Are you unhappy with your Medicare Advantage plan?
If so, there’s a Medicare Advantage Open Enrollment Period each year from January 1 – March 31, according to Jae Oh, author of Maximize Your Medicare.
And during this time, if you’re in a Medicare Advantage plan and want to change your health plan, you can switch to a different Medicare Advantage plan with or without drug coverage, or go back to Original Medicare and, if needed, also join a Medicare Prescription Drug plan.
This (period) applies only to those policyholders who have a Medicare Advantage plan that is effective on Jan. 1, 2021, said Oh, noting that it's a one-time option.
According to Oh, there are many reasons why you might switch plans. There could have been changes to your plan’s provider network, or perhaps a particular prescription is covered better under another plan, or there may be enhanced benefits at another plan that fit your needs better.
During this period, existing Medicare Advantage plan owners can cancel their Medicare Advantage plan and return to original Medicare as well.
A word of caution to those who choose to return to original Medicare: There's a yearly limit on your out-of-pocket costs for all medical services with a Medicare Advantage plan. That's not the case with original Medicare. Also, caution is required if you switch to original Medicare and try to purchase a Medigap policy during this period. "One must be mindful that your Medigap application could possibly be rejected at the will of the insurance carrier," said Oh.
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