No, you do not need to renew your plans annually if you are enrolled under the original Medicare program. Original Medicare [1] does not make it compulsory for you to renew your plans every year, so most times there is no need for you to renew. However, if you are enrolled into other plans like Medicare Advantage [2] and Medicare part D, [3] you can decide to renew your plans every year. But these plans, just like the original Medicare, automatically renew on its own. You can also decide to change your plans annually if you want to.
Can Your Medicare Plan Get Expired?
Once you get enrolled into Original Medicare, your plan can never get expired. Instead, it renews on its own every year. However, your plan can be cancelled if you refuse to pay the monthly premium that is asked of you. If you are enjoying your plan and you do not want to change it, you can decide not to go for a renewal as it automatically renews every year.
When Can You Change Your Medicare Plan?
Changing your medicare plans can be done within the open enrollment period. [4] The open enrollment period happens once every year between the 15th of October and the 7th of December. Ensure that you keep this date in mind. If you fail to make changes to your plan, you will not be given the opportunity to do so until the next open enrollment period. Changes made will be effective from the 1st of January, the following year.
You should note that changes can be made to your plan by Medicare. You will receive notifications when these changes have been made and decide if these changes are suitable for you. During the open enrollment period, you are given the chance to make some changes to your current plan or even cancel the plan if the changes made by Medicare are not suitable.
Notice Of Non Renewal
For some reasons, your insurance company may decide not to renew its contract with Medicare. When this happens, you will receive a notification that explains your situation. In this case, you will be allowed to cancel your plan or change to another Medicare Advantage plan that will be suitable for you.
When trying to renew, it is important that you look for a satisfactory plan. Sometimes, another plan can be given to you automatically. You will have to review it and see it is okay for you. If it is not okay, ensure that you seek other Medicare Advantage plans.
Conditions that May Enable You Renew Medicare?
Normally, you do not need to renew your Medicare plan once you have become enrolled. However, there are some conditions you might be in which will make it essential for you to renew your plan. Some of these conditions may include:
- Your company did not renew its contract with Medicare.
- You stop working for about 8 to 10 months after the special enrollment period.
- When trying to get a Medigap plan, you let go of the Medicare Advantage plan.
- You have a plan with the Medicare Special Need Plan.[5]
- Your Medicare plan decreases the amount of services it covers and most of your services no longer get covered.
If you face any of these situations, you may need to renew your Medicare plan yearly.
Enrollment Period
The different periods in Medicare may include
- Open Enrollment Period: This period occurs between the 15th of October to 7th of December. During this period, you are given the chance to make changes to your plans or even change your plans. The changes made will be effective from the 1st of January, the following year. It is also called the Annual Election Period.
- Initial Enrollment Period: This period occurs around the time you become eligible for Medicare. It starts 3 months before your 65th birthday and may extend for another 3 months after your birthday.
- General Enrollment Period: This is a 2 month period that occurs between the 31st of January and the 31st of March. People who missed the initial enrollment period are given the chance to enroll.
- Special Enrollment Period: Special enrollment period [6] allows a person to make changes to their plans due to some situations.
It is important that you take note of these periods.
Evaluation of Your Medicare Policy
It is necessary that you evaluate your Medicare policy every year to know if the plan is still in your favour. As stated earlier, Medicare automatically renews itself every year, but a lot of changes can be made to your plans which you might need to review. You will be notified of these changes when they are made. These changes can be reviewed during the open enrollment period.
You can decide to carry on with the plan if these changes can satisfy your needs. You are also given the chance to change your plan if you do not find these changes favourable. Also some health conditions might require you to change your plan. During the open enrollment period, you are given the opportunity to review your Medicare policy and request for a change of plan if the conditions given are not favorable.
Most times when changes are made to your plan, you receive notifications around September (before the open enrollment period) and the effect of these changes starts around January. Most of the things you might be notified of may include increment in monthly premium and changes in the services that are covered. You will have to evaluate these changes and decide if you want to continue.
Conclusion
Normally, you do not have to renew original Medicare as it automatically renews itself. Other Medicare plans like the Medicare Advantage and Medigap also renew on their own. You will however be given the chance to review your plans and make changes to them so that your needs are met. You should however take note of the enrollment periods so that you know when you are able to make changes to your plan. If you miss any of these periods, you might miss the chance to make changes and probably wait for the next enrollment period.
Reference:
[1]https://www.aarp.org/health/medicare-qa-tool/what-is-original-medicare/
[2]https://www.medicare.gov/sign-upchange-plans/types-of-medicare-health-plans/medicare-advantage-plans
[3]https://www.medicareinteractive.org/get-answers/medicare-basics/medicare-coverage-overview/medicare-part-d
[4]https://www.healthcare.gov/glossary/open-enrollment-period
[5]https://www.cms.gov/Medicare/Health-Plans/SpecialNeedsPlans
[6]https://www.healthcare.gov/glossary/special-enrollment-period