Right now, through March 31 your can switch your Medicare Advantage plan through an open enrollment period.
Many people have found that in January their current plan has made a change or
changes they are not happy with. Before you make any change, however, here are four things you
- Can I switch back to basic Medicare? You can switch to another Medicare Advantage plan or go
back to Medicare parts A & B. Remember if you drop an advantage plan for parts A & B you also need to choose a part D plan.
- What if I made a mistake or don’t like the change I made? Be careful, once you make a change you
are locked in for the remainder of the year and can’t change again until the next open enrollment.
- Can I change my part D prescription plan? No, once you made your selection in the fall open
enrollment you can not change.
- What should I be aware of? If you go back to part A & B you may not qualify for a Medicare
supplement or “Medigap” plan. You may need to go through underwriting and potentially be
declined. If you missed the initial enrollment and do not qualify for an exception, you can still enroll
but your coverage does not begin until July 1.
Many people consider making changes to their Medicare plans but beware of the pitfalls. It may be
best to speak to a Medicare Specialist or your Financial Advisor. Making the right choices can
certainly help in your financial well-being.