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The Difference Between Medicare AEP & OEP

Do you know the difference between the Medicare Annual Enrollment Period, or AEP, and the Medicare Open Enrollment Period, or OEP? Unfortunately, some Medicare beneficiaries are unaware of the difference, and this lack of knowledge can often mean losing out on money and coverage. There are different time frames for these enrollment periods, as well as different things that you can and cannot do during each period; knowing the difference between the two can help you be better prepared, so you can save money, and get the right coverage for you.

The Medicare AEP & What You Can Do

time for change written in scrabble letters — *Medicare AEP is the only time you have the ability to change your Medicare plan to a better option.*

The Medicare Annual Enrollment Period (AEP) is an 8-week period that occurs every year from October 15th through December 7th, and is the time of year when you can make changes to your current Medicare plan. You will receive an Annual Notice of Change (ANOC) letter in the mail in September, which will explain all the changes that will be made to your current plan’s coverage and costs for the following year; make sure you review this so you know whether your plan will still work for you in the new year.

If you do decide that you want to change your plan, you also need to know what changes you can make during the AEP. You can:

Switch from Original Medicare (Parts A and B) to a Medicare Advantage Plan
Switch from a Medicare Advantage Plan back to Original Medicare, as well as enroll in Part D or a Medicare Supplement Plan alongside Original Medicare when you switch
Switch your current Medicare Advantage Plan to a different one
Switch from a Medicare Advantage Plan that includes drug coverage to one that does not
Switch from a Medicare Advantage Plan that does not include drug coverage to one that does

If you do choose to make any changes and switch to a new plan, your new plan will go into effect on January 1st.

The Medicare OEP & What You Can Do

The Medicare Open Enrollment Period (OEP) is a little more complicated than the Medicare AEP, because there are two different Open Enrollment Periods: one for Medicare Supplement Plans and one for Medicare Advantage Plans.

Medicare Supplement OEP

The Medicare Supplement OEP is a 6-month period that begins the month you turn 65 years old, and continues through the following 5 months. This is the time when you have guaranteed issue, meaning you can buy a Medicare Supplement Plan without having to answer any health questions. You do have the option to enroll in a Medicare Supplement Plan at any point during the year, but you will be asked questions regarding your health, which can result in denial of coverage, or a higher premium rate for the plan.

There are 10 different Medicare Supplement Plans to choose from, so what happens if you choose one and then decide that it’s not for you? Can you change it? Yes, you can make as many changes as you want during your Medicare OEP, as long as you are still within the 6-month window; whatever plan you ultimately choose will go into effect the 1st of the following month.

Medicare Advantage Open Enrollment

The Medicare Advantage Open Enrollment Period starts on January 1st and runs through March 31st annually. Plans will go into effect the following month. During this time you can:

Switch from one Medicare Advantage Plan to another
Cancel your stand-alone Part D prescription drug plan
Drop your Medicare Advantage Plan and return to Original Medicare
Enroll in a stand-alone Medicare Part D prescription drug plan

If you disenroll from your Medicare Advantage Plan, you can switch to Original Medicare, and then enroll in a Medicare Supplement Plan alongside Parts A and B if you wish to save more money. If you switch within the first 12 months of joining your Medicare Advantage Plan, you can purchase a Medicare Supplement Plan without underwriting.

Medicare can be confusing: there are multiple enrollment periods, and a lot of choices to make when it comes to coverage, which is why it’s important to seek the help of an agent who can help make sense of it all. EZ offers licensed agents who can advise you of all the different options you have, including ways to get more (or less) coverage, and save as much money as possible. No obligation. To get free instant quotes for plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.

The 6 Medicare Enrollment Periods You NEED To Know

You probably mark all of the important dates in your life, such as your family’s birthdays and doctor appointments, in your calendar. But how about all of the Medicare enrollment period dates? If you’re 65 or older (or about to turn 65), these dates should be in your calendar, as well! For starters, the Medicare Annual Enrollment Period begins on October 15, so right now you should be reviewing your coverage and considering any changes you want to make – but there are other enrollment periods that you should be aware of. For example, if you missed the opportunity to sign up during your Initial Enrollment Period, you can still sign up during the General Enrollment Period. Don’t miss the following Medicare enrollment periods, because doing so could end up costing you money!

