With changes expected to Medicare in 2023 and Medicare Annual Enrollment right around the corner, many folks really do not understand what it means to them and how it effects their Medicare insurance benefits. Did you know that in addition to the Annual Enrollment Period, there are actually other enrollment periods when you can enroll and make changes?
Initial Enrollment Period. Is a 7-month period when someone is first eligible for Medicare. For those eligible due to age, this period begins 3 months before they turn 65, includes the month they turn 65, and ends 3 months after they turn 65.
Annual Open Enrollment Period. AEP runs from October 15th to December 7th every year, and it allows Medicare beneficiaries to make changes to their plan, switch plans, or disenroll from a plan. If you want to change your coverage for next year, this is the time to do it. If you change plans, your coverage will begin on January 1 of the following year as long as the plan gets your request by December 7.
Medicare Advantage Open Enrollment Period. From January 1 – March 31 each year, if you’re enrolled in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan or switch to Original Medicare (and join a separate Medicare drug plan) once during this time. Note: You can only switch plans once during this period.
Sound confusing? There’s help. Magnolia Senior Benefits is a local insurance agency that specializes in Medicare insurance planning and helps folks find affordable health insurance and enroll in a plan that fits their needs and within their budget. The service is free and there is never a fee. Call for a complimentary consultation or attend one of our free Medicare Educational Seminar in your area.
Magnolia Senior Benefits can be reached by calling 215-388-2158.
Visit online MagnoliaSeniorBenefits.com and like us on Facebook.
PHOTO CAP: Chris Vedral, owner of Magnolia Senior Benefits and host of WBCB’s Medicare Morning Minutes.