Fall Open Enrollment for Medicare every year begins on October 15 and finishes on December 7. (This is also known as Medicare's Open Enrollment Period or Annual Election Period.) You can make changes to your health insurance coverage during this time, such as adding, deleting, or modifying your Medicare Advantage and Part D coverage for the coming year. Even if you are satisfied with your existing health and medication coverage, now is the time to assess it. Compare it to alternative options, and ensure that your current plan will satisfy your next year's needs.
During Fall Open Enrollment, you can make as many changes to your Medicare coverage as you need; these changes can include:
Participating in a new Medicare Advantage Plan
Participating in a new Part D prescription medication plan
Making the switch from Original Medicare to a Medicare Advantage Plan
Making the switch from a Medicare Advantage Plan to Original Medicare (with or without a Part D plan)
When you make these decisions, you should consider the following:
Your ability to see the health care providers you desire
Your ability to use preferred pharmacies
Your ability to obtain necessary benefits and services
The total cost of insurance premiums, deductibles, and copayments.
If you have Original Medicare, go to www.medicare.gov or read the 2023 Medicare & You guide to learn about the future year's benefits. You should review any increases in Original Medicare premiums, deductibles, and coinsurance rates.
If you have a Medicare Advantage Plan or a separate Part D plan, read the Annual Notice of Change (ANOC) and Evidence of Coverage for your plan (EOC). If you haven't received these notices before the end of September, contact your plan and ask for them. Examine these alerts for any updates to:
The costs of the plan
The benefits and coverage rules of the plan
The formulary of the plan (list of drugs your plan covers)
Check to see if your medications will still be covered next year and if your providers and pharmacies are still in the plan's network. If you are dissatisfied with any of your plan's changes, you can switch to a different plan.
If you need help weighing your alternatives, call your state's Health Insurance Assistance Program (SHIP) for unbiased advice.
Even if you are satisfied with your current Medicare coverage, you should look into other Medicare health and drug plans available in your area. Even if you do not intend to change your Medicare Advantage or Part D plan, you should investigate whether another plan in your area provides better health and drug coverage at a lower cost. According to research, persons with Medicare prescription medication coverage can save money by shopping around each year; there may be another Part D plan in your area that covers the drugs you take with fewer restrictions and lower pricing. You can compare your options using Medicare's Plan Finder tool and contact your SHIP for assistance.
Following the recommendations above can ensure that your health insurance will match your needs in 2023.
