Twin City Underwriters

What is the Medicare Advantage Open Enrollment Period (OEP)?

January 5, 2024 | Todd Lewison

The Medicare Advantage Open Enrollment Period (MA OEP), which occurs annually from January 1 to March 31, is a time for Medicare Advantage plan members to adjust their existing plan or switch back to Original Medicare. The changes permitted during this period are similar to the broader Medicare Annual Enrollment Period (AEP); however, there are some differences and limitations. Essentially, it provides Medicare Advantage enrollees an additional chance to change your Medicare coverage based on your needs.

What’s the Purpose of the Medicare Advantage Open Enrollment Period?

The primary purpose of the Medicare Advantage Open Enrollment Period (OEP) is to offer Medicare beneficiaries enrolled in a Medicare Advantage plan an opportunity to make changes if their existing plan does not meet their needs. This period is particularly beneficial for those who may have overlooked changes to their plan affecting their doctor or prescription coverage, missed reviewing alternatives during the Annual Enrollment Period (AEP), or switched to a new plan only to find it not meeting their expectations.

Some of the reasons you may want to review other Medicare Advantage plan options or make a change during the Medicare Advantage Open Enrollment could be:

  • Some or all of your doctors or specialist providers are not in network with your plan.
  • A prescription medication you take has changed in tier or cost or is no longer covered by the plan’s formulary.
  • The pharmacy you like to use to obtain your prescriptions is no longer a preferred or in-network pharmacy.
  • There were changes to your associated costs, including premiums, deductibles, copays, and coinsurance.
  • You are unsatisfied with your plan’s ancillary benefits, such as fitness programs, mail-order pharmacy, nurse line, and other wellness services.

Related Read: Are You Satisfied With Your Medicare Advantage Plan?

What’s the Difference Between Medicare Advantage Open Enrollment (OEP) and Medicare Annual Enrollment (AEP)?

These two enrollment periods have a few differences, including when they occur, who can utilize each period and the plan changes you can make. 

Medicare AEP

The Medicare Annual Enrollment Period, Medicare Annual Enrollment runs from October 15 to December 7 each year. This enrollment period is open to all Medicare beneficiaries to make coverage changes for the upcoming year. Individuals can make as many changes as they would like during this timeframe, and the last change they make and plan they elect will take place on the 1st of the new year. 

Medicare Advantage OEP

In contrast, the Medicare Advantage Open Enrollment Period (MA OEP) runs annually from January 1 to March 31. This enrollment period is exclusive for individuals who are enrolled in a Medicare Advantage plan. Individuals on a Medicare Advantage plan can make one change during this timeframe, and the change they make will take effect the 1st day of the month following the new plan enrollment. 

As specified by Medicare.gov these are the changes a Medicare Advantage Enrollee can make during OEP:

  • Switch to another Medicare Advantage Plan with or without drug coverage.
  • Drop your Medicare Advantage Plan and go back to Original Medicare.
  • Join a Medicare drug plan.

Find Out More: What Are Medicare Election Periods?

Whether you discovered unforeseen changes in your plan or realized your current plan isn’t meeting expectations, the Medicare Advantage OEP gives you the opportunity to make beneficial changes. If you need help reviewing your Medicare plan options and ensuring your healthcare aligns seamlessly with your preferences and individual needs, the experienced team at Twin City Underwriters can help you.

Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!

Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, BlueCross BlueShield of Minnesota, Medica, UCare, United HealthCare and more. We work with you to find the best plan for your needs and budget. Contact us today to get started.