1. Initial Enrollment Period

the numbers 65 in gold floating in the air with balloons tied to it — *Your Medicare Initial Enrollment Period begins 3 months before turning 65, the month you turn 65 and 3 months following.*

If you’re about to turn 65, the time to enroll in Medicare is now! You have a 7-month window during which you can enroll: the 3 months before you turn 65, the month you turn 65, and the 3 months after you turn 65. During your Initial Enrollment Period, you can:

Enroll in Medicare Parts A and B
Enroll in a Medicare Part D Plan
Enroll in a Medicare Advantage Plan, also known as Part C

Unless you are exempt because you are still working, you will face a penalty fee if you don’t sign up during your Initial Enrollment Period: your monthly Part B premiums will be around 10% higher for each 12-month period you could’ve had Part B but weren’t enrolled.

2. Medicare Supplement Open Enrollment Period

Once you’ve enrolled in Medicare during your Initial Enrollment Period, the next thing you should look into is a Medicare Supplement Plan – these plans can help you save hundreds of dollars each year on the medical expenses that Original Medicare does not cover. While you can purchase a Medicare Supplement Plan at any time, the best time to buy one is during your Open Enrollment Period, which begins the month you turn 65 and extends for the next 5 months. Buying during this Open Enrollment Period will ensure that you have guaranteed issue, meaning you will not have to answer any medical questions to qualify for a plan.

There are 10 different plans to choose from, all with different levels of coverage and pricing, so you are sure to find one that meets your specific needs.

3. General Enrollment Period

calendar with march 31 as the date and a pen clipped on it — *If you missed the IEP, you can enroll in Medicare during the GEP, which runs from January 1 to March 31.*

Did you miss the chance to enroll in Medicare when you turned 65? No worries, you have the opportunity to sign up for Parts A and/or B during the General Enrollment Period. This period begins January 1st and ends March 31st each year, with coverage beginning July 1st. Be aware that you still might have to pay the fees mentioned above if you enroll during General Enrollment, since you did not sign up during your Initial Enrollment Period.

4. Annual Enrollment Period

The Medicare Annual Enrollment Period, which runs from October 15 to December 7, is the time when you can make changes to your plan so that it better suits your needs. For example, if your income has changed, or if you need more coverage, this is the perfect time to change plans so you can get what’s best for you. During this time you can:

Switch to a Medicare Advantage Plan from Original Medicare, or vice versa.
Switch from a Medicare Advantage Plan with prescription drug coverage to one without, or vice versa.
Join or drop a Medicare prescription (Part D) drug plan.
Switch to a new plan from your current insurer, or switch to a new insurer.

When you switch to Original Medicare during the AEP, you can also purchase a Medicare Supplement Plan. If you change plans during the Annual Enrollment Period, your new coverage will begin January 1st.

5. Special Enrollment Period

There are specific events that will open up a Special Enrollment Period for you, allowing you to enroll in Medicare or change plans outside of the typical enrollment periods. You can join, switch, or drop plans if:

You have moved outside of your plan’s service area
You lost your healthcare or prescription drug coverage because you left your job, or because your insurer went out of business or committed fraud

You will have 60 days to sign up for a new plan after the above instances occur; after 60 days, you will no longer be given guaranteed issue, and you will be subject to medical questions.

6. Medicare Advantage Open Enrollment

The Medicare Advantage Open Enrollment Period occurs annually from January 1st through March 31st. During this time, you can switch from one Medicare Advantage Plan to another plan, or opt to drop your plan and enroll in Original Medicare.

If you are looking to enroll in Medicare, purchase a Medicare Supplement Plan, or are just weighing your options before the AEP is over, EZ can help. Our agents work with the top-rated insurance companies in the country, and can compare all available plans in your area, at no cost to you. We will go over your medical and financial needs, and help you find a plan that checks all of the boxes. To get free instant quotes on plans that cover your current doctors, simply enter your zip code on the side, or to speak to a local licensed agent, call 888-753-7207.

