Medicare Advantage Open Enrollment Period (OEP) Started Jan. 1
Category: Medicare
By Tom Cretella – CLU at Cretella and Belowsky
January 9, 2023 — Medicare’s Open Enrollment Period began January 1. Medicare has plenty of acronyms: AEP, SEP, IEP – but the least used is the OEP or Open Enrollment Period. The OEP is a completely separate enrollment period running each year from January 1 to March 31. It only applies to people who already have a Medical Advantage plan or or other type of Prescription Drug plan.
The Medicare Annual Enrollment Period (AEP) just ended December 7 for 2023 enrollments. Although most people have renewed current coverage with the same carrier as 2022, the OEP offers a second chance to enroll or disenroll. It comes in handy because we have all endured the blitz of Medicare advertisements in the mail and in all media (BTW, congratulations you survived!) This always brings a challenge because the advertising is aimed at creating doubt, questioning your current coverage, or making you wonder if you should consider a change. Most of the questions I get are from clients or friends who wonder if they are missing something in their current coverage, after being hammered by advertisement during the AEP.
Comments on "Medicare Advantage Open Enrollment Period (OEP) Started Jan. 1"
Admin says:
It has happened. For the first time, more people are enrolling in Medicare Advantage Plans than Original Medicare. The extra benefits and lower (sometimes zero) premiums are just too attractive. Not everyone is convinced, however. See https://www.kff.org/policy-watch/half-of-all-eligible-medicare-beneficiaries-are-now-enrolled-in-private-medicare-advantage-plans/
Beebs says:
That's because the original medicare supplement has gotten so expensive and if your on a fixed income advantage plans are the only option.
Clyde says:
Cost certainly is a major factor in choosing a Medicare Advantage plan over a supplement (aka Medigap) plan. Many MA plans have a $0 monthly premium, but possibly as important as monthly premium costs is the fact that drug coverage (Medicare Part D) is built in to many MA plans at no additional premium cost. With Medigap, Part D drug coverage must be bought separately, usually with a separate additional monthly premium cost. These two premium cost factors together likely contribute to the continuing increase in percentage of Medicare Advantage plans selected over Medigap. This doesn’t mean that either type is better than the other. That must be decided by each Medicare participant by researching and determining what particular plan may he best for their particular circumstances.