What is Open Enrollment?

What is Open Enrollment?

Many people are often confused with what exactly this period is and what can be done and changed during this time. Open Enrollment, also known as the annual election period or annual coordinated election period is the period of time every year that Medicare plan enrollees can reevaluate their coverage, and even possible switch to a different plan.  The Open Enrollment period lasts for six months starting with the first day of the month when you’re 65 or older and have Medicare Part B. Some states often have additional open enrollment periods including people who are under 65 years old.

What are the Open Enrollment Rules?

There are many different rules and exceptions that come with Open Enrollment Period.

What can I change in my Medicare plans?

  • Change from Original to a Medicare Advantage Plan.
  • Change from a Medicare Advantage Plan back to Original Medicare.
  • Switch from one Medicare Advantage Plan to another Medicare Advantage Plan.
  • Switch from a Medicare Advantage Plan that doesn’t offer drug coverage to a Medicare Advantage Plan that offers drug coverage.
  • Switch from a Medicare Advantage Plan that offers drug coverage to a Medicare Advantage Plan that doesn’t offer drug coverage.
  • Join a Medicare Prescription Drug Plan.
  • Switch from one Medicare drug plan to another Medicare drug plan.
  • Drop your Medicare prescription drug coverage completely.

What Are The Benefits of Purchasing a Medigap Policy?

One major benefit is the amount of time it takes to get approved for a policy.  Instead of going through a whole process to see if you are eligible, the insurance company can sell you any policy it offers.

Also, during Open Enrollment, insurance companies cannot use medical underwriting, which means they cannot:

• Refuse to sell you any Medigap policy it offers and you want to buy
• Charge you more for the Medigap policy versus someone who has no health problems
• Make you wait for coverage to start (unless you have a pre-existing health condition)

*Open Enrollment is the best time to purchase a Medigap Policy.