Medicare Open Enrollment

The Medicare Fall Open Enrollment 2023 season is here and that means your mailbox is probably getting bombarded with advertisements…it is truly a confusing time of year for most Medicare beneficiaries! Let us help you understand what happens during Medicare open enrollment.

What is Medicare Open Enrollment?

Each year, the benefits and premiums on your plan can change or go up, so Medicare lets you have an annual election period to change your plan if you don’t like the benefit changes to your existing coverage. Of course, you do NOT have to change your plan if you like your plan. In fact, statistics show most beneficiaries do NOT make changes to their plan each year. However, it is wise to review the upcoming plan changes every September.

When Is Medicare Open Enrollment?

Open enrollment is from October 15 through December 7. During this 8-week period Medicare beneficiaries can enroll in, change, or disenroll from their Medicare Advantage and/or Part D drug plans. Many beneficiaries know they need to be doing something during the Medicare Fall Open Enrollment each year, but they are not sure what.

How are Beneficiaries made aware of Changes?

Your Medicare Advantage or Part D Insurance plan provider will send you a document in September called the Annual Notice of Change, informing you if the premium is changing, and if your copays, drug formulary, or pharmacy networks are changing. The Annual Notice of Change lists the plan’s changes side-by-side from 2022 to 2023. This makes it easy to compare changes to coverage.

What Choices are Available During Medicare Open Enrollment?

• Do nothing and your current Medicare coverage will automatically renew in 2023
• Enroll in, leave, or change your Medicare Part D drug plan
• Switch from Traditional Medicare to a Medicare Advantage plan
• Switch from a Medicare Advantage plan back to Traditional Medicare
• Change from one Medicare Advantage Plan to another

Why Make Changes?

• Your plan is dropping one of your important medications next year.
• Your Medicare Advantage plan is dropping your doctor from its network.
• Your plan has a drastic increase in premium.

Checklist for Success

• Review your Annual Notice of Change letter from your carrier.
• Unhappy with the changes? Now is your time to choose new coverage
• Compare plan options on the gov Plan Finder Tool
• Call your Medicare broker or 1-800-MEDICARE to apply for your new coverage
• Begin using your new coverage on January 1, 2023

Do you need help deciphering which plan might work best for you? Call Hurley Elder Care Law at 404-843-0121 and we can refer you to a Medicare specialist to discuss your needs.