The Medicare Lock-In. A very ominous sounding phrase, but what is it?
In short, the Lock-In refers to the time of year when, generally speaking, a Medicare Beneficiary is unable to change from Original Medicare to a Medicare Advantage Pan (or vice-versa) or change their Prescription Drug coverage.
As you may know, there are only two ways to receive your Medicare benefits; either through Original Medicare (Part A & Part B) or through a Medicare Advantage Pan (Part C). However, Medicare no longer allows a beneficiary to change back and forth between the two at will. Instead, Medicare requires that once you make your decision, you stick with it for one calendar year. During the Annual Enrollment Period (that runs from October 15th through December 7th) you are able to choose between the two. Your decision will take effect on January 1st, and you will be "locked-in" to that decision until December 31st.
Likewise, you may use the Annual Enrollment Period (AEP) to add, drop, or change your prescription drug coverage (Part D). This change also takes effect on January 1st and continues throughout the entire year.
But as with all things government, there are exceptions. Countless exceptions. These exceptions are called Special Election Periods (SEPs). If you are unhappy with the plan that you are currently on and would like to see if you qualify for an SEP, please give us a call (800-817-9223) or shoot us an email and we can let you know what your options are.