There are certain times of the year when you can join, drop, or change your Medicare Advantage plan. Just because you join one does not mean you’re stuck with it forever if your situation changes.
When you first become eligible for Medicare, you can enroll in a Medicare Advantage plan with or without prescription drug coverage. This is called your Initial Enrollment Period, and it begins the three months before you turn 65 and ends the three months after.
The Annual Election Period (AEP), also called the Open Enrollment Period, is October 15 to December 7 every year. During this time, you can enroll in, change, or drop a Medicare Advantage plan. Coverage will begin on January 1.
The Medicare Advantage Open Enrollment (MAOEP) is January 1 to March 31. You can switch to another Advantage plan or go back to Original Medicare and enroll in a separate Part D plan once during this period.
Also, certain events make you eligible for a Special Enrollment Period (SEP) where you have two months to enroll in a Medicare Advantage plan. Since these are unique to the individual, it’s best to consult Lacayo Group Insurance to see if you qualify for an SEP.