Throughout the fall, from October 15 to December 7, you had the opportunity to make changes to your Medicare plan if you desired. But some of you missed that deadline, perhaps. Others might have made changes, but now you’re having second thoughts.
Whatever the situation, those enrolled in Medicare Advantage plans have a second chance to review their options and make changes, if desired.
From January 1 to March 31, Medicare operates an Open Enrollment Period strictly for those enrolled in Medicare Advantage plans. If that description fits you, here’s what you can do during this time:
- Review your Advantage plan, including your covered providers and drug formulary, to determine if it still fits you
- Shop for other Medicare Advantage plans in your area, to see if another one might better suit your needs
- Switch from one Advantage plan to another, if you decide a different plan might work better for you
- Drop Medicare Advantage and go back to Original Medicare
- Add a Part D (prescription drug) plan if you do decide to go back to Original Medicare
If you do decide to make changes to your Medicare Advantage plan, those changes will take effect in the month after you switch. So, if you change your plan on January 20, for example, the changes will take effect on February 1.
It’s important to note that this enrollment period only applies to those enrolled in Medicare Advantage plans. If you’re using Original Medicare, your next opportunity to make changes will come in the fall, on October 15. Or you might quality for a Special Enrollment Period if you move or otherwise experience certain qualifying events.
For more information on what you can do during this time, call us to speak with a licensed agent and we can discuss your Advantage plan options.