Your Medicare plan is not set in stone. This is great news as your healthcare needs and budget are bound to change every now and then. If you’d like to change Medicare plans, you can always switch from Medicare Advantage to Original Medicare and vice versa. The caveat, however, is that you might not be able to change your coverage immediately. Keep reading to find out how this works.
Is it possible to switch from Medicare Advantage to Original Medicare?
Absolutely! Unfortunately, however, you can’t switch whenever you feel like it. There are several time periods that will allow you to do so. We will discuss these in the next question.
When can and can’t you switch your Medicare plan?
You may switch your Medicare plan during Medicare open enrollment, which runs from October 15th to December 7th every month. If you decide to change to a different Medicare Advantage plan or disenroll from your plan, your change will take effect on January 1st.
Also, you may leave Medicare Advantage during the Medicare Advantage Open Enrollment period which lasts from January 1st to March 31st each year. The month you disenroll will determine when your changes will be effective.
How do you switch from Medicare Advantage to Original Medicare?
To switch from Medicare Advantage to Original Medicare, you can contact your insurer directly and ask for a disenrollment form, call Medicare and complete the process over the phone, or visit your local Social Security office to get disenrolled.
Are there any special cases in which you are allowed to switch your plan?
There are special circumstances in which you can switch your plan at a time other than open enrollment. If you move away from your Medicare Advantage’s service area, you’ll be able to re enroll without incurring a penalty. This holds true even if there are other Medicare Advantage available at your new address.
Note that you can switch from a Medicare Advantage plan to Original Medicare the month before you move out of your plan’s service area and will be able to do so for two months after you move. Also, if you are admitted to a long-term care facility, you can switch your plan up to once per month while you’re there.
In addition, if you qualify for Medicaid, you can leave your Medicare Advantage plan and switch to Original Medicare. While you’re covered under both plans, you can make changes to your coverage once a quarter during the initial three quarters of the year.
Are there any tips to consider before switching?
Switching your health insurance plan is a big deal. After all, it can affect your premium cost and coverage significantly. Therefore, it’s a good idea to review your plan on a quarterly basis to make sure it works for you and determine whether it makes sense to change it. We encourage you to reach out to us if you’re unsure or would like an objective opinion.
Contact MAIR Agency Today
If you’re interested in learning more about your Medicare plan or would like to find the right health insurance plan for your unique situation, don’t hesitate to contact us today. We’d be happy to answer any questions you may have and guide you through the process.