You are not required to continue with a Medicare plan that is not appropriate for you.
Why should you switch Medicare plans?
You may need various things from your healthcare plan over time, such as greater coverage or a cheaper price. Several factors may lead to a change in Medicare plans, including:
• Price: Rising premiums or deductibles may make even the greatest plan unaffordable. When shopping for plans, keep in mind not only the cost of your monthly premium, but also out-of-pocket maximums, deductibles, coinsurance, and copays, all of which contribute to the overall cost of your coverage.
• Your doctor is no longer in-network: If your doctor no longer accepts Medicare or just quits the network, you will be informed and have the option to select another doctor. This may need extra travel time to and from doctor’s visits.
• Inadequate coverage: Your medical requirements may vary over time. Perhaps you will need coverage for items that your current plan does not cover, such as prescription medications or a hearing aid.
• Changes in eligibility: If your income or health status changes, you may become dual-eligible, which means you are eligible for both Medicare and Medicaid. Certain health problems, such as end-stage renal illness, may exclude you from enrolling in a Medicare Advantage plan.
How to Make a Change in Your Medicare Plan
Depending on your existing coverage, you may be able to alter your Medicare plan at times. Once you’ve registered, you have two primary options for switching to a new plan.
Annual Enrollment Period for Medicare (AEP)
• If you already have a Medicare Advantage (Medicare Part C) or prescription medication (Medicare Part D) plan, you may add, remove, or modify it during the Medicare Annual Enrollment Period (AEP), which runs from Oct. 15 to Dec. 7.
Open Enrollment Period for Medicare Advantage
• If you signed up for a Medicare Advantage plan during the Annual Enrollment Period, you have until March 31 to quit your plan and return to Original Medicare (Parts A and B), or you have a one-time chance to:
• Modify your Medicare Advantage plan.
• Enroll in a separate Part D prescription drug plan if you are leaving a Medicare Advantage plan that includes Part D prescription drug coverage and returning to Original Medicare.
If you have a qualifying life event, you may be eligible for a Special Enrollment Period that occurs outside of the AEP.
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