Each year, Medicare’s annual Open Enrollment Period (OEP) runs from October 15 until December 7. During this time, you can review your current health insurance coverage and make changes. But what happens if you miss the deadline for open enrollment? Do you have to wait until the next year’s OEP to make changes to your coverage?
If you missed the Open Enrollment Period, don’t feel as though you’re trapped in a plan that doesn’t meet your needs. If the cost of drugs, coverage or key benefits becomes more than you can afford, there may be opportunities to make changes and reduce your out-of-pocket costs. Fortunately, seniors can change their coverage outside of the annual OEP under a few different circumstances. However, Medicare late enrollment penalties may apply depending on your unique situation.
