You are enrolled in a Medicare Plan, but you want to change the plan? Is it possible to do that? Don’t worry! While you can’t switch Medicare plans anytime you want, there are certain opportunities throughout the year when you can update your Medicare options.
Here’s a list of enrollment periods you’ll want to keep in mind:
Medicare Annual Enrollment Period (AEP) | October 15 – December 7
Every year, from October 15th until December 7th, you can review your Medicare or Medicare Advantage Plan and, if necessary, change it to another plan that may be better suited to your healthcare needs and circumstances.
Medicare Open Enrollment Period (OEP) | January 1 – March 31
If you have a Medicare Advantage Plan every year from January 1st until March 31st, you can:
- Switch to another Medicare Advantage plan
- Quit Your Medicare Advantage Plan and Go Back to Original Medicare (Parts A and B)
- Enroll in a stand-alone Medicare Part D Prescription Drug plan (if you’re going back to Original Medicare)
If you happen to miss the AEP or want to change the plan you signed up for in the AEP, you can use this time to make changes.
Note: Any changes made in the OEP will go into effect on January 1st day of the following month.
>>> Read: Can You Get Medicare with Social Security?
Special Enrollment Period (SEP)
Special Enrollment Periods (SEPs) allow you to change your Medicare plan, especially if you have special circumstances or a major life event. Just don’t wait too long to make your change, as you may have a limited amount of time after the event occurs to make the change. Otherwise, you may have to wait until the next Annual Enrollment or Open Enrollment Period.
What types of events might trigger a special check-in period for you? A few common examples are listed below. For more information or a complete list of life events that qualify for a special enrollment period, visit medicare.gov.
Life events that trigger a Special Subscription Period
- Move or change your place of residence
- Losing your prescription drug coverage (involuntary)
- Experience special circumstances, such as:
- Gain or lose eligibility for Medicaid or low-income Part EAS
- Change in employer-sponsored MA coverage/union group
- Enroll in a Medicare plan based on incorrect information
- Drop the Medigap policy when you first sign up for the MA plan and are still in the “trial period.”
