2023 Annual Enrollment Period
2023 Medicare Open Enrollment
Medicare Open Enrollment for 2023 is right around the corner! The Medicare Annual Election Period (AEP) runs from October 15th through December 7th. This is a special time frame when Medicare enrollees have the option to make changes to their Medicare health insurance plans. Any changes made during Annual Election Period AEP will become effective January 1st of the upcoming year.
Insurance carriers are required to provide a detailed update each year by September 30th regarding your existing Medicare Advantage Plan or Part D Prescription Drug Plan. This notice is called the Annual Notice of Change (ANOC). Since these Medicare insurance plans run on a calendar year basis, there are typically some changes in your current plan benefits and features year over year. This is why the Medicare AEP exists. It provides you with an “option” to change your plan.
2023 AEP Scenarios
Take No Action
If you’re happy with your current plan and want to accept the new plan provisions for next year, no action is required. Your plan will just automatically be renewed as of January 1st.
Change Your Part D Prescription Drug Plan
If your stand-alone Part D prescription drug coverage is no longer suitable, a plan change may be worth investigating. Your current Part D plan may no longer cover your unique list of prescriptions as well as before or maybe you have several new prescriptions which is causing you to wonder whether you’re still enrolled in the right plan or if the plan premium is increasing more than you like. Whatever the case you can switch to another Part D drug plan during AEP.
There are no health history questions to enroll or switch your Part D prescription drug plan.
Change Your Medicare Advantage Plan
If you feel your Medicare Advantage plan coverage is no longer suitable, a plan change may be appropriate. Since many Medicare Advantage plans include both medical and drug coverage, you might consider a plan switch during AEP if the medical and or drug coverage changes no longer suit you. Maybe you have a new prescription that is not covered, or one or more of your medical providers are no longer in network. Know that some of the medical benefits can be updated each year. For example, some medical services may have increased copayments, or the plan’s medical maximum out of pocket limit may increase to a level that is no longer in your comfort zone.
Switch From Original Medicare To Medicare Advantage
When you have Original Medicare and a Medicare Supplement Insurance Plan (Medigap), you use Medicare Part A (hospital) and Part B (medical/outpatient) as your primary coverage. Then your Medigap plan is used as your supplemental plan for medical services. Also most enrollees also have a separate Part D drug plan.
What if you want a different plan?
You can just switch from Original Medicare to Medicare Advantage during the AEP. If you did switch to a Medicare Advantage plan that includes Part D coverage you will be automatically dis enrolled from your current Part D drug plan effective January 1st.
Switch From Medicare Advantage To Original Medicare
In this scenario, you would first need to be approved medically for a Medicare Supplement (Medigap) Plan. In this situation, insurance carriers are normally allowed to ask you health history questions, and could deny you from purchasing the plan. If you receive approval for a January 1st start date, then you know you can enroll in a stand alone Part D prescription drug plan during AEP.