Should You Change Your Medicare Supplement Plan Yearly?

The Medicare Annual Enrollment Period, or AEP, is here, so now is a great time to think about your current Medicare plan and the other options available to you. But while you’re checking out your options, you might be wondering whether you actually have to change your Medicare Supplement Plan every year. The short and simple answer to that question is no, you don’t have to change your plan, nor do you have to renew your Medicare Supplement Plan each year, since it renews automatically. If you do want to change your Medicare Supplement Plan, though, there are some guidelines you have to consider beforehand.

Medicare Supplement Plans Renew Automatically

All Medicare Supplement Plans are guaranteed renewable for the rest of your life as long as you pay your monthly premiums, even if your health status changes while you have your plan, so you never have to stress about renewing your plan. But even though your plan renews automatically, you should still take the time to review it every year!

Medicare Supplement Plans Change

As we already mentioned, your Medicare Supplement Plan will renew automatically every year, but before it renews, you will receive an Annual Notice Of Change letter in the mail, giving you time to review any changes to your plan. Don’t ignore this mail or the changes to your plan! Doing so could cost you hundreds of dollars, since Medicare Supplement Plan prices typically increase each year. Once you review your Annual Notice of Change letter, you can decide whether your plan will still work for you.

What If You Need To Change Your Plan?

calendar with a date in red and the bottom of page flipped — *If you’re within your 6-month Medicare Supplement Initial Enrollment Period, you can change your plan without medical underwriting.*

If you’ve reviewed your current plan and have determined that it either no longer works for you, or that the upcoming changes will not suit your needs, it’s time to change your Medicare Supplement Plan. If you’re still within your 6-month Medicare Supplement Initial Enrollment Period, you can sign up for or change your plan without having to undergo medical underwriting: you’ll have what’s called guaranteed-issue rights, meaning you can’t be denied or charged more for a plan. If you do want to change your plan outside of your Initial Enrollment Period, you might have to undergo medical underwriting, which might mean being denied or paying more for a plan.

In addition to your Medicare Supplement Initial Enrollment Period, the other times you can change your plan without worrying about being denied is if you:

Have signed up for a Medicare Advantage Plan, but have decided you want to drop the plan and buy a Medicare Supplement Plan instead (these two types of coverage don’t work together.)
Have had your current Medicare Supplement Plan for less than six months. If the insurance company agrees to sell you a new policy with the same basic benefits, it can’t add conditions (such as probationary periods) related to pre-existing health problems.
Are still in your “free look” period – when you change Medicare Supplement Plans, you get 30 days to decide if you want to keep the new plan.

Looking For A Change?

There are 10 different types of Medicare Supplement Plans; it can be overwhelming trying to compare them all, and figure out which one is best for your financial and medical needs. But you don’t have to do it alone – EZ.Insure can help by providing you with a licensed agent to compare plans for you. Our agent will compare all available plans, review your specific needs, and find the perfect match that will provide the right amount of coverage, while saving you money. Our services are free and there’s no obligation. To get free instant quotes for plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.

Avoid These 3 Big Mistakes During Medicare Open Enrollment

The Medicare Annual Enrollment Period (AEP) is the time to review your current Medicare plan and research what options are available to you. Doing this is the best way to get all the benefits you want for next year, while still saving as much money as possible. But, while you’re doing all this, you need to be aware of three major mistakes that you could make during the AEP that will cost you in the long run. EZ can help you prevent these major mistakes, make the whole process easier, and sign you up for a plan that is right for you, for free.

1. Ignoring The AEP

ignorance written on a sign with a red line through it — *Ignoring the Medicare AEP can lead to some financial losses.*

We get it, the Medicare Annual Enrollment Period is not the most exciting time, but it is a very important time; if you choose to ignore it, you could end up facing some financial and medical consequences. Sure, if you are currently enrolled in a plan, your coverage will just automatically renew, but not reviewing it could result in you either paying more for your plan next year than expected, or getting less coverage then you need. Not only that, but your doctors could be dropped from your current Medicare plan, which will leave you facing a large bill after seeing your doctor in the new year.

