Latest / Smart Coverage. Real Advice.: Medicare / If I Do Nothing During Medicare Open Enrollment in North Carolina, What Happens to My Coverage?
Transcript
- Tanya: If I do nothing during Medicare open enrollment in North Carolina, what actually happens? A lot of folks are worried about missing a deadline or losing coverage, so let’s get clear on what’s at stake. 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: 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, I’ll just ask it straight: if someone in North Carolina doesn’t do anything during Medicare open enrollment, what happens to their coverage? Billy: If you don’t make any changes during Medicare open enrollment, your current Medicare coverage just keeps going for the next year. According to medicare.gov, open enrollment is your chance to review and change your Medicare Advantage or drug plans, but if you let the deadline pass and do nothing, you’ll stay in the same plan you already have. No action means no changes. Tanya: So your coverage doesn’t just end if you forget to act? Billy: Exactly, your current plan just continues into the next year. But even though your plan continues, the details of that plan can change every year. So you might be surprised in January if something important is different and you missed your chance to switch. Tanya: That’s good to know. What sort of changes might people see in their plan from one year to the next? Billy: Plans can change what they cover or how they work from year to year. For example, the way you get coverage or what is included in your plan could be different next year. The source article says you can use open enrollment to join, drop, or switch Medicare Advantage or drug plans, or change how you get your coverage. Tanya: If someone wants to switch from a Medicare Advantage plan to Original Medicare, or vice versa, does that also have to happen during open enrollment? Billy: Yes, open enrollment is the main time each year when you can switch from a Medicare Advantage plan to Original Medicare, or the other way around. If you want to make that switch, you need to do it between October fifteenth and December seventh. If you miss that window, you generally have to wait until next year. Tanya: And if you switch to Original Medicare, do you need to do anything else? Billy: If you move to Original Medicare, you may need to join a separate drug plan, since Original Medicare doesn’t include drug coverage. Also, if you want Medicare Supplement Insurance—called Medigap—there are limits on when you can add it. Medicare.gov says there are rules about when you can buy a Medigap policy, so it’s important to check your options before switching. Tanya: What’s a common mistake people make when switching plans during open enrollment? Billy: One mistake is not checking whether the new plan fits your needs. It’s important to review your options carefully before making a change. Tanya: Let’s say someone is happy with their current plan and doesn’t want to switch. Is there any reason they should still pay attention to open enrollment? Billy: Even if you’re happy, it’s a good idea to review your plan’s changes for the coming year. Sometimes people miss a change that can turn into a surprise later. The open enrollment window is your chance to make sure your coverage still fits your needs. Tanya: So bottom line, doing nothing means your plan keeps going, but it might not be exactly the same plan you signed up for last year. Billy: That’s right. Your coverage continues, but the details can change. Staying informed is key. Tanya: Three things to remember. One, if you do nothing during Medicare open enrollment, your current plan will continue into the next year. Two, plans can change what they cover or how they work, so review your options carefully. Three, open enrollment is your main chance to switch plans or adjust your coverage, so don’t miss it if you want to make a change. 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.