If you enrolled in a Medicare Advantage plan or a Medicare Advantage Drug Plan and aren’t happy, you can make a change between January 1 – March 31, 2022. This special enrollment period is only for people who enrolled in a Medicare Advantage plan in 2022
What Can I Do During Medicare Advantage Open Enrollment?
During Medicare Advantage Open Enrollment, you can:
- Switch to a different Medicare Advantage plan or Medicare Advantage Drug Plan
- Go back to Original Medicare
- If you go back to Original Medicare, you can enroll in a Medicare Part D prescription drug plan.
You can only make one change between January 1-March 31, so make sure you choose wisely.
Reasons You May Want to Make a Change
There are just a few reasons why you might want to change plans::
- You didn’t know you signed up for a Medicare Advantage plan.
- The medicines you take aren’t covered by the plan’s formulary or cost a lot more.
- You signed up for a Medicare Advantage plan that didn’t include drug coverage.
- The plan doesn’t cover the services thought it would.
It’s a good idea to go use your plan early to make sure you get the services and coverage and services you thought you would get. If you don’t, then you have this short window to make a change.
I Want to Switch to Another Medicare Advantage Plan
You can choose any plan offered in your area. You don’t have to stay with the same insurance company you are enrolled with. If you want the plan to include prescription drug coverage, make sure you get a Medicare Advantage Prescription Drug Plan.
I Want to Go Back to Original Medicare
If you want to go back to Original Medicare, there are important things you need to think about. to make sure you will get the coverage you want and can afford.
- Dental and Vision Coverage
If your Medicare Advantage plan covered dental, vision, or other services not covered by Original Medicare, you need to think about how you will pay for those services.
- Prescription Drug Coverage
If you want your medicines covered, you will want to look at buying a Medicare Part D prescription drug plan. You will pay monthly premiums and have separate deductibles and copayments for drug coverage. This is in addition to the premiums, coinsurance, and copays you will pay for Original Medicare Parts A&B.
- Medigap Insurance
If you want help paying for the deductibles, coinsurance, and copays you will have to pay with Original Medicare, look into supplemental or Medigap insurance to see what is covered and what you will have to pay.
You won’t have a guaranteed right to purchase a Medigap policy during this time. The insurance company has the right to set the rate you will pay. Make sure you can buy and afford the Medigap policy you want before you change back to Original Medicare.
When Will My New Coverage Start?
If you switch plans or go back to Original Medicare, your coverage will start the first day of the next month:
- If you enroll any time in January, your new coverage starts February 1, 2022.
- If you enroll any time in February, your new coverage starts March 1.
- If you enroll any time in March, your coverage starts April 1.
Change Plans By March 31
The deadline to switch to another Medicare Advantage plan or go back to original Medicare is March 31, 2022. Remember, you can only make one change during this Medicare Advantage Open Enrollment period.
American Exchange Can Help at No Cost to You
If you want to make sure you weigh all your options and pick the best coverage for you, call American Exchange. Our Medicare-licensed enrollment brokers will help you compare Medicare Advantage plans, Medicare Part D drug plans, and Medigap plans available in your area. We do this at no cost or obligation to you. We want to make sure you get affordable coverage that meets your healthcare needs.
Make the most of your second change. Contact American Exchange today.