The last thing that you need while living on a fixed income is to pay a large, unexpected medical bill for going to a doctor or the hospital. After all, the number of seniors in medical debt continues to climb, with 1 in 4 seniors approaching bankruptcy, according to the Journal of General Internal Medicine, which often results in seniors not filling their prescriptions, skipping meals, and not going to the doctor.

2. Assuming Your Plan Is Great

Probably one of the biggest mistakes that many Medicare beneficiaries make is assuming that the plan they already have is the best plan for them, or that there is no better option. The reality is that new plans are always being made available, with insurance carriers expanding options and coverage all over the United States. There might be another plan in your area that helps you save money and offers more or less coverage, depending on your specific needs; the only way to know this is by actually researching and comparing plans, or working with a licensed Medicare agent.

3. Assuming Your Health Will Not Change

person in a hospital bed with a dr pointing at a monitor screen — *As you age, the more likely you will develop at least one chronic condition that needs medical attention.*

If you are in excellent health, that’s awesome! Unfortunately, though, the reality is that your health could change at any time, and it could happen very quickly. In fact, more than 84% of people aged 65 plus are coping with at least one chronic condition, and often more as they age. When looking at your Medicare plan, you have to take into consideration any and all possibilities that could happen in the next year, including the possibility of your health deteriorating. Remember that Original Medicare does not cover everything, so if you think your health might change, or if you have a history of health conditions, you’ll need to take that into consideration when choosing a Medicare Plan. It’s better to be prepared for the unexpected than to have to pay unexpected bills that could lead to bankruptcy.

What EZ Can Do For You

You can avoid these three major mistakes by working with a local licensed EZ agent. Our agents work with the top-rated insurance companies in the nation, making it easier to compare plans in minutes. We will go over everything, including your current Medicare plan, your medical and financial needs, and all Medicare options in your area. We take the stress off of you by doing all the work for you – and what’s better is that we will do it all at no cost or obligation to you! To get free instant quotes for plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.

Important Things To Remember About Medicare During The Annual Enrollment Period

The Medicare Annual Enrollment Period (AEP) only comes around once a year, and it’s your opportunity to change your current Medicare plan to one that better suits your needs for the new year. You will have from October 15 until December 7 to review your current plan, check out other plans, and decide whether to keep or change your plan. But in order to get the most out of your Medicare benefits, there are some important things to consider during the AEP.

Medicare Does Not Cover Everything

white puzzle with a piece missing that is in black — *Medicare is a great program for seniors, but it does not cover anything, which means you might need to consider extra insurance.*

Whether this is your first time dealing with the AEP, or your tenth time, it is important to remember that Medicare does not cover everything: it will only cover 80% of your Part B medical expenses, and you will still have to meet your Parts A and B deductibles. Keep this in mind when looking over your options during the AEP, especially if you are deciding whether to switch from a Medicare Advantage Plan back to Original Medicare. Switching back to Original Medicare will allow you to buy a Medicare Supplement Plan to help cover your out-of-pocket expenses, so you could end up saving a lot of money by changing plans.

Little Things Add Up

Sure, they might seem small and insignificant, but monthly premiums, deductibles, copays, and coinsurance can all really add up throughout the year. And if you are like most Medicare beneficiaries, you are living on a fixed income, which means saving as much money as possible is important.

With that being said, remember not to get caught in the trap of a cheap plan that looks good on paper with its low premiums, but doesn’t provide the coverage you need. With some bargain plans, you will still have to pay for additional out-of-pocket expenses, including doctor copayments and deductibles, meaning that plan that looks so tempting might just cost you more in the long run. Make sure to go over all the possible costs of every plan, as well as what they cover, so that you are not left struggling to pay your medical bills.

