If you have a Medicare Advantage plan and are unhappy with it, you might be able to change it. For those who missed the Annual Enrollment Period (which ended on December 7th), you have an opportunity to change your Advantage plan during the Medicare Advantage Open Enrollment Period.
The Medicare Advantage Open Enrollment Period (MA OEP) runs from January 1st-March 31st of each year. This is a special enrollment window only for people who already have a Medicare Advantage plan- regardless of whether their plan includes drug coverage or not.
During the Medicare Advantage Open Enrollment Period, beneficiaries are allowed to make a one-time to their coverage if they are dissatisfied with their current Medicare Advantage plan.
You may use this election period to do the following:
- Switch to another Medicare Advantage plan, with or without drug coverage.
OR
- Drop your Advantage plan completely and go back to Original Medicare.
If you drop your plan, you can also pick up a stand-alone Prescription Drug Plan.
Additionally, choosing to drop your Medicare Advantage Plan during this time will not guarantee your acceptance into a Medicare Supplement Plan. If you want a Supplement plan to replace your Advantage plan, be sure to speak with a licensed Medicare Advisor who can help you through the process. In most cases, you will be subject to Medical Underwriting, which means you will have to answer a series of health questions.
If you choose to make a change during this time, your new coverage will start on the first of the following month. Remember, this is a one-time change available only to those who are currently a member of a Medicare Advantage plan and are unhappy with it.
For help with Medicare Advantage plans – or any questions you may have about Medicare – contact AMAC’s Medicare Advisory Service at 1-855-611-4856 or request a quote below!
