Posted on January 23, 2023 by Austin Lang
Not sure which Medicare plan works for you? Use our easy tool to shop, compare, and enroll in plans from top providers.
Posted on January 23, 2023 by Austin Lang
The Medicare Advantage Open Enrollment Period (OEP) is here, marking the perfect time to make adjustments to your Medicare Part C health insurance coverage. It’s a valuable opportunity to enroll in Medicare, and even if you’re satisfied with your existing health coverage, it never hurts to consider your options. Here’s how to use Open Enrollment 2023 to secure your coverage for the coming year, and why it’s important never to rest on your laurels when it comes to Medicare health insurance.
Open Enrollment for Medicare runs from January 1 – March 31 each year and allows those already enrolled in a Medicare Advantage insurance plan to change their coverage. It is one of two enrollment periods that occur annually, the other being the appropriately named Annual Enrollment Period (AEP), running from October 15 – December 7.
The difference between the OEP and AEP can be confusing, so here’s a quick summary.
Think of OEP as a sort of ‘trade-in’ period, where you can swap from one plan to another. Be sure not to confuse Medicare Advantage Open Enrollment with the Medicare Annual Enrollment period, which is a different type of enrollment period that runs from October 15 – December 7 each year.
The main benefit of the OEP is the opportunity to compare. In addition to allowing consumers more flexibility in choosing a plan, it’s meant to force insurance providers to innovate. New plans are introduced yearly, with benefits designed to encourage enrollment in Medicare. In addition, our health isn’t always consistent: we might discover new needs our existing plans won’t cover, or we might find our existing coverage offers more than we’re willing to pay for. You may even switch plans because you’re unsatisfied with your network! There’s any number of reasons why you might want to switch. During OEP, they’re all valid.
We have a detailed guide on how to compare Medicare plans, but the short version is that there’s a lot more than just price. For starters, you’ll want to consider the benefits that plan offers. All Medicare plans, including Original Medicare, offer the same basic benefits. Medicare Advantage plans differ by offering a variety of additional benefits. For instance, many Medicare Advantage plans offer dental care and dentures, while other plans may be specifically tailored to a condition or institution.
Take a moment to consider what benefits you currently use from your Medicare plan, or what benefits you might expect to use in the coming year. It’s generally not a good idea to assume you won’t need some sort of medical coverage, so it’s better to focus on other benefits like grocery assistance, transportation to appointments, or gym memberships. Our free comparison tool allows you to look at plan benefits in detail. You can also perform a side-by-side comparison of plans to compare things like copayments, deductibles, and networks.
You can! Sometimes, a Medicare Advantage plan isn’t the right choice. In that case, you can return to an Original Medicare plan, with the option of adding a Medicare Part D prescription drug plan. However, you cannot take advantage of the OEP to switch between a Part D plan independent of a Medicare Advantage plan, nor can you use it to add Part D drug coverage to your existing Original Medicare plan.
If you need help comparing plans, or just want to review your options, we can help. Call one of our friendly, licensed insurance agents to explore your options! We can help you go over your current healthcare treatment and drug coverage and explore other options available in your area. Call us today at (800) 950-0608 to begin your search!
Austin Lang
Austin is dedicated to breaking down complex topics, like Medicare, in a way that's easy to understand. He graduated with an M.A. from Florida Atlantic University in 2018.