What to know about Medicare Annual Enrollment

During the Medicare Annual Enrollment Period, it's important to review and adjust your coverage to meet your healthcare needs. It can be overwhelming, but remember, you're not alone in this process.

What you can do during Medicare enrollment periods

During the Medicare Annual Enrollment Period (also known as AEP), which runs from October 15 to December 7, you should review your current health coverage to make sure it still meets your needs and fits your budget. AEP lets you change your plan to better suit your needs. You can:

• Switch from one Medicare Advantage (Part C) plan to another
• Drop Medicare Advantage and return to Original Medicare (Parts A and B)
• Enroll in stand-alone Medicare Part D (a prescription drug plan)

Before the Medicare Open Enrollment period ends, make sure to check if your current plan includes Main Line Health. If not, you have until December 7, 2024 to choose a new plan to ensure you can still access their services in 2025.

It's important to make your decision carefully since you can only make one change during this time frame. Outside of AEP, you also have the option to make a one-time change to your plan. This is during the Medicare Open Enrollment Period (also known as OEP), which takes place from January 1 through March 31.

Restrictions during Medicare enrollment period

To make the best choices for your Medicare Advantage plan, it's important to understand all the restrictions and carefully consider your options to ensure your healthcare needs are met.

During the Medicare AEP, it's important to know the rules to maximize your benefits. This period is for current plan members to update their coverage. During this time, you:

• Cannot enroll in a stand-alone Part D plan: if you're in an Medicare Advantage plan that includes drug coverage, unless you're switching back to Original Medicare at this time
• Cannot enroll in Medicare Advantage for the first time: You can only make changes if you're already enrolled in a Medicare Advantage plan.
• Cannot make more than one change: Whether you switch plans or go back to Original Medicare, your decision is permanent for the year.

Important considerations before making adjustments

Before you switch your Medicare Advantage plan, make sure to think about your health changes and if your doctors are covered. This will help you pick the best plan for your needs and save money.

Consider any recent changes in your health - like new medications or specialized care - and check that your healthcare providers are covered. Review the financial details of different plan options to find one that fits your budget. Make sure to compare out-of-pocket maximums, deductibles, copayments and premiums. It's also important to check if your medications are covered by the plan's formulary, especially if you have new prescriptions or your medication needs have changed.

Switching plans is straightforward and can be done online at mymedicare.gov or by calling 1.800.MEDICARE (1.800.633.4227; TTY/TDD 1.800.325.0778) to speak with a Medicare representative. For personalized help, financial counselors are available Monday through Friday from 8 a.m. to 5 p.m. at 484.476.1219 to assist you through the process and answer any questions.

Remember, thorough planning and careful consideration of these factors can help you select the Medicare Advantage plan that best supports your health and financial well-being for the upcoming year.

Next steps:

Learn more about what Medicare Advantage plans are in-network at Main Line Health
Visit mymedicare.gov