Medicare's annual election period ends tomorrow, Dec. 7. Jae Oh, author of Maximize your Medicare, explains what you need to know.
Up until tomorrow (Dec. 7), Medicare users can switch their plans as many times as they would like before the deadline comes around. There are some other enrollment windows for Medicare, including one that is coming up in the first quarter of 2022. During that enrollment period, Medicare users can only switch once, according to Jae Oh.
This period is useful for those who may not have had the time to fully consider whether all of their doctors are in-network and if they are on the most cost-effective prescription plan, according to Oh.
An important thing to note is that you do not need to actively cancel your old plan, the new plan will automatically reject the old plan when it comes to Medicare Advantage and your prescription plan.
However, if you are canceling a Medigap plan to switch to a Medicare Advantage plan, you will have to cancel your Medigap plan. If you do not, you can still receive invoices from your Medigap provider.
To read more about changing your plan, check out these videos from Jae Oh.