Medicare Advantage plans (Part C) cover the same services as Original Medicare in addition to other benefits, such as prescription drug coverage, gym memberships, dental, vision, and hearing coverage, and more. Many choose to enroll in Medicare Advantage because of these extra benefits, but what exactly is the process to enroll in a different advantage plan when you feel it’s necessary?
Well, one of the first things to do is take advantage of enrollment periods, like the Medicare Advantage Open Enrollment Period.
What is the Medicare Advantage Open Enrollment Period?
There are several different enrollment periods involved with Medicare. One of these is the Medicare Advantage Open Enrollment Period. The Medicare Advantage Open Enrollment Period is a period when anyone enrolled in a Medicare Advantage plan can switch to a different advantage plan if they feel the need.
The Medicare Advantage Open Enrollment Period starts on January 1 and ends on March 31 of each year. During this period, you can switch to another Part C plan that offers prescription drug coverage. If you are already enrolled in a Part C plan that has prescription drug coverage, you can also switch to a plan that does not offer this coverage. You can also drop your Medicare Advantage plan in favor of Original Medicare.
Who can use this period?
It is important to note that the Medicare Advantage Open Enrollment Period is meant for people who are already enrolled in a Medicare Advantage plan, and not for those just enrolled in Original Medicare.
If you make any change to your coverage during this period, it will become effective on the first day of the next month after making the change and the plan gets your request. However, keep in mind that if you use this period to switch to Original Medicare, you more than likely will not be able to enroll in a Medicare Supplement Plan.
However, before you start making changes, you should always review your coverage and costs with your current plan, as well as the coverage and costs with the plans you are considering to ensure you are making the right decision. You can review your Medicare Advantage plan during the Medicare Advantage Open Enrollment period and make a change after considering certain factors. You can also review your coverage during the Annual Enrollment Period, which starts on October 15 and ends on December 7.
At Cornerstone Senior Advisors, we walk people through the Medicare process every day, helping them find the right plan at the right price. For more information about Medicare Advantage or Medicare in general, call us today at 316-260-331.