2022 Medicare Annual Election Period FAQs
2022 Medicare Annual Election Period FAQs
The Annual Election period is just a month away and you are probably already starting to get lots of information in the mail as well as getting lots of phone calls and sales solicitations. It can be overwhelming! So let’s break down some of the most frequently asked Medicare Annual Election Period questions as we move into this important 2022 enrollment period.
Q. When can I change my plan?
A. You are allowed to change your stand alone Medicare Part D drug plan or Medicare Advantage Plan between Oct. 15th and Dec. 7th. Any plan changes made during this period will go into effect on January 1, 2022.
Q. Do I need to re-enroll if I want to keep my coverage?
A. No! If you take no action you will remain enrolled in the same plan that you are currently enrolled for 2022.
Q. How do I know if I should change my plan?
A. Look for your Annual Notice of Change document in the mail this month from your insurance company. This document will outline any changes that are being made to your plan for 2022. For example: changes in premium, co-pays, covered drugs, etc.
Q. Is this is time to change my Medicare Supplement Plan?
A. This Annual Election Period does NOT apply to your Medicare Supplement Plan (Plan G, Plan N, Plan F, etc.). Medicare Supplement (Medigap) plans can be changed year-round and will typically be subject to medical underwriting. We recommend waiting to change your plan until around your policy anniversary date or when your company sends you a rate increase notice.
Q. Is Medicare going to raise my premiums or deductibles for 2022?
A. Medicare typically raises the Part B premium and deductible in January and they usually release that information in November.