Medicare Open Enrollment may seem like something intimidating, but it’s much simpler than you think.

Here are several facts about the period that should give you some clarity on how it works.

Whether you heard your friends talk about it or saw it in an ad, Medicare Open Enrollment can help you get the healthcare you both need and deserve. Unfortunately for some, there’s one thing standing in the way of participating in this period: Confusion. In short, they don’t know what open enrollment is, why we have it, and how it functions.

Keep reading, and we’ll fill you in on all those facets of open enrollment so you can not only understand it, but use it to your advantage before it’s too late.

1. Open enrollment allows for optimization.

Some people see Medicare Open Enrollment as work, and this alone can keep them from using it for what it was intended. Why do we have open enrollment? So you can analyze the Medicare coverage you currently have and see that it fits your needs.

If your coverage is fine and your healthcare needs haven’t changed much over the year, you can keep it as-is. But if your coverage needs some tweaking, open enrollment is the best time for achieving that goal.

2. The Open Enrollment Period (OEP) happens every year.

Even if you’ve never heard of it before, open enrollment is an annual occurrence that takes place between October 15 and December 7.

3. You have to be enrolled in Medicare to participate.

As soon as you qualify for Medicare, whether via disability or turning age 65, you should enroll. Then once the OEP comes around each year, you can participate to ensure your coverage always matches your needs and budget.

4. You have several options for change during the OEP.

The flexibility of open enrollment makes it attractive for many. You can use it to optimize your coverage by:

• Joining a Part D drug plan, or switching or dropping the one you currently have.
• Enrolling in a Medicare Advantage plan, switching to another one, or rolling back to “original” Medicare Parts A and B.

5. There are solid motives behind each move.

Do you find yourself suddenly taking several drugs that are taking a big bite out of your budget? A proper Part D plan can help cut those costs. Have your needs changed to the point you need more coverage? A Medicare Advantage plan can help. Is your budget tighter than ever? Switching from Advantage to Medicare Parts A and B can fix that issue via savings.

Whether you need to cut costs or require more or less coverage, open enrollment is the time to achieve those goals.

6. Participation in open enrollment is simple.

You can begin by reviewing your current coverage and checking your Annual Notice of Change. You can then start shopping for more ideal plans via the Medicare website.
Join a plan before the December 7 deadline, and old coverage will be automatically dropped. Once January 1 of the new year rolls around, you can start using your new plan.

7. Medigap plans are separate.

The six-month period after you become eligible for Medicare is when you want to join a Medigap plan to ensure acceptance and affordability. Regular Medicare Open Enrollment doesn’t cover these plans that tend to get more expensive and elusive the longer you wait.