Agents: Have you heard about the new open enrollment period? The Medicare Advantage open enrollment period will begin on January 1, 2019. This big change is sure to raise a lot of questions, so we’ve put together the answers you’ll need to know.
Is the regular open enrollment period changing?
No, the regular open enrollment period is not changing. It will still take place between October 15 and December 7. Medicare beneficiaries will still have this time to switch from one Medicare Advantage plan to another, from Original Medicare to Medicare Advantage, or from Medicare Advantage to Original Medicare.
What changes can be made during the new Medicare Advantage open enrollment?
According to the CMS Fact Sheet, the new Medicare Advantage open enrollment period gives individuals enrolled in a Medicare Advantage plan the opportunity to switch to a different Medicare Advantage plan or to Original Medicare. If this impacts their prescription drug coverage, they can also select a new Medicare Part D plan.
How many times can enrollees switch?
Medicare enrollees can switch plans one time during the new Medicare Advantage open enrollment period.
How long will the new Medicare Advantage open enrollment period last?
The new open enrollment period will last for three months, starting on January 1, 2019, and ending on March 31, 2019.
Is the Medicare Advantage disenrollment period changing?
Yes. The old Medicare Advantage disenrollment period, which used to run between January 1 and February 14, is being eliminated. The new Medicare Advantage open enrollment period will replace it.
Why is this change happening?
The new open enrollment period is part of the 21st Century Cures Act.
Is this a one-time thing or will it happen every year now?
The new Medicare Advantage open enrollment period is scheduled to take place annually.
What does this mean for Medicare enrollees?
This new open enrollment period gives Medicare enrollees a second chance to make changes. If they find that they are unhappy with a new Medicare Advantage plan, they can select a new plan. It also gives enrollees who are unhappy with changes in their Medicare Advantage plan a chance to switch to a new Medicare Advantage plan.
Under the old Medicare Advantage disenrollment period, the only option for unhappy Medicare Advantage enrollees would be to switch to Original Medicare, but now they also have the option of picking a new Medicare Advantage plan.
How will this impact Medicare insurance agents?
Medicare insurance agents will have more work to do, but they’ll also have more opportunities. It’s important to inform clients about the changes.