What is the Medicare Advantage OEP?
The Medicare Advantage open enrollment period, or MA OEP, is a Medicare enrollment period that runs from January 1 through March 31 each year. The MA OEP gives beneficiaries who are enrolled in a Medicare Advantage plan a chance to change their coverage. Changes are effective the first of the following month. Unlike the annual enrollment period, or AEP, the MA OEP is only available to some Medicare beneficiaries.
Who can use the MA OEP?
You must be enrolled in a Medicare Advantage plan on January 1 to use this enrollment period. If, for example, you have Original Medicare and a stand-alone Medicare Part D plan, you wouldn’t be able to use the MA OEP to make changes. You would have to wait for AEP to make a change to your coverage unless you qualify for another special election period. If you are enrolled in a Medicare Advantage plan on January 1 and you’re thinking about using the MA OEP, it’s important to understand what changes you can make.
How do I use the MA OEP?
Medicare has rules about who can use enrollment periods and how they can be used. During the MA OEP, you can drop your Medicare Advantage coverage and enroll in:
- A Medicare Advantage plan without prescription drug coverage
- A Medicare Advantage plan with prescription drug coverage
- Original Medicare only
- Original Medicare and a stand-alone Part D prescription drug plan
Click HERE for the original article and for more information regarding OEM.
References:
Journey Rx 2020, accessed 16 December 2020, < https://www.journeyrxmedicare.com/blog/medicare-advantage-OEP >
Leave a reply