Jan 17, 2025

What is Medicare Advantage Open Enrollment?

What is Medicare Advantage Open Enrollment?

What is Medicare Advantage Open Enrollment?

While Medicare’s primary Annual Enrollment Period runs from October 15 to December 7, there’s also a second, more specific window of opportunity for those enrolled in Medicare Advantage plans—the Medicare Advantage Open Enrollment Period, which takes place from January 1 to March 31. This period is particularly helpful for enrollees who discover that their prescription drug costs are higher than expected or who—for any reason—feel their current plan no longer meets their needs.

Why is this Open Enrollment Period Important?

For Medicare beneficiaries, managing prescription drug costs can be a significant part of overall healthcare expenses. If, after the start of the new year, you find that the cost of your medications has increased or that, for any reason, your current plan is no longer the best fit for your needs, the January to March window provides an opportunity to make adjustments.

During the Medicare Advantage Open Enrollment Period, you can:

  1. Switch Medicare Advantage plans: If you’re enrolled in a Medicare Advantage (Part C) plan and discover that your drug costs or other healthcare copays are higher than expected, you can switch to a different Medicare Advantage plan that offers more appropriate coverage. Some Medicare Advantage plans have lower premiums or better coverage for certain drugs or services, which can help reduce your out-of-pocket costs.
  2. Switch to Original Medicare with a stand-alone Part D plan: If you’re unhappy with your current Medicare Advantage plan or its drug coverage, you can switch to Original Medicare (Parts A and B) and enroll in a stand-alone Prescription Drug Plan (Part D). 
  3. Switch to a plan that offers lower prescription drug costs: Prescription drug prices can fluctuate year to year, and some plans may change the list of covered drugs (often referred to as the formulary) or the cost-sharing structure. If you find that your medications are no longer covered or are more expensive under your current Medicare Advantage plan, this Open Enrollment period allows you to change to a plan with better coverage for your specific prescriptions.

What should you do now?

  • Review your current plan: Take a close look at your current plan’s formulary, co-pays, and any other changes that could affect your drug costs throughout the year. Make sure the costs are within your expectations.
  • Consult a Medicare expert: If you’re not sure your plan is the best plan for you, or want to better understand your options, the experts at Silvur Insurance can guide you. We’re available to meet with you in your local MSUFCU branch, over the phone, or virtually. You’ll receive personalized, professional advice at no cost to you. To schedule a meeting, use our online booking tool or call (888) 372-3999.

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