(Newswire.net — April 25, 2019) — Many people ask themselves the question: Do I have to sign up for Medicare every year? Well, the simple answer is that you don’t have to renew your coverage year after year. This is the case whether you’re in a Medicare Advantage Plan, Original Medicare or a Medicare Prescription Drug Plan. Provided that you pay your premiums, your Medicare coverage will be automatically renewed every year. However, there are several exceptions.
Do I Have to Sign Up For Medicare Every Year
Some exceptions will require you to take action to continue your coverage. Some of the situations where your stand-alone Medicare Part D Prescription Drug Plan or Medicare Advantage coverage won’t be renewed automatically include, but are not limited to:
- Your plan leaves the Medicare program in the middle of the year.
- For the upcoming year, your plan fails to renew its contract with Medicare.
- Your plan reduces its service area, resulting in a situation where you no longer leave within the coverage area.
- Medicare terminates its contractual agreement with your plan.
For instance, if your Medicare plan fails to renew its contract with Medicare for the following year, your cover will run for a Special Election Period (SEP) that will start from 8th December to the end of February of the following year. If you have Medicare Advantage and your current plan terminates its contract with Medicare before you enroll for a new plan, then you’ll be automatically reverted to Original Medicare.
It’s also important to bear in mind that new coverages start on the first day of the month after submitting your enrollment application. For instance, if you make your application on the 6th of March, your new Medicare plan won’t begin until the 1st of April.
In case your Medicare Prescription Drug Plan fails to renew its contract with Medicare, then you also get a three-month SEP. The three-month period begins two months prior to the contract’s end and runs one more month after the end of the contract. Similarly, if Medicare terminates your plan’s contract, your special election period kicks off a month before the effective date of termination and ends two months after the termination date.
Moreover, there a number of life-changing events that would also quality for SEPs, with each event having varying periods.
While you may not have to renew your Medicare coverage, it’s highly advisable to review your coverage every year. Drug formularies, provider and pharmacy networks and cost-sharing often change from one year to another and impact the costs you’ll incur out of pocket.
Also, provider of pharmacy networks may be taken off or added onto your list. Making annual comparisons of different plans is one of the best ways to ensure your coverage continues to be in alignment with your health needs and budget.
The points mentioned answer the question: Do I need to sign up for Medicare every year? If you’re not sure about what plan will best work for you, you can always seek professional help and advice. Also, whenever there are changes in your home address always make sure to let your provider know, so your coverage can continue.