What is OEP?
Hi, you may be wondering, what is OEP (Medicare)? The Open Enrollment Period (OEP) is set by the federal government when people can enroll in a Medicare Advantage plan or make changes to their existing Medicare Advantage plan. The OEP is happens once a year from January 1st to March 31st. There is also an OEP for Medicare Supplement (or Medigap) enrollment that is available once. This happens when you sign up for Part B and have Part A. The OEP for Medicare Supplement sign up would be 6 months from when you have Part B coverage. There is also an OEP for health insurance for people who are under 65. That OEP is from November 1st to January 15th each year. This is when you are able to sign up for health insurance through an insurance exchange. We can help you do this.
During the OEP, individuals can enroll in a new Medicare plan, switch from one plan to another, or make changes to their existing coverage. They can also enroll in a Medicare Advantage plan or a Medicare Part D prescription drug plan if they are eligible, usually through another enrollment period. The OEP is an important opportunity for individuals to review their health insurance needs , then make necessary changes to their coverage. Also, it is when insurance companies can make changes to their plans, such as adjusting premiums and changing the benefits they offer.
Importantly, people can make changes to their existing coverage during the OEP to ensure that they have continuous coverage. If you miss the OEP, you may have to wait until the next AEP to enroll in a Medicare plan, unless they qualify for a Special Enrollment Period (SEP). SEPs are available to people who have experienced certain changes, such as moving, changes in health, or losing coverage, which allows them to enroll in a Medicare plan outside of the OEP or AEP. This is similar to people who are under 65, have have a life change such as a marriage, divorce, a new child, or losing coverage.
So, the Open Enrollment Period (OEP) is when people can make changes to their existing Medicare coverage. Importantly, people can review their Medicare insurance needs and make any necessary changes to their coverage. If an individual misses the OEP, they may have to wait until the next AEP to enroll in a Medicare plan, unless they qualify for a Special Enrollment Period (SEP). If you are under 65, and want to sign up for health insurance, then you need to sign up between November 1st and January 1st. If you miss this sign up, you will need to wait until the next OEP unless you have an SEP.
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