There can be various reasons to change a Medicare plan. It usually is done if someone feels the plan is not right for them, or they are paying for services they don’t need. The most asked question is can we change the medicare supplement plan anytime? Well, we will get into that later but first, let’s understand the basics.
They are two types of enrollment period- open enrollment period or annual enrollment period.
What is OEP?
As the buyer hits 65 and has Medicare Part A and B, she/he is eligible to change the Medicare Supplement Plans under the term period of 6-months often called as the Medicare open enrollment period (OEP). During this time, the company can answer any questions or change the Medical Advantage to medicare plan. The buyer can get plans changed after OEP but under guaranteed-issue rights.
Thus, here are a few examples of what can be certified as guaranteed-issue rights.
- If the buyer wants to get Medicare supplement plans in 2021 and drop the Medicare advantage plan after going back to original Medicare parts A and B. These two plans can’t be processed together.
- The buyer can go to standard Medigap plans, or get a plan with fewer or different benefits.
- If the buyer gets the new policy with the same benefits and premium as the old one, the insurance cannot add restrictions.
What is AEP?
Annual Enrollment Program (AEP) that occurs from October 15 to December 7 every year. Most commonly known as the Enrollment period. This period is mainly used to change the drug prescription Part D plan. Cancel or get in the medicare advantage plan. You can also change one plan from another in Part D and Part C.
So, can I change the Medicare supplement plan anytime?
Yes, it is possible to change the Medicare Supplement Plan anytime. Some companies, do it 10 times a day for a customer. The best medicare supplement plan for 2021 is Plan G and Plan N. Before them there was a Plan F which was eliminated, but some people still use it today. If you wish to keep it you can continue with the same premium or change the company with a lower premium. No extra costs will be cut.
Medicare Part D
The enrollment period is also used to get in or out of the Part D medicare plan. Part D can be a solo plan but that means no medicare advantage plan. This is because the medicare advantage plan is also a partial prescription plan, so only can be kept.
But with the medicare Part D, you can take Medigap plans. Suggested, medicare supplement plans for 2021 are Plan G and Plan N. If you consult an agent, they will walk you through various price hikes for different plans and find the best for you.
The medicare part D will also undergo a price hike in 2021. So, it is better to go through an agent instead of directly to the company. They give quotes of their own company, not others. This way you can wrongly land into an expensive plan.