One Senior Place: Breaking down the A, B, C and D of 2023 Medicare open enrollment

Lisa Conway
·2 min read
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The Medicare open enrollment period allows seniors to consider switching to a Medicare Advantage plan.
The Medicare open enrollment period allows seniors to consider switching to a Medicare Advantage plan.

Q: Am I supposed to do something during Medicare open enrollment?

A: Medicare open enrollment, or Annual Enrollment Period (AEP), is an important time for the millions of Americans who rely on the federal health insurance program for their healthcare needs.

The annual enrollment period from Oct. 15 to Dec. 7 provides an opportunity to make changes to existing Medicare coverage.

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Medicare ABCs

The multi-part Medicare program is primarily designed for individuals aged 65 and older.

  • Part A: Covers hospital care and is typically premium-free for those who have paid Medicare taxes while working.

  • Part B: Covers medical services, doctor visits, and outpatient care. It requires a monthly premium.

  • Part C (Medicare Advantage): Offers an alternative to Parts A and B and often includes prescription drug coverage. These plans are provided by private insurers approved by Medicare.

  • Part D: Provides prescription drug coverage and is offered by private insurance companies.

Open Enrollment Matters

During Medicare open enrollment, beneficiaries can make important decisions.

  • Switch Plans: You can change from Original Medicare (Parts A and B) to a Medicare Advantage plan or vice versa.

  • Change Prescription Drug Plans: If you have Part D, you can switch to a plan that better fits your providers and medication needs.

Getting Ready

  • Review Your Current Coverage: Even if you're happy with it, understand your plan coverage, its costs, and any upcoming changes.

  • Evaluate Your Health Needs: Consider any health or medication changes. Are your current doctors and medications still covered?

  • Research Plans: The Medicare Plan Finder tool at Medicare.gov will compare plans based on your location and circumstances.

  • Seek Help: Medicare and State Health Insurance Assistance Programs offer free guidance. Insurance brokers can also help by reviewing your providers and medications before identifying the plan that is best for YOU. Each year, Viera Insurance Professionals has provided me with valuable guidance for my clients.

Enrollment Options

  • Online: Enroll at Medicare.gov.

  • By Phone: Call the insurance company, or Medicare at 800-MEDICARE.

  • In-Person: Meet with an insurance professional.

Important Deadlines

  • Open enrollment runs from Oct. 15 to Dec. 7.

  • Changes take effect Jan. 1 of the following year.

  • Late Enrollment Penalties: Failure to enroll in Medicare at age 65 can result in lifetime penalties and gaps in coverage.

Confused? On Oct. 11, One Senior Place in Viera will present Medicare 101: What You Need to Know for 2024. RSVP online or by calling 321-751-6771.

One Senior Place is a marketplace for resources and provider of information, advice, care and on-site services for seniors and their families. Questions for this column are answered by professionals in nursing, social work, care management and in-home care. Send questions to askOSP@OneSeniorPlace.com, call 321-751-6771 or visit One Senior Place, The Experts in Aging.

Lisa Conway is a Registered Nurse, Certified Dementia Practitioner and a Certified Care Manager for Senior Partner Care Services, Viera. Ms. Conway hosts a monthly seminar, 'Senior Health Friday with Nurse Lisa.'

This article originally appeared on Florida Today: When does 2023 Medicare open enrollment start? Here's what to know