Medicare OEP 2023 is Happening Now–Here’s What You Need to Know
Winter is turning into spring, which means longer days, blooming trees, wildlife coming out of hibernation, and of course, Medicare OEP 2023!
Medicare has a few types of enrollment periods each year, and they can be a bit confusing to navigate. If you’re wondering what Open Enrollment Period (OEP) is and what action you might need to take, you’re in the right place!
Today, we’ll cover the basics of OEP and what you need to know.
What is Medicare OEP 2023?
OEP runs every year from January 1st through March 31st. If you’re on Medicare Advantage, this is the time of year when you can change your insurance plan—either to another Advantage Plan or to Original Medicare.
Your Medicare insurance agent is the best resource to help you determine which plan is right for you. In fact, they may have already contacted you to let you know OEP is happening and to discuss your options. But if you haven’t heard from your agent, and you have questions about the best path forward, now is the time to reach out!
What should I do during OEP?
If you’re happy with your Medicare Advantage plan–great! You’re all set and don’t need to do anything. This is true whether you’ve been on your current plan for a while or just made a change during AEP.
For those who are unhappy with their plan for any reason, OEP is the time to change to a plan that works better for you. Maybe you’ve realized your existing plan isn’t quite meeting your needs. Or maybe your health situation has shifted the type or amount of care you require from your medical providers. Either way, OEP is when you should evaluate your options, talk to your agent and identify your ideal plan.
What’s new in Medicare Advantage in 2023?
In 2023, the average beneficiary can choose from 43 Medicare Advantage plans. This probably sounds overwhelming, but your insurance agent should be available to answer all your questions. They’ll listen to your unique needs and find the best-fit plan for you.
You’re also likely to see more preferred provider organization (PPO) plans in the offerings since 40% of Medicare Advantage plans are PPOs in 2023. This is a big jump compared to a few years ago when just 30% of plans were PPOs.
For seniors and other beneficiaries with unique circumstances, there are now 11% more Special Needs Plans than last year.
What if I don’t have a Medicare Advantage Plan?
If you don’t have a Medicare Advantage Plan, OEP doesn’t apply to you. OEP is just for Medicare Advantage Plan holders, and you can only change your plan one time during the period.
If you’re enrolled in Original Medicare (Parts A and B), you won’t be able to make changes during OEP. But what if you want to change your Original Medicare plan?
Be aware of Special Enrollment Periods
If you are on Original Medicare and want to change your coverage, keep an eye out at the end of the year for the Annual Enrollment Period (AEP). Outside this window, a Special Enrollment Period (SEP) may allow you to change your plan based on unique circumstances.
You may be eligible for a SEP if you’ve
- Lost your current insurance
- Moved outside your current plan’s coverage area
- Missed AEP due to a federally declared emergency or disaster
If one of these circumstances applies to you, and you do want to change your plan, you may be able to take advantage of the SEP to find a plan better suited to your needs.
Finding the right Medicare plan can be tricky, and navigating when to enroll can be an additional burden. We’re here to help, though! If you have questions about your Medicare plan, get in touch with us today.
image credit: shutterstock/Dragon Images