The Medicare Annual Election Period concluded on December 7 and will not reopen until October 15, 2023. But what can you do if you enrolled in a Medicare Advantage plan and now you’re not sure if you’ve chosen the right one for you?
For individuals enrolled in a Medicare Advantage plan, there is a second opportunity to make changes if needed. The Medicare Advantage Open Enrollment Period commences on January 1 and extends through March 31, providing a second chance for Advantage plan enrollees to reevaluate your plan.
There are various reasons why you might consider making changes on January 1. It could be that you’ve discovered a better plan in your area or are dissatisfied with your network of doctors and providers. A common scenario is when a preferred physician leaves the network, and you wish to continue seeing them. Alternatively, you might want to access a different clinic or hospital. Another possibility is being dissatisfied with your plan’s formulary (list of covered prescriptions) and needing better coverage for certain medications.
Regardless of your reason, during the Medicare Advantage Open Enrollment Period, you can take the following actions:
- Switch from one Medicare Advantage plan to another.
- Drop your Medicare Advantage plan entirely and return to Original Medicare.
- Add a Plan D (prescription) plan to your Original Medicare if you decide to leave Medicare Advantage.
It’s crucial to note that the Medicare Advantage Open Enrollment Period applies only to those enrolled in a Medicare Advantage plan on January 1. This enrollment window does not extend to individuals currently on Original Medicare. If you wish to transition from Original Medicare to a Medicare Advantage plan, you’ll need to wait until the Annual Election Period in the fall or qualify for a Special Enrollment Period.
If you require assistance understanding your enrollment options at this time or want to compare different Advantage plans available to you, feel free to give us a call, and we’ll be happy to help you review your choices.