By Michael Roth,
Retirement is a time of “transition” and “new beginnings” – which in “Medicare-speak” is a time for confusion, aggravation and frustration. Well, maybe it’s not that bad, but it can be trying.
Today we will try to unravel the mystery of the “OEP”, which is the Medicare Advantage Open Enrollment Period (not to be confused with the “AEP” or Medicare Annual Enrollment Period). This is where the confusion may have kicked in… but “No Worries”. Allow me to clarify…
- Medicare has one main open enrollment window (AEP) from October 15th through December 7th each year.
- The other Medicare Advantage open enrollment period (OEP) is also annually from January 1st through March 31st each year.
The difference between the two is that from January 1st through March 31st, the Medicare Advantage open enrollment, you can do the following:
- Switch from one Medicare Advantage Plan to another or.
- Quit your Medicare Advantage Plan and go back to Original Medicare, with the option to join a Medicare Prescription Drug Plan.
While it’s possible to switch from a Medicare Advantage Plan and go back to Original Medicare during both periods, it’s only possible to do the reverse (move from Original to Advantage) from October 15th through December 7th. Therefore, if you are on Original Medicare this doesn’t apply.
Let’s look at an example: You see a Joe Namath commercial for Medicare Advantage from October 15th to December 7th, so you call the 1-800 number. You expect Joe to put you with a Super Bowl outfit, but instead you get the Cleveland Browns. What do you do now?
Answer: If you’re already in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan from January 1st through March 31st. Your new plan starts at the first of the next month and you’ll be automatically unenrolled from your old plan or you can simply go back to Original Medicare with an optional drug card.
While we’re on the subject of 1-800 numbers, generally speaking, you get better service by using a knowledgeable LOCAL agent. It doesn’t cost anything extra and they are familiar with the local networks, physicians, and drug cards. Your local agent values their reputation – nothing would be worse than running into a disgruntled customer at the local grocery store and having tomatoes thrown at you. So, they are interested in keeping you happy.
And speaking of happy, have a Happy New Year!
Michael Roth is a 1980 graduate from UCLA. After graduation he started his career with Great-West HealthCare in the underwriting & actuarial department then moved into group sales in 1984. He has won numerous awards and started his Florida Blue agency in 2013. He happily resides on 30-A.
You can reach Mike at (850) 899-7003 or mroth@ mrbenefitsinc.com.
Author: SWal Life
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