Latest / Smart Coverage. Real Advice.: Medicare / What Can I Change During Medicare Open Enrollment in North Carolina, and What Should I Watch For?
Transcript
- Tanya: What exactly can I change about my Medicare coverage during Open Enrollment, and what should I be thinking about before the deadline? Stick around—there’s more to it than just picking a new plan. Tanya: Welcome to Smart Coverage. Real Advice., the insurance podcast from The Jordan Insurance Agency. I'm Tanya, your host, and I'm here with Billy Jordan, a licensed insurance agent and the president of The Jordan Insurance Agency. Billy: Always glad to be here, Tanya. A quick disclaimer: we're not affiliated with or endorsed by Medicare or any government agency, and this is general education, not advice for your situation. Now, let's get into it. Tanya: So Billy, Open Enrollment comes up every year, but what exactly is it? What can people actually do during this period? Billy: Open Enrollment happens every year from October fifteenth through December seventh. During this window, you can make changes to your Medicare coverage, and those changes start January first of the next year. According to medicare.gov, this is the time to either join, drop, or switch Medicare Advantage Plans, change your prescription drug plan, or even switch between Original Medicare and Medicare Advantage. It’s really your once-a-year chance to review and adjust your coverage. Tanya: Let’s break that down a little. Say someone’s already got a Medicare Advantage Plan. What are their options during Open Enrollment? Billy: If you’re already in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan—either with or without drug coverage. You could also drop your Advantage Plan and go back to Original Medicare, or add or drop drug coverage if your plan allows. A common mistake is just letting your plan roll over without checking if anything has changed for the new year. Tanya: Good point. What if someone is on Original Medicare instead of an Advantage Plan? What can they do during Open Enrollment? Billy: If you have Original Medicare, you can join, drop, or switch your Medicare prescription drug plan—these are called Part D plans. You can also switch from Original Medicare to a Medicare Advantage Plan if you want. A mistake here is assuming your current drug plan will always cover your medications the same way year after year. Plans can and do change their drug lists. Tanya: If someone is thinking about switching from a Medicare Advantage Plan back to Original Medicare, what should they keep in mind? Billy: That’s a big decision. If you move from a Medicare Advantage Plan back to Original Medicare, you’ll need to think about prescription drug coverage, because Original Medicare doesn’t include it. You’d likely need to join a separate Part D drug plan. Also, you might want to look at Medicare Supplement Insurance, called Medigap, to help with out-of-pocket costs. But there are limits on when you can buy Medigap. According to medicare.gov, it’s important to check if you’re eligible for Medigap before you make the switch. A common mistake is dropping your Advantage Plan, then finding out later you can’t get the Medigap policy you want. Tanya: Why are the deadlines so strict? What happens if someone misses the Open Enrollment window? Billy: The deadlines are in place to keep things running smoothly for everyone—insurance companies and Medicare need time to process changes before the new year. If you miss the December seventh deadline, you usually have to wait until the next Open Enrollment period to make changes. Missing the window can mean you’re stuck with a plan that no longer fits your needs for another year. That’s why it’s so important to review your options before the deadline. Tanya: What are a couple of practical steps someone in North Carolina should take during Open Enrollment? Billy: First, review your Annual Notice of Change—this is the document your plan sends each fall. It tells you what’s changing for next year. Second, make a list of your current medications and doctors, and check if they’ll still be covered. And third, use the Medicare Plan Finder tool on medicare.gov to compare your options. In North Carolina, plans and coverage details can change, so it pays to double-check. Tanya: Three things to remember. One, Open Enrollment runs from October fifteenth to December seventh, and that’s your chance to make changes for the next year. Two, you can switch Medicare Advantage Plans, drug plans, or between Original Medicare and Advantage, but check the details before you act. Three, don’t assume your current plan stays the same—review changes and deadlines carefully. Tanya: For a personalized look at your situation, book a free thirty-minute chat with Billy and his team at thejordaninsuranceagency.com/podcast. Billy: I'm Billy Jordan with The Jordan Insurance Agency. Until next time, take care. Tanya: Thanks for listening to Smart Coverage. Real Advice. from The Jordan Insurance Agency.