You Don’t Have To Change Doctors

When you first enroll in Medicare, you can continue seeing your doctor as long as they accept Medicare patients, and that is true even if you decide to change plans during the AEP, with the possible exception of switching to a Medicare Advantage Plan. With one of these plans, you will have a provider network, which might limit the doctors you can see – so if you have a doctor that you want to continue seeing, take that into consideration when looking for a plan. Medicare Supplement Plans are a great way to continue seeing your doctor because they generally do not have networks.

Don’t Miss Your Deadlines!

The Annual Enrollment Period is an important time for Medicare beneficiaries, because it is your one opportunity to make changes to a plan that does not suit your needs anymore. If you miss the deadline of December 7, you could be stuck with a plan that either does not provide enough coverage or costs too much.

The AEP is a busy time that lasts for less than 2 months, which means you will need to go over a lot of information in a short period of time. You will have to review your current plan, its coverage and price changes for next year, and all your other available Medicare options. This can become overwhelming and time-consuming, but an EZ agent can help make it less stressful. Our highly trained agents work with the top-rated insurance companies in the country, and can compare plans in minutes, so you don’t have to compare plans and try to figure out which is your best option. We will help you find a plan that meets all of your financial and medical needs for the new year. To get free instant quotes on plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.

Are Medicare Parts A & B Enough?

If you’re enrolled in Medicare, you have the ability to change your plan once a year during the Medicare Annual Enrollment Period (AEP). The AEP is less than 2 months long, lasting from October 15 to December 7, and is the time to review your Medicare options and find ways to save money on medical expenses: for example, if you only have Medicare Parts A and B, you could be missing out on hundreds of dollars of savings. EZ can help you save money by assessing your financial and medical needs during the AEP.

Medicare Parts A & B Coverage

stethoscope — *Medicare Parts A & B will cover hospital and medical insurance, but will not cover anything.*

If you’ve been enrolled in Medicare for a while, you probably have a good understanding of how it works, but it’s always helpful to have a refresher, because Medicare can get complicated. So, Medicare Part A is hospital insurance, and Part B covers other medical expenses; both allow you to use almost any hospital or doctor within the United States that accepts Medicare assignment.

As far as out-of-pocket costs go, generally there is no monthly premium for Part A, but there is a deductible for each benefit period. Part B has an annual deductible, a monthly premium based on your income, and a 20% coinsurance, meaning you will have to pay 20% of your medical expenses, which can add up to quite a lot, especially if you have a chronic condition or illness.

What You Can Do To Save More

During the AEP, you have the option to make changes to your Medicare coverage: for example, you can change from Original Medicare to a Medicare Advantage Plan, switch Medicare Advantage Plans, enroll in a Part D plan, or change prescription drug plans. But what if you’re not interested in switching to a Medicare Advantage Plan and want to stick with Original Medicare, but want to save money on your out-of-pocket expenses? Well, what a lot of Medicare beneficiaries do not know is that they can buy a Medicare Supplement Plan during the AEP. These plans help fill the gaps in Original Medicare and can save you hundreds of dollars each year because they cover some or all of your:

Part B coinsurance
First three pints of blood
Part A hospice coinsurance

Some plans will offer additional benefits, including covering your:

Part A deductible
Part B excess charges
Skilled nursing facility coinsurance
Foreign travel emergencies that do not qualify for Medicare reimbursement from Medicare Parts A or B

These plans are a great way to save on medical expenses, but be aware that if you are signing up for a Medicare Supplement Plan outside of your Open Enrollment window (the month you turn 65 and the 5 months after that), you might be subject to underwriting, meaning that the insurer might ask you some health questions in order to determine the price of your premiums.

Work With An Agent

There are 10 different Medicare Supplement Plans to choose from, which means there’s sure to be a plan that’s right for you – but that also means it can be confusing and time-consuming to compare them and figure out which one you should choose. To make the process easier for you, work with a licensed EZ agent. Our agents are highly trained, and work with the top-rated insurance companies in the nation; your dedicated agent will assess your medical needs and help you find a plan that will save you as much money as possible, which is important if you are living on a fixed income.

Our services are free, because we just want to help you find an affordable plan with the coverage you need – no obligation, just free quotes. To get free instant quotes on plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.

Tag: medicare insurance