Facts You Need to Know About Medicare Open Enrollment Period 2022
It Is Coming!
Everywhere there is the buzz of the Medicare open enrollment period 2022. It will start soon from Oct 15th and will go on till December 7th. During this period, you’ll have the option to select new Medicare plans, change your current plan, or drop out from Medicare. It’s a time where you select a new plan from multiple new offerings that can promise you more coverage at low value.
While this period is quite anticipated in the US, many people are not acquainted with several tips and facts for Medicare. In general, there have been slight changes in the offerings, policies, and premiums for the 2022 Medicare. Without any further ado, we’ll list down plenty of facts, tips, and changes for the 2020 Medicare Open Enrollment period.
Medicare Open Enrollment 2022 Is Only for Enrollees
Whether you’re about to get eligible for a Medicare plan or you’re a new beneficiary, it’s not for you. Medicare’s open enrollment period is only for people who are enrolled in a plan. You can’t do anything during open enrollment if you’re not on Medicare. It’s honestly great to know that you’re nearing the eligibility criteria, but you’ve got nothing to do with the open enrollment yet.
If you want to sign-up for the first time on Medicare, you can reach out to any representative or visit their website.
Medicare Advantage (Part C) Plans Are Cheap for 2022
You wouldn’t believe this, but the Medicare Advantage (MA) premiums are going down for 2022. On average, it’ll be around $19 per month, which is around $2.22 lower than 2021. Therefore, there is a projection that enrollees for Medicare Advantage may rise during 2022. Also, there is news that many companies are initiating new Part C offerings.
You’ll have new offers and multiple plans to choose from. For example, Humana is expected to launch around 72 new healthcare plans with amazing coverage opportunities, including free COVID testing, vaccination, and food supplies until the quarantine period. Among those 72 plans, 48 will be MA plans, while the rest will be special needs plans.
These MA plans will cover the prescription drugs coverage as well. Besides, supplemental coverage will increase to 25% in 2022, which provides coverage for critically ill patients. Humana isn’t the only company expanding; there is news that other big players like Cigna and AETNA are expanding to new counties and delivering amazing coverage.
Switching of MA Plans
Many people are under the impression that they can only change their MA plans during the special enrollment period. The special enrollment period is less beneficial than the annual open enrollment. You can only make a single change during the special enrollment period, while you can make multiple changes to MA plans during the annual open period.
Review Drug Plans
Each year, there can be changes to your Part D prescription plans. Check out for changes regarding the policy, drug tier, drugs offerings, premium, and coverage of your provider. Check out whether your plan is offering your specific drug. If not, it’s time to shift to a new Part D provider.
Keep A Check on Your Mails
You’ll receive information and an NCOC notice regarding changes in your premiums and policy. Always view your emails and check for the changes. Moreover, you should skim the “Medicare and You” 2022 manual to get acquainted with the new policies.
It’s always a great idea to get the hang of things before they start. You’ll be more likely to make informed decisions and benefit from the annual medicare open enrollment period 2022.
Nonetheless, do you want to review new drug plans and supplemental coverages? Visit New Medicare and find the best possible new plan for yourself.