Now that the new year has begun, are you feeling satisfied with your Medicare plan? The Annual Election Period came and went, closing down on December 7. But for those enrolled in Medicare Advantage plans, you have another opportunity to change to your plan if needed.
From January 1 to March 31, the Medicare Advantage Open Enrollment period allows you to reevaluate your plan and make certain changes. If you’re feeling less than certain about your plan, you can take the following actions at this time:
- Investigate the details of your Advantage plan, such as covered providers and the drug formulary, to determine if this is still the right plan for you
- Shop around, comparing other Medicare Advantage plans that are available in your area, to see if one might suit you better
- Drop your Medicare Advantage plan and enroll in a different Advantage plan, if you find a preferable one
- Drop your Advantage plan and go back to Original Medicare
- Add a Part D (prescription) plan if you do go back to Original Medicare
Keep in mind that Medicare Advantage Open Enrollment applies to those enrolled in Advantage plans only. If you’re currently enrolled in Original Medicare, you can’t make changes during this time (unless you qualify for a Special Enrollment Period, which is another type of enrollment).
Also, any changes you make will take effect on the first of the month following the month in which you make the change. So, for example, if you switch to a new Medicare Advantage plan on January 20, the new plan will take effect on February 1.
To learn more about what you can do at this time, contact our office to speak to a Medicare specialist. We can help you determine your next steps, and compare Advantage plans to find one that fits your needs and budget.