicare open enrollment is the one time of the year where you can adjust your healthcare coverage. For some, there is a little confusion between Medicare open enrollment and the annual election period. In order for the insurance process to move forward, there are a few things you should know about both the open enrollment period and the annual election period. Medicare can be extremely confusing when you are dealing with different Medicare plans and marketplace options. You need to understand the stipulations according to age, as well. You basically have seven months in which you can file for Medicare. Those include the three months before your birthday month, the month you turn 65, and the next three months. Your agent will help you determine what months you will be able to sign up when your birthday draws near.
Annual Election Period
The Annual Election Period for 2022 runs from October 15th through December 7th. When you enroll during this time frame, your coverage will start on January 1st, 2022. The Medicare Advantage Open Enrollment begins on January 1st through March 31st. During the Annual Election Period, you can pick out a new policy, such as Medicare Part D or Medicare Advantage. This is also the time when you can switch from one policy to another.
Open Enrollment for the Marketplace Providers
Marketplace insurance providers normally don’t offer policies to individuals who qualify for Medicare. However, to make it easier, the normal Marketplace Open Enrollment period usually runs along the same time frame as Medicare’s Annual Election Period. Marketplace Open Enrollment runs from November 1st until December 15th and is set aside for individuals who don’t have insurance or need to adjust their coverage.
Review Your Coverage
With Open Enrollment fast approaching, it’s a good time to start reviewing your health insurance coverage. If you already have Medicare, Open Enrollment is when you will need to go in and make changes if they are necessary. It will also be the time to sign up if you are now eligible to receive Medicare. Don’t just go over the policy yourself. Talk to an insurance agent you trust who will help you make a wise decision related to adding or adjusting your coverage. When it comes to Medicare, there are several rules and regulations that need that you need to follow to maintain your coverage.
Medicare is an important part of taking care of your future and shouldn’t be left to chance. Contact Unisource Insurance Associates and schedule an appointment today. All of our agents have received special training to ensure they can provide you with the best insurance coverage possible. So call today and make sure you have all of your insurance needs under control prior to the enrollment dates.