Medicare Open Enrollment is an yearly period during which Medicare recipients can make changes to their existing Medicare coverage. Open Enrollment 2023 will run from October 15, 2022, to December 7, 2022. During this period, beneficiaries can switch between Original Medicare and Medicare Advantage, enroll in or change their prescription drug coverage, and make changes to their existing Medicare Advantage or Prescription Drug Plan.
Choosing the Right Plan during enrollment
The first step in making the most of Medicare Open Enrollment 2023 is to review your current coverage and compare it to other available options. This can be done using the Medicare Plan Finder tool, which allows you to compare plans based on your specific healthcare needs and budget. When comparing plans, it’s important to consider factors such as premiums, deductibles, copayments, and the network of providers.
Switching Between Original Medicare and Medicare Advantage
During Open Enrollment 2023, beneficiaries can shift from Original Medicare to an Advantage plan or the other way. Medicare Advantage plans are accessible to private insurance companies and often provide additional benefits such as vision, dental, and hearing coverage. However, these plans typically have more restrictive provider networks and may require referrals to see specialists.
Enrollment or Changing Prescription Drug Coverage
If you have Original Medicare and don’t currently have prescription drug coverage, you may want to enroll in a standalone Prescription Drug Plan during Open Enrollment. If you already have prescription drug coverage, it’s important to review your plan’s formulary and compare it to other available options to ensure you’re getting the best coverage for your needs.
Making Changes to Existing Medicare Advantage or Prescription Drug Plans
If you’re already in a Medicare Advantage or Prescription Drug Plan, you can use Open Enrollment to make changes to your existing coverage. This may include switching to a different plan offered by the same insurance company or switching to a plan offered by a different company.