If you’re unhappy with your current Medicare Advantage plan, the Medicare Advantage Open Enrollment Period is a once-a-year window when you can make a change. Time and time again, we hear how beneficiaries decided to go with a Medicare Advantage plan without fully understanding how these plans work. It happens when beneficiaries try to take on the task of enrolling in a plan without an agent. Or with an agent who didn’t have their clients’ best interest in mind.
If you fall into at least one of the above categories, then keep reading. The video below also goes over this enrollment period in depth.
Medicare Advantage Open Enrollment Period
The Medicare Advantage Open Enrollment Period runs annually between January 1 and March 31. But, there are plenty of Medicare Advantage Enrollment Periods you should understand.
During this window, a current Medicare Advantage enrollee can:
- Switch from one Medicare Advantage plan to another.
- Disenroll from a Medicare Advantage plan and return to Medicare, with or without a prescription drug plan.
If you have a Medicare Advantage Prescription Drug Plan, you can switch to another or you could switch to just a Part D plan.
You can only make one change to your healthcare coverage during this time, so choose wisely. Once you make that change, you cannot make another change until the Medicare Annual Enrollment Period outside of qualifying for a Special Enrollment Period.
This enrollment period is ONLY for beneficiaries currently enrolled in a Medicare Advantage plan.
Who’s Eligible for the Medicare Advantage Open Enrollment Period?
As stated above, this enrollment period is only for those beneficiaries who are currently enrolled in a Medicare Advantage plan. For those familiar with Medicare, you may remember this time as the Medicare Advantage Disenrollment Period.
When Will My Policy Go in Effect if I Enroll During the Medicare Advantage Open Enrollment Period?
Why Discontinuing the Medicare Advantage Disenrollment Period Was a Bad Idea
The Medicare Advantage Disenrollment Period ran annually between January 1 through February 14. The ACA legislation discontinued the Medicare Advantage Disenrollment Period in 2010. The problem with discontinuing the Medicare Advantage Disenrollment Period is it was forcing beneficiaries to keep a plan they didn’t want, or that didn’t fit their healthcare needs for an entire year.
Many times, the beneficiary has the misconception that their Medicare Advantage plan is the same as a Medicare Supplement plan, which is far from the truth. There are many disadvantages to Medicare Advantage plans.
How to Get Help During the Medicare Advantage Open Enrollment Period
Are you unhappy with your current coverage? Do you wonder if there is a better plan option out there? If you're looking to change your current Medicare Advantage plan during the Medicare Advantage Open Enrollment Period, give us a call. We can help you get the coverage you needed from the beginning. Even if you're just curious about your options, we can either reassure you or find something that brings you the most value. If you prefer to look at options yourself, use our online rate form to see rates for plans in your area.