What you need to know about changing or updating your Medicare Advantage plan in 2020
Every year, people who are enrolled in a Medicare Advantage Plan (also known as Medicare Part C) have a limited opportunity to go back and make changes to their coverage, whether it is switching to a different MA plan that might be more advantageous, or, removing it altogether and going back to Original Medicare.
The open enrollment period for Medicare Advantage starts on January 1st and runs through March 31st every year, so time is already running out to make changes to your coverage.
What is ‘Open Enrollment’, Anyway?
Unlike the Annual Enrollment Period which occurs at the end of the year, Open Enrollment is strictly for people who are already enrolled in a Medicare Advantage plan. Because these plans have rates, networks, and rules that are confusing and constantly changing, this can be another opportunity for someone to change their mind if they are not comfortable with their current plan.
Open Enrollment presents a valuable opportunity to simply change your mind and go back to Original Medicare. The key is to take advantage of it while you still have the chance.
The Hard Part about Medicare Advantage
Some choose Medicare Advantage because of the way that they can keep costs down. Others are simply big fans of the ‘one-stop-shop’ nature of getting all your coverage from the same source.
But Medicare Advantage plans do restrict you to a specific network of doctors, whereas Original Medicare let’s you see any doctor that accepts Medicare.
If you do go back to Original Medicare, we strongly recommend adding a Medicare supplement plan. Our experienced team at MediGap Advisors has been walking people through the process for years. If you need some assistance, give us a call.
Remember, open enrollment ends March 31st, which means the clock is already ticking!
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage.