The Annual Election Period, also known as the Open Enrollment Period, is every year from October 15 to December 7. During this time, Medicare beneficiaries can make changes to their insurance.
Annual Election Period
The Annual Election Period falls from October 15 to December 7 and allows individuals to make changes to their current Medicare plans, such as switching from Original Medicare to a Medicare Advantage Plan, or vice versa. You can also determine if changes need to be made to your prescription drug plan. However, if you want to switch from Original Medicare to a Medicare Advantage Plan, you will need to meet a few requirements before doing so:
- You have to be enrolled in Original Medicare
- You have to live within the plan’s service area
- You can’t have End-Stage Renal Disease (ESRD)
Original Medicare
Original Medicare, Part A and Part B, cover hospital and medical insurance. Part A more specifically covers inpatient hospital care, skilled nursing facility care, nursing home care, hospice care, and home health care. Part B covers medically necessary and preventative services and items. This includes clinical research, ambulance services, durable medical equipment, mental health care (inpatient, outpatient, and partial hospitalization), and limited outpatient prescription drugs. Original Medicare does not cover most prescription drugs, nor does it cover routine dental, vision, and hearing care.
Medicare Advantage
Part C Medicare Advantage plans cover Part A and Part B hospital and medical insurance, as well as prescription drug coverage. Many plans also have coverage for dental, vision, and hearing.
Prescription Drug Plans
Part D Medicare Prescription Drug Plans cover prescription drugs. Not all drugs are covered, and each plan decides which drugs to cover. Nearly all drugs in six categories are covered: antipsychotics, antidepressants, anticonvulsants, antiretrovirals, immunosuppressants, and anticancer. Plans cover at least two drugs in each of the most commonly prescribed categories.
To learn more about the Medicare Annual Election Period, reach out to Hitcho Insurance today!
