Get Ready for the New Medicare Advantage Open Enrollment Period
The New Medicare Advantage Open Enrollment Period (OEP) is coming in 2019. It will replace the Medicare Advantage Disenrollment Period (MADP) that started January 1st and continued through February 14th.
Starting January 1st, 2019 there will be an Open Enrollment Period (OEP) that will allow Medicare beneficiaries to make “like plan” changes until March 31st, 2019.
The change was announced on April 2, 2018 when the Centers for Medicare & Medicaid Services (CMS) issued a final rule that updates Medicare Advantage (MA) and the prescription drug benefit program (Part D) by promoting innovation and empowering MA and Part D sponsors with new tools to improve quality of care and provide more plan choices.
The final changes will result in a whopping $295 million in savings a year for the Medicare program over 5 years (2019 through 2023) – resulting in lower premiums or additional benefits.
Payers and providers should note that this enrollment period does not allow for Part D changes for individuals enrolled in Original Medicare, including those with enrollment in stand-alone PDPs.
What Does this Mean for Health Plans?
The new OEP will allow clients to dis-enroll from their current plan and switch to a different Medicare Advantage plan one time only. Meaning there will soon be an extra 3-month opportunity to sell Medicare Advantage plans beyond the 54-day Annual Enrollment Period!
It will allow your clients to “shop around” for the best health care coverage most suitable for their needs. This can be GREAT for luring in new customers – or hinder your growth if your existing customers decide to go with another provider.
Either way, insurers will need to optimize their acquisition strategy for OEP and improve their strategies to retain members. This starts with getting your processes in order, fixing your onboarding strategies and improving your customer satisfaction wherever possible.
Fear not, Blue Relay can help during this adjustment period. Speak to an expert for help today!
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