Medicare is a federal health insurance program that provides healthcare coverage to seniors 65 years of age and older and to persons younger than 65 with certain qualifying illnesses or disabilities. Medicare is divided into different components that each cover certain types of healthcare services.

Medicare Part A: It pays for certain home healthcare services, hospice care, and non-long-term inpatient treatment in hospitals, nursing homes, and skilled nursing facilities.

Medicare Part B: It covers mental health services, ambulance transportation, durable medical equipment, lab testing, and screenings for preventative care, in addition to doctor check-ups and other outpatient services. Parts A and B are frequently referred to as Original Medicare to differentiate them from independently operated Medicare Advantage programs.

Medicare Part C or Medicare Advantage: Medicare Advantage plans, which commercial insurance firms offer in accordance with Medicare rules, are an alternative to traditional Medicare. Although coverage is primarily only available via network providers, participants typically have fewer out-of-pocket expenses.

Medicare Part D: It offers prescription drug coverage. To sign up for Medicare Part D, you must be covered by either regular Medicare or a Medicare Advantage plan.

Medigap: Also known as Medicare Supplement Insurance, Medigap is marketed by for-profit businesses and covers some expenses that original Medicare does not, such as coinsurance, deductibles, and copays.

What is the Medicare Open Enrollment Period?

Each year, there is a certain period known as Medicare open enrollment, during which people can make modifications to their Medicare coverage. Open enrollment is mostly for Medicare beneficiaries. The open enrollment period, which begins three months before an individual turns 65 and ends three months after that month, is the best time for new applicants to enroll. They can enroll during open enrollment if they still need to complete their original enrollment window.

Medicare's annual enrollment period runs from October 15 through December 7 each year. People with Medicare Part A or B are eligible to enroll during this period.

People with Medicare Advantage plans (Medicare Part C) have a different open enrollment period for Medicare. Medicare Advantage plans have an annual open enrollment period that spans from January 1 to March 31.

When is Medicare Open Enrollment Period 2022?

Medicare open enrollment runs annually from October 15 to December 7. If you join before the cutoff, your new health insurance coverage will begin on January 1 of the following year, 2023.

In addition to the usual Medicare open enrollment period, there are specific "open enrollment" periods for Medicare Advantage (Medicare Plan C) and Medigap plans.

What can you change during Medicare Open Enrollment Period?

You can make several adjustments to your current coverage during the Medicare open enrollment period.

Mainly, you can use the Medicare Open Enrollment period to:

• Shift to a Medicare Advantage plan (Medicare Part C) from Original Medicare (Parts A or B)
• Change to Original Medicare from a Medicare Advantage plan.
• Switch to a different Medicare Advantage plan from your existing one
• Sign up for prescription drug coverage via Medicare Part D.
• Switch to a different plan for your current Medicare Part D drug coverage.
• Remove the Medicare Part D insurance.

You can change your Medicare Advantage (Medicare Part C) plan during the open enrollment period, which spans from January 1 to March 31. You could convert to Original Medicare and sign up for Medicare Part D during this time.

To compare Medicare plans against your existing plan for coverage, cost, providers, and other perks, go to Medicare.gov.

What can't you do during Medicare Open Enrollment Period?

You cannot enroll in Medicare during this time since open enrollment for Medicare is only available to those currently covered by the program. If you are eligible, you must enroll in Medicare either during your original enrollment period, the Medicare Advantage Open enrollment period, the standard Medicare enrollment period, or a special enrollment period.

What If you Miss Open Enrollment Program?

If you have got a Medicare Advantage plan (Medicare Part C), you're lucky if you want to modify your insurance but missed the open enrollment period. Shortly after the regular open enrollment period ends, the Medicare Advantage open enrollment period begins. If you miss the December 7 deadline, you'll have another chance to change or cancel your Medicare Advantage plan from January 1 to March 31.

But suppose you have Original Medicare and miss open enrollment. In that case, you'll have to wait until the following open enrollment or until a specific enrollment period to modify your plan.

Can I enroll in Medicare during the Medicare Open Enrolment Period?

You cannot enroll in Medicare during this time since open enrollment for Medicare is only available to those who are currently covered by the program. You can sign up for Medicare online during your initial enrollment period, which typically spans the three months leading up to and following your 65th birthday month and the month of your actual birthday. If you don't sign up for Medicare, you'll need to wait until the open enrollment period spans from January 1 to March 31 every year. Waiting until the general registration period could result in late fees and a July 1 start date for coverage.

Bottom Line

You can modify your existing Medicare coverage under parts A or B during the Medicare open enrollment period. People who are enrolled in private Medicare Advantage plans have a different open enrollment period for Medicare (January 1 through March 31).

There are occasional exceptions, but generally speaking, you must wait until the next year to adjust if you miss your open enrollment period.