While a Medicare Advantage plan doesn't offer the same freedoms you'll find in a Medicare Supplement plan, it can be a great alternative for someone unable to afford the monthly premiums of a Medigap plan. Unlike Medigap plans, Medicare Advantage plans are not standardized. Therefore, it's wise to have an annual review to make sure your current plan is still the best plan for you.
When is the Best Time to Switch Medicare Advantage Plans?
If you have an insurance agent, make sure to schedule a time each year to review your current Medicare Advantage plan and compare it to any new Medicare Advantage offerings. Our Medicare Life Group agents are just a phone call away if you'd like to discuss with them.
You may be familiar with the term "Medicare Advantage Disenrollment Period." Each year, from January 1 to February 14, you can disenroll from your Medicare Advantage plan and go back to Original Medicare (in which case we would also recommend obtaining a Medigap policy). But you cannot switch Medicare Advantage plans during the Disenrollment Period.*
The time for switching between Medicare Advantage plans is during the Open Enrollment Period. The Medicare Advantage Open Enrollment Period is from October 15 to December 7. During this time you can switch from one Medicare Advantage plan to another. You can switch from a Medicare Advantage plan that offers prescription drug coverage to one that doesn't, and vice versa. You can also switch from a Medicare Advantage plan to Original Medicare (and apply for a Medigap policy with an effective date of January 1). Open Enrollment is also the best time to switch Medicare Part D prescription drug plans. Keep in mind, if you have a Medicare Advantage plan already and purchase a Part D plan, your Medicare Advantage plan will be automatically canceled.
If you have questions regarding your Medicare Advantage plan, please send us an email, give us a call, or you can request a free quote and we'll compare the best Medicare Advantage plans for you.
*The Medicare Advantage Disenrollment Period was eliminated and replaced with a Medicare Advantage Enrollment Period in January 2020.
