January Newsletter 2010

Medicare Open Enrollment, January 1 - March 31

Did you miss the Annual Enrollment Period deadline of December 31? There’s still one more chance to make a change to your Medicare plans for 2010. Although Annual Enrollment Period (AEP) is over, Open Enrollment Period (OEP) has just begun.

OEP, which lasts from January 1 – March 31, may not have all of the flexibility of AEP, but it does provide beneficiaries with Original Medicare (Parts A and B) with the opportunity to enroll, dis-enroll or change Medicare Advantage plans. While you may choose to drop or change your Medicare Advantage plan during OEP it is important to remember you cannot add or drop drug coverage; you can only change to another prescription drug plan. A brief summary of allowable changes during OEP is shown below. You can also click here to learn more about changes you can make to your Medicare coverage during OEP. By researching plan options, you may be able to lower your out-of-pocket costs for prescription drugs or find a plan with greater flexibility in choosing healthcare providers.

Top 5 Mistakes to Avoid During OEP

• If you missed AEP, don’t assume that it’s too late to look into your options! Many private plans change their prices and coverage from year to year. Therefore, it is important to research plans and estimated costs for your specific prescription drug needs.
• Don’t miss the boat! Unless you have a Special Election Period (for example moving to another State), if you wait until after March 31st, you will end up having to wait until next year’s Annual Enrollment Period (November 15, 2010) to make changes to your Medicare Advantage or prescription drug coverage.
• Fill out your application form carefully and be sure to write legibly in order to avoid common mistakes. This is important because mistakes on application forms can result in delayed coverage.
• Make sure you use your current residence, not a P.O. Box as the address on your application. Using a P.O. Box as a mailing address is unacceptable on a Medicare Part D application.
• Ensure that the name entered on the application is an exact match of the name on your Medicare card; otherwise the application will be rejected.

Summary of Allowable Changes During OEP

• During Open Enrollment Period, you may enroll in, dis-enroll from, or change a Medicare Advantage plan
• If you have a Medicare Advantage plan with drug coverage you may change to another Medicare Advantage plan with drug coverage OR Original Medicare (i.e. Medicare Part A and Medicare Part B) with a stand-alone prescription drug plan
• If you have Original Medicare and a stand-alone prescription drug plan, you may enroll in a Medicare Advantage plan with prescription drug coverage
• If you have a Medicare Advantage plan without drug coverage you may enroll in another Medicare Advantage plan without drug coverage or return to Original Medicare
• If you have Original Medicare, you may enroll in a Medicare Advantage plan without drug coverage

Unless you have a Special Enrollment Period, OEP is your final opportunity to switch to a plan that could offer you savings in 2010. To determine the right option for your needs, visit PlanPrescriber's Medicare Plan Savings Finder or call 800-819-6906.

Read the other January Newsletter articles:

• ObamaCare Busted?


• Don't Become a Victim of the Growing Diabetes Epidemic


• You Don’t Need the Gym to Keep This New Year’s Resolution!
  One Senior’s Quick and Easy Tips for a Healthy 2010