The annual Open Enrollment Period (OEP), during which seniors enrolled in Medicare can change their plan or coverage, runs from October 1 to December 7. Medicare will begin taking effect on January 1 of next year, following changes made during this period. Subscribers can make the following changes:
▶It is possible to convert from Original Medicare (Part A + Part B) to Medicare Advantage Plan (Part C).
▶You can switch from the existing Medicare Advantage Plan (Part C) to another company’s plan or cancel the existing plan and return to original Medicare. Or, you can add or cancel a prescription drug plan (Part D).
▶Even if you are enrolled in Original Medicare, you can sign up for a Medicare prescription drug plan and change from your existing prescription drug plan to another plan. Part C, in which private insurance companies participate in Medicare, the federal government’s free health insurance, is a Medicare Advantage plan launched for subscribers who are not satisfied with original Medicare.
Original Medicare is a fee-for-service plan. Medicare Part A is hospital insurance required for hospitalization, and Medicare Part B is medical insurance required for general treatment. After the subscriber pays the deductible, Medicare pays Medicare’s share of the approved amount, and the subscriber pays the subscriber’s share through coinsurance and deductible. To receive prescription drug coverage, if you have Original Medicare (Parts A and B), you must sign up for Part D and pay an additional premium.
Medicare Advantage plans, or Part C, are plans offered by private insurance companies that contract with Medicare and include most of the benefits provided by Parts A and B, and usually also include prescription drug coverage. Additionally, vision, dental and other services may be provided.
Choose a Medicare Plan
You will need to decide who you will consult with to choose a plan. In other words, it is best to decide on a licensed insurance agent, broker, or insurance company. You can also contact your state health insurance assistance program for free, personalized counseling services. The site address is
shiptahelpcenter.orgam.
You can also call the Medicare Rights Centers National Helpline at 1-800-333-4114.
Additionally, you may want to consider potential sources of information and support in your community, such as retirement health centers, when choosing the most appropriate health care plan.
Premiums for Original Medicare do not change regardless of the company that administers the plan, but premiums for Medicare Advantage Plans, Part D, and Medigap Plans are determined differently depending on the company you purchase from and the state.
Reporter Jang Byeong-hee
What are the key deadlines that seniors need to be aware of during the Open Enrollment Period for Medicare?
1. To begin with, can you please explain the importance of the Open Enrollment Period for seniors enrolled in Medicare?
2. What changes can seniors make during this period, and why is it crucial to make those changes on time?
3. Could you elaborate on the differences between Original Medicare and Medicare Advantage Plan? When should someone consider switching from one to the other?
4. How can seniors decide which plan is the best fit for their needs, taking into account factors such as coverage, premiums, and out-of-pocket expenses?
5. Are there any risks associated with making changes during the Open Enrollment Period?
6. Can you guide our readers to reliable sources of information and support when it comes to choosing a Medicare plan?
7. In terms of choosing a healthcare plan, what recommendations would you give to seniors living in a retirement community?
8. Lastly, how has the COVID-19 pandemic impacted the process of selecting and enrolling in a Medicare plan? Have there been any changes in guidelines or resources available?
