23 September What the 2020 Medicare Annual Election Period (MAEP) Means for You September 23, 2020 By Editor Medicare Supplement AEP, medicare, medicare supplement, medigap, open enrollment, seniors 0 What is the Annual Election Period? Also called Fall Open Enrollment, the Medicare Annual Election Period is one of two important periods for individuals eligible for Medicare. Eligible individuals can: - Enroll in Medicare Advantage - Switch Medicare Advantage Plans, or - Disenroll from Medicare Advantage altogether and return to Original Medicare If you return to Original Medicare, you are eligible for supplemental coverage. When is the Annual Election Period? The Annual Election Period runs from October 15th to December 7th. Deciding on Supplemental Coverage Medicare Supplement plans, also known as Medigap plans, can take the place of a Medicare Advantage plan. Medicare Supplement plans are meant to cover healthcare costs and services that Original Medicare does not cover, including co-payments, coinsurance, and deductibles. Why a Medicare Supplement Plan Could be Right for You Healthcare providers that accept Medicare will accept Medicare Supplement plans No networks, no HMOs, no PPOs, no referrals required for doctors or specialists Generally, no co-pays when services are rendered Medicare Supplement plans are government standardized, so you can compare prices from one company to another and know coverage is the same Policies are “Guaranteed Renewable” – as long as you pay your premium, you cannot lose your coverage Your Medicare Supplement plan travels with you if you move to another city or state Few limitations and no “hidden” costs related to co-pays and/or deductibles Remember that with MACRA, Plan C, Plan F, and high-deductible Plan F are no longer available for those eligible for Medicare ON or AFTER January 1, 2020. Anyone who become eligible or who enrolled prior to January 1, 2020 may switch to Plan C or Plan F if it's available in your state. For information on the products ManhattanLife offers, visit Medicare Supplement Plans for seniors. Related Posts The 2018 Medicare Annual Election Period and How to Take Advantage of It The first period is The Annual Election Period (October 15th through December 7th). In this period eligible individuals may enroll or disenroll from a Medicare Advantage plan. The second period is The Medicare Advantage Disenrollment Period (January 1st through February 14th). In this period Medicare Advantage enrollees have the opportunity to disenroll from their plan and acquire a Medicare Supplement plan, if they so choose. Medicare Supplement Plans and You - Know Your Options If you return to Original Medicare during the Annual Election Period (October 15th – December 7th), you could be eligible for a Medicare Supplement plan. Know your options. The Medicare Advantage Disenrollment Period - What Can You Do? The Medicare Advantage Disenrollment Period (MADP) runs from January 1st through March 31st. Make sure you know your options. Part 2: Unpacking Medicare Supplement Maggie continues her quest to learn more about healthcare at age 65 and beyond. In Part 2 of our blog series, she discovers the myriad of details that make up this supplemental insurance. Understanding Medicare's Enrollment Periods There are many people who are confused by a complicated system on when they can enroll in different Medicare plans. Let's see if we can add a little clarity to the different "enrollment periods". Part One: Unpacking Medicare Supplement Along with Medicare, Medicare Supplement or Medigap can give assist in providing more thorough health insurance. Join Maggie as she embarks on a five-part journey to better understand just how beneficial Medicare Supplement coverage can be. Comments are closed.