Medicare’s Open Enrollment Period: What you need to know

Medicare’s Open Enrollment Period, known as the “Medicare Advantage and Prescription Drug Plan annual election period,” “annual enrollment period” or “AEP,” takes place this year from Oct. 15, 2023, through Dec. 7, 2023. Medicare coverage changes go into effect on Jan. 1, 2024, if the plan gets your request by Dec. 7, 2023. This is the primary time when people with Medicare can choose a plan, but there are other times during the year that may be called “open enrollment” or “special enrollment” periods when a person can enroll in a plan, which are explained in more detail below.¹

People already enrolled in Medicare can make changes to their Medicare plan coverage, such as:¹

• Switching from Original Medicare to a Medicare Advantage (MA) plan (or vice versa)
• Switching to a Medicare Advantage plan with or without prescription drug coverage
• Switching from 1 Medicare Advantage plan to another
• Joining, switching or leaving a Medicare Part D prescription drug plan
• Switching to a new private insurer

When shopping Medicare plans during open enrollment, some coverage details to consider include:

• Out-of-pocket costs—premiums, deductibles, copayments and any other payments not covered by Medicare
• Prescription drug coverage—eligibility requirements, medication coverage and costs, generic vs. brand name, etc.
• Healthcare needs—any upcoming surgeries or doctor appointments you may have in the coming year
• Travel plans—Original Medicare typically doesn’t cover services overseas, so if you plan on traveling out of the country, you might consider buying a supplemental insurance plan that will cover you in case of an emergency

All 4 parts of Medicare are available during the Open Enrollment Period.

Original Medicare (Parts A and B)

Original Medicare is provided by the Federal government and comes in 2 parts—Part A and Part B:

• Medicare Part A is hospital insurance. It has no premium cost if you’ve paid payroll taxes for at least 10 years.
• Medicare Part B is medical insurance. It requires you to pay premiums, copays and deductibles, like private insurance companies. In 2024, the Part B premium is $174.70 or higher, depending on your income.

However, Original Medicare doesn’t cover everything. If you need prescription drugs or routine vision, dental or hearing care, you may want to consider additional coverage options.

Medicare Part C (Medicare Advantage) and Medicare Part D (Prescription Drug Coverage)

Beyond Original Medicare, there is further coverage through Parts C and D:

• Medicare Part C (Medicare Advantage) is offered by private insurers and often combines Parts A, B and D in 1 plan.
• Medicare Part D is prescription drug coverage. It is an optional prescription drug plan offered through private companies.

Many Medicare Advantage plans include coverage for prescriptions and may offer dental, vision and hearing benefits. You may need to pay a monthly premium in addition to the Part B premium, but it may be worth it based on your needs.

If you miss open enrollment, you’ll most likely be automatically re-enrolled in your plan if it’s still offered in your area. You’ll keep the same plan the following year as long as you continue paying any necessary premiums.

However, there are a few circumstances where you can change your plan outside of open enrollment. These circumstances include:

• Special Enrollment Period (SEP)—Generally, you can join or switch to another plan when certain events happen in your life, such as moving or losing other insurance coverage.
• Medicare Advantage Open Enrollment Period (MAOEP)—If you already have a Medicare Advantage plan, you can enroll in a different Medicare Advantage plan or go back to Original Medicare between Jan. 1 and March 31.
• 5-star Special Enrollment Period—If a Medicare plan with a 5-star rating is available in your area, you can switch from your current Medicare plan to a Medicare plan with a “5-star” quality rating. You can use this Special Enrollment Period only once between Dec. 8 and Nov. 30 the following year.

Even if you’re happy with your current Medicare plan, it’s important to check for any changes next year and compare Medicare plan options, including Medicare Advantage and Medicare Part D prescription drug plans. We’re here to help you make sense of it all so you can choose your plan with confidence.

Licensed Humana sales agents are just a phone call away. You can schedule an appointment to talk with a licensed Humana sales agent to explore your options.

You can also contact Medicare directly for more information by calling 800-MEDICARE (800-633-4227) (TTY: 877-486-2048) 24 hours a day, or by visiting the Medicare website.