If you live in the US and you haven’t made a decision about your Medicare enrollment yet, you definitely need to do it now.
Medicare beneficiaries are given the chance to review and change their plans each year during the Open Enrollment period which runs from October 15 to December 7, which just started.
Every year there are changes to premiums, benefits and drug formularies, so you’ll want to stay informed and make sure you’re still getting what you need from your plan from a health and financial standpoint.
This guide will inform you about the key dates, how to make important Medicare decisions, and plan various healthcare options.
What Is Medicare Open Enrollment 2024?
Medicare Open Enrollment period is the time to review and make changes to your Medicare coverage.
This period, which runs from October 15 to December 7, gives you time to make changes to your plan if you're switching from Original Medicare to a Medicare Advantage plan, changing your Part D prescription drug plan, or making updates to your existing Medicare Advantage coverage.
Why Is Medicare Open Enrollment Important?
Whatever Medicare plan you have now may not be the best option for you next year, and this window gives you the opportunity to make sure you’re not paying for services you don’t need.
Differences Between Open Enrollment and Special Enrollment Periods
While Open Enrollment runs from October 15 to December 7, allowing you to make routine changes to your plan, there’s also a Special Enrollment Period that allows you to change your Medicare plan outside of the Open Enrollment window.
A Special Enrollment Period (SEP) is triggered by events, such as:
- Moving to a new area your current plan doesn’t cover
- Losing other health insurance coverage
- Eligibility for Medicaid or for extra help for Medicare prescription drug coverage
Missing Medicare Open Enrollment can leave you stuck with your current plan for another year, potentially missing out on better coverage options
Key Dates for Medicare Open Enrollment 2024
If you know the start and end dates of the Medicare Open Enrollment period, you can plan ahead and compare options without rushing to meet the deadline.
When Is Medicare Open Enrollment Period?
As we mentioned previously, Medicare Open Enrollment for 2024 started on October 15, 2024, and ends on December 7, 2024.
During this time, you can make key changes to your Medicare plan such as:
- Switch from Original Medicare to Medicare Advantage, or vice versa
- Change or enroll in a Medicare Part D prescription drug plan
- Switch between Medicare Advantage plans
What Happens If You Miss the Medicare Open Enrollment Deadline?
If you miss the Medicare Open Enrollment deadline, you’ll probably have to keep your current plan for the coming year, unless you qualify for a Special Enrollment Period (SEP).
Missing the deadline could lead to paying higher premiums, coverage gaps, or changes in your covered medications or healthcare providers.
What Changes Can You Make During Medicare Open Enrollment?
If you’re enrolled in Medicare, here are the key changes you can make during the Medicare Open Enrollment 2024 period, from switching plans to adding prescription drug coverage.
Switch From Original Medicare to Medicare Advantage
If you’re already enrolled in Original Medicare (Part A and Part B) during Open Enrollment, you can switch to a Medicare Advantage (Part C) plan.
Medicare Advantage plans are offered by private insurance companies and often include additional benefits.
Switch From Medicare Advantage to Original Medicare
Open Enrollment is also a good time for you to switch from any Medicare Advantage plan back to Original Medicare.
If your Medicare Advantage plan no longer works for you, or you would rather have the freedom of Original Medicare, this may be your best option.
Remember though, if you switch back to Original Medicare, you may wish to purchase a Medigap (Medicare Supplement) plan to help cover out of pocket costs. Medigap plans undergo underwriting so understand this before you make a change.
Change Your Medicare Advantage Plan
If you’re already enrolled in a Medicare Advantage plan, you can switch to a different one during Open Enrollment.
In some cases, premiums have gone up or you no longer receive the level of coverage you need, like changes to the doctors you see or the prescription drug formulary.
Enroll In or Change to a Medicare Part D Prescription Drug Plan
If you don’t have prescription drug coverage or if you are unhappy with your current plan, the Open Enrollment period is the ideal time to change your Medicare plan.
Check to see if your current plan allows you to:
- Enroll in potential Part D plans you’re considering
- Cover medications at a cost you can afford
If you fail to make the necessary adjustments, you could end up paying higher out-of-pocket costs or have limited drug coverage next year.
How to Prepare for Medicare Open Enrollment
Whether you're still looking at Medicare Open Enrollment 2024 or for future enrollment periods, here’s what you should do to make sure you’re prepared for smart decision-making.
Review Your Current Coverage
Review your existing Medicare coverage as this involves looking at your plan's costs, coverage, and any changes that might affect you for the upcoming year.
Ask yourself:
- Is my current doctor still in the Medicare network?
- Are my premiums, deductibles or copayments still the same?
- Are my medications still covered?
- Did my Medicare benefits or services change?
Perhaps your current plan no longer works for you, or it’s become too expensive.
By reviewing your plan’s Annual Notice of Change (ANOC), you can see if premiums, coverage or provider networks have changed and if these changes could affect your decision on how to compare Medicare plans.
How To Compare Medicare Plans Using Healthpilot
Healthpilot is one of the easiest ways to compare your Medicare options.
By entering your information, such as your doctors, prescriptions, and healthcare needs, Healthpilot helps you with:
- Plan option recommendations that are tailored to your needs
- Reviewing premiums
- Out of pocket costs
- Benefits of Medicare Advantage
- Part D plans side by side
You’ll see if your doctors and meds are covered under different plans, and you’ll save time by letting Healthpilot do the heavy lifting for you — finding the right plan for you without the endless research or pushy sales tactics.
Considering Your Health Needs and Budget
Before you decide to enroll in a Medicare plan, take a look at your health needs and what you can afford for the upcoming year.
You should consider factors like:
- Changes in your health: If you have a new medical condition that started from the current year, there’s a high possibility you will need more healthcare services or medications.
- Prescription drug costs: Check to make sure that your medications are still covered on your plan’s formulary. Drug formularies of Medicare Part D plans can change often, so double check coverage.
- Expected healthcare usage: If you anticipate an increase in seeing your doctor, specialists, or spending a lot more time in the hospital, you may want to choose plans with lower out of pocket expenses and wider coverage.
- Financial considerations: Determine how much you can afford in monthly premiums, deductibles and copayments. You might find some plans with higher premiums, but better overall coverage, so you need to find balance.
You might find some plans with higher premiums, but better overall coverage, so try to find balance
Effortlessly Navigate Medicare Open Enrollment With Healthpilot
At Healthpilot, we help you pick out the right plan based on your needs during Medicare Open Enrollment with the help of our online platform.
We help make choosing the right Medicare care plan for your needs quick and easy with custom solutions and friendly service.
If you’re equipped with the right information and you have the right support, enrolling in and managing your Medicare during Open Enrollment can be a breeze.
At Healthpilot, you can expect to get:
- Personalized recommendations: Receive tailored advice based on your specific doctors and medications.
- Easy plan comparison: You can compare the different plans, and costs and benefits included.
- Flexible enrollment options: You can complete the entire enrollment process online or get a little help if necessary.
- Annual plan review: Regular checkups to make sure your plan aligns to your health needs.
- Free to use: We do not charge you for our service and we only get paid by our carrier partners when you enroll.
- Trusted partnerships: We only work with reputable and reliable companies in the industry.
Answer a few questions, review your plan recommendation, and enroll online in a matter of minutes.