GET READY! Medicare's Annual Election Period begins October 15, 2018 and ends on December 7, 2018.
Medicare's Annual Election period is 10/15/18 to 12/7/18. The effective date of any changes you make during this time will be January 1, 2019. This is the one time each year when everyone with Medicare can change their Medicare Prescription Drug Plans. If you already have a Medicare Prescription Drug Plan and you do nothing, then your current plan will continue into 2019. However, you should review your Medicare Prescription Drug Plan every year. These plans can change each year. The cost of the plan may change. The covered drugs may change. And your co-payments at the pharmacy may change. So be sure to talk to someone you trust about your Medicare Prescription Drug plan. You can even go online to Medicare.gov to find our which plan will be the best plan for you in 2019. Any changes must be made between Oct. 15 and Dec. 7 for a January 1 effective date. It is important to make sure every year that you are enrolled in the best plan for you.
Also, this is the only time to change a Medicare Advantage Plan. You can disenroll from your Medicare Advantage plan and move back to original Medicare. We strongly believe that Medicare Advantage plans are not good options. Oh yes, they sound great when you hear the commercials on TV. The "extra benefits" and the sometimes lower cost make them sound like a great deal, but it is very misleading. We strongly believe they should be called Medicare DisAdvantage Plans. People seem happy with them until they get sick and need care. Then they run into our office and want original Medicare and a Medicare Supplement, but it is too late. THIS IS THE ONLY TIME OF YEAR YOU CAN DROP YOUR MEDICARE ADVANTAGE PLAN AND MOVE BACK TO ORIGINAL MEDICARE. When you do this you will want a Medicare Supplement to fill in the gaps that Medicare does not pay. In most cases you will need to apply for a Medicare Supplement with an insurance company and go through their Medical Underwriting to be sure they will issue Medicare Supplement policy. Not all Medicare Supplement plans will get issued so you will need to speak with a trusted agent to make sure your Medicare Supplement gets issued and your Medicare Advantage plan gets terminated.