Seniors on Medicare are often encouraged to review their healthcare coverage options during the program's fall open enrollment period, which runs from mid-October through early December every year. And you may have decided to move from one Medicare Advantage plan to another this past fall (which would mean getting a new Advantage plan for the start of 2023).
But what if that new Medicare Advantage plan isn't working out? Maybe you're finding that your costs are already higher than anticipated, and that's putting a strain on your limited retirement income. Or maybe your costs are manageable -- especially in light of this year's Social Security raise -- but you're having a hard time finding providers that are conveniently located to you.
Having easy, affordable access to healthcare is essential during retirement. When you're older, it's important to monitor existing health issues and be on the lookout for new ones. And so it's important to have a Medicare plan that serves your needs well. And if your new Advantage plan isn't cutting it, it pays to make a switch.
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But you don't need to wait until this year's fall open enrollment period to make changes to your Medicare Advantage coverage. Instead, you can take action early on in the year and get yourself on to a better plan.
You're not stuck with a bad Advantage plan
Medicare Advantage plans can vary in terms of costs, provider access, and benefits. If you made a change to your Medicare Advantage coverage that you aren't happy with, you should know that you have an opportunity to undo that decision.
Medicare Advantage has its own open enrollment period that runs from Jan. 1 through March 31 each year. During this period, you have a few options. You can:
- Dump your current Medicare Advantage plan and move to a different one.
- Go back to your former Medicare Advantage plan.
- Drop Medicare Advantage completely and sign up for original Medicare.
If you decide to drop Advantage completely and start getting coverage under original Medicare, you'll need to cover the cost of Part B premiums, plus a Part D drug plan. But you won't have to wait until fall open enrollment to sign up for a drug plan. So all told, you have options.
Don't settle for a plan that's not working for you
Sometimes, it's hard to know if a given Medicare Advantage plan is a good fit until you actually start to use it. But if you're already having a bad experience this early in the year, it may be that a change could work to your benefit.
The last thing you need is to feel like healthcare is a financial burden, or that you don't have access to the care you need. So if that's been your experience to date, take the opportunity to make changes to your Medicare Advantage coverage between now and the end of March.
In fact, if you're unhappy already, don't wait until March to start looking into different options. Instead, do your research now so you can secure better healthcare coverage sooner.
