Many Medicare beneficiaries have never evaluated whether they have the right Medicare Advantage plan. And if that’s the case for you, we’ve got good news. You have a chance to do a do-over.
How could that be?
Didn’t the Open Enrollment Period for Medicare Advantage and Medicare prescription drug coverage just end on December 7?
Yes, it did.
But there’s another time during the year when you can make changes to the Medicare Advantage plan (Part C) and/or Medicare prescription drug coverage (Part D) you already have. And that period, the Medicare Advantage Open Enrollment Period, runs from January 1 through March 31.
And here’s what you can do during this period.
- If you’re in a Medicare Advantage Plan (with or without drug coverage), you can switch to another Medicare Advantage Plan (with or without drug coverage).
- You can drop your Medicare Advantage Plan and return to Original Medicare. You'll also be able to join a Medicare Prescription Drug Plan.
You can evaluate whether you’re in the right plan at www.Medicare.gov/plan-finder.
Now you might wonder whether this exercise is worth the time and effort. Well, it is. According to Jae Oh, author of Maximize Your Medicare, the sellers of Medicare Advantage plans are motivated to offer competitive plans in your location. And that desire to be competitive results in a different set of benefits every year. Every year.
And the notion, says Oh, that you would stay with the same Medicare Advantage plan for many years is very unlikely given the competitive nature of the marketplace.
So, do yourself a favor: Double-check whether you have the best Medicare Advantage plan given your facts and circumstances. And if you don’t, change plans.
To know more about it, here's the full conversation with Jae Oh.
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