If you signed up during the Annual Enrollment Period (AEP) for a Medicare Advantage plan that is not fulfilling your needs, you have until the end of March to adjust your coverage.
The Medicare Advantage Open Enrollment Period is open from Jan. 1 to March 31. If you’re a Medicare Advantage-eligible beneficiary, you can disenroll from a Medicare Advantage plan and enroll in another Medicare Advantage plan, or you can switch back to Original Medicare, with or without Part D prescription drug coverage.
Now is a good time to double check whether your MA plan includes your doctor and any specialists in its network so you’ll be well protected. You can also ask yourself these questions during OEP:
Keep in mind, OEP is different from AEP — the period from mid-October to the beginning of December. During AEP, you can make more than one change. However, this time during OEP, you can only make one change, effective the first of the following month.
Medicare Advantage-eligible beneficiaries are allowed to make the following approved changes during OEP:
If you’re unsure whether you want to keep your Medicare Advantage plan or switch to Original Medicare, you can weigh how important cost versus provider access matters to you. If you want the ability to visit almost all healthcare providers, anywhere in the country, and don’t want to have to get permission from an insurance company to see specialists, consider Original Medicare. On the other hand, if you want higher cost-sharing and prefer to choose from a network of providers, you’ll want to lean toward Medicare Advantage.
To check whether your doctor is in-network, go to your insurance company’s website and use its physician directory. These resources can also help:
Above all, if you’re confused, don’t be shy with your insurance agent. Look at the information your insurance company is sending you, and if you have a question, talk to your insurance company and agent.
Of course, if you’re content and feel that your current plan will meet your needs this year, you don’t need to do anything. Or if you decide to keep your Medicare Advantage plan but need additional coverage, Hospital Indemnity, First Diagnosis Cancer, and Short-term Care insurance can help round out your coverage needs.
Similarly, if you switch to Original Medicare, Wellabe’s Medicare Supplement and Dental insurance can complement your new plan. Please call 866-739-8143 or request a free quote to learn which insurance best fills your coverage gaps.
Photo credit: iStock
Kelly Rayburn, AVP national sales and distribution at Wellabe, and Olga Villaverde, from Lifetime TV’s The Balancing Act, discuss what Medicare Supplement insurance is and how it differs from Medicare Advantage.
More topics at thebalancingact.com
Wellabe offers life and supplemental health insurance plans to help you prepare for good days and bad. We’ll always be here to empower you to be well — well prepared, well protected, and well loved.
