How and When Can I Change Medicare Insurance Plans?

Many people love their Medicare insurance plan. It offers them the coverage they need for a price they can afford. But each year, some people look to make a change with their plans. This isn’t to say that the plans are bad, it just makes sense for that person.

There are plenty of reasons why you may be interested in making a change. In fact, we suggest that you at least review your Medicare insurance plan each year to make sure it still fits your needs. Your medical needs could change. You may find a less expensive plan. You could move, necessitating a new plan network. Whatever your reason, knowing when you’re permitted to change your plan and how to go about it allows you to ensure you’re getting the benefits that best fit your needs.

Annual Enrollment Period

October 15 — December 7

The Annual Enrollment Period (AEP) runs every year from October 15 to December 7. This window of time is the primary Medicare insurance shopping season. During AEP, you can change to a different type of Medicare insurance plan. The only thing you can’t do is enroll in Original Medicare for the first time, unless your Initial Enrollment Period happens to occur during AEP. Specifically, you can:

• Enroll in a Medicare Advantage plan if you have Original Medicare (Parts A and B)

• Return to Original Medicare from a Medicare Advantage plan by not renewing for the next calendar year

• Move from one Medicare Advantage plan to another

• Enroll in a Medicare Part D plan

• Switch from one Part D plan to another

• Drop your Part D plan completely

This is an excellent time for Medicare beneficiaries to explore their options because there are different coverage options on the table. Do you have Original Medicare and love it, but want some additional coverage? You may be able to enroll in a Part D plan or Medicare Supplement. Enjoy your Medicare insurance, but want to consider private coverage? Look into a Medicare Advantage plan. Whatever your preference, there’s an option out there for you to explore.

Medicare Advantage Open Enrollment Period

January 1 — March 31

The Medicare Advantage Open Enrollment Period (OEP) is another window to make a change to your Medicare Insurance coverage. You can switch from Medicare Advantage to Original Medicare and a Part D plan, as well as pick up a Medicare Supplement if you qualify. Most importantly, you can use this time to switch from one Medicare Advantage plan to another.

Special Enrollment Periods

The third window that you may encounter is a Special Enrollment Period (SEP). Unlike the AEP and OEP, an SEP is based on the circumstances that created it. For example, if you’re working when you turn 65 and have creditable coverage, you can begin an SEP when you retire and lose that coverage through your work. Another common reason for an SEP is if you move or change your address and your new address is outside of your current plan’s service area.

There are many different reasons why you may get an SEP and each allows you to do different things. Moving, for example, allows you to switch to Original Medicare or to a new Medicare Advantage plan that’s within your network. If the Medicare program terminates its contract with your Medicare Advantage plan, you’ll be able to switch to a new Medicare Advantage plan. The length of time also varies depending on the reason for the SEP.

Changing Your Medicare Insurance Plan

While some Medicare insurance plans may automatically disenroll you from an old plan when you get a new one, other product and plan types may have specific disenrollment processes and/or timeframes. Speak with your licensed insurance agent or your insurance plan directly to learn more.

The beauty of the Medicare program is that there are so many options available, so your chances of finding a plan that fits your needs is highly in your favor. That said, if you need to change your plan for whatever reason, you have options.

Read more:
Medicare.gov. Joining a plan. – https://www.medicare.gov/basics/get-started-with-medicare/get-more-coverage/
joining-a-plan
Not affiliated or endorsed by Medicare or any government agency.