With the addition of new Medicare programs and products over the years CMS has created specific enrollment periods for people to make plan changes. The most notable is the AEP (Annual Enrollment Period and it runs from October 15 through December 7. What you can do during this period is often misunderstood. The AEP is not the designated time for changing Medicare Supplement (MediGap) plans. The following are the actions you can take during this time period:
- Switch to a new Medicare Part D drug plan for the next calendar year.
- Enroll in a Medicare Part D drug plan for the first time
- Cancel a Medicare Part D drug plan
- Change a Part C Medicare Advantage plan for the next calendar year
- Switch from Original Medicare to a Part C Medicare Advantage plan
Medicare Supplements are NOT Medicare Advantage plans nor are they a part of Medicare. Medicare Supplements are private policies that are designed to coordinate with Medicare to fill-in its gaps (deductibles and co-insurance).
Medicare Supplements can also be changed annually but during what’s called the Birthday Rule period. It is a minimum 60-day period that starts on your birthday. During this time, you can change to another carrier’s Medicare Supplement – on a guaranteed basis – that is valued to be equal to or less than your current policy (for example, Plan F to Plan G or Plan G to Plan G). If your birthday coincidentally falls during the AEP, then you can make a change in Medicare Supplements.
NOTE: You can actually “apply” for another carrier’s Medicare Supplement at any time, but if it is outside this Birthday Rule period or other Qualifying Event, your application is subject to medical underwriting and could be denied.
If you have any questions about the Annual Enrollment Period, the changes you can make or any related subject, don’t hesitate to send me an email. Also, don’t hesitate to reach out to me nearer to your birthday to see if a change in your Medicare Supplement is worth considering. Happy to share rates and information of competing plans.
All the best during this AEP & Holiday Season!
Phil Dougherty
OnlyHealthInsurance