The Medicare Advantage Open Enrollment Period (OEP) is a period during which Medicare beneficiaries who are enrolled in a Medicare Advantage Plan can make changes to their coverage. It occurs annually from January 1 to March 31.
During the OEP, beneficiaries who are enrolled in a Medicare Advantage Plan can make the following changes to their coverage:
• Switch to a different Medicare Advantage Plan: Beneficiaries can switch to a different Medicare Advantage Plan that has a 5-star rating or enroll in a different Medicare Advantage Plan that is available in their service area.
• Drop their Medicare Advantage Plan and return to Original Medicare: Beneficiaries can also drop their Medicare Advantage Plan and return to Original Medicare. They can also enroll in a standalone Medicare Part D prescription drug plan.
It's important to note that the OEP is different from the Annual Enrollment Period (AEP), which occurs from October 15 to December 7 each year. During the AEP, beneficiaries can switch from Original Medicare to a Medicare Advantage Plan, switch from one Medicare Advantage Plan to another, or enroll in a Medicare Part D prescription drug plan.
Also, not all beneficiaries are eligible for the OEP. Those who are already enrolled in Original Medicare with a standalone Medicare Part D prescription drug plan are not eligible. The OEP is only available to those who are enrolled in a Medicare Advantage Plan.
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