- Initial Enrollment Period (IEP). This is the 7-month period that begins 3 months before the month you turn 65 and ends 3 months after the month you turn 65. During this time, you can enroll in any Medicare Advantage plan that is available in your area.
- Open Enrollment Period (OEP) or Annual Election Period (AEP). This is the annual period that runs from October 15 to December 7. During this time, you can switch to a different Medicare Advantage plan, even if you are not new to Medicare.
- Medicare Advantage Open Enrollment Period (MA OEP). This is the annual period that runs from January 1 to March 31. During this time, you can switch to a different Medicare Advantage plan, even if you are not new to Medicare.
- Special Enrollment Period (SEP). This is a special enrollment period that allows you to enroll in a Medicare Advantage plan if you have a qualifying life event. A qualifying life event is something that changes your eligibility for Medicare, such as losing your employer-sponsored health insurance or moving to a new geographic area.
There are a few reasons why you might want to join, switch, or drop a Medicare Advantage plan:
- You want to change your doctors or hospitals. If you move to a new area, you may want to switch to a Medicare Advantage plan that covers your new doctors and hospitals.
- You want to change your coverage. If you need more or less coverage, you may want to switch to a Medicare Advantage plan that offers the level of coverage you need.
- You want to save money. If you find a Medicare Advantage plan that costs less than your current plan, you may want to switch to the new plan.
If you are thinking about joining, switching, or dropping a Medicare Advantage plan, it is important to do your research and compare plans before deciding. You can find more information about Medicare Advantage plans by contacting Ashford Insurance at 817-952-3153.
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