There's a reason seniors on Medicare are often advised to review their plan choices carefully during the program's fall open enrollment period, which runs from mid-October through early December every year. The coverage you sign up for during that period could affect not just your finances, but just as importantly, your health.
You may have signed up for a Medicare Advantage plan for 2024 this past fall. Whether it's your first time on Medicare Advantage or you've had one of these plans for years, it's possible to make a mistake in the course of electing your coverage.
Image source: Getty Images.
Some people don't realize the extent to which they'll incur out-of-pocket costs under Medicare Advantage until they actually start using their coverage. Others may not realize how hard it is to get access to providers or specialists with a Medicare Advantage plan.
No matter what your specific issue is, if you're dissatisfied with your Medicare Advantage plan, you might assume that at this point, you're stuck with it for the remainder of 2024. But the good news is that you may have more options than expected.
Take advantage of an additional open enrollment period
Fall open enrollment for Medicare may be long behind us at this point. But Medicare Advantage actually has its own open enrollment period that begins at the start of January each year and lasts through the end of March. You have options for switching your coverage during this time.
You could switch from your current Medicare Advantage plan to a different one -- either a brand-new one or a plan you've enrolled in before. You can also decide to ditch Medicare Advantage entirely and sign up for original Medicare instead.
You may want to consider the latter option if finding quality providers has been a struggle for you. With original Medicare, you can generally see any physician in the U.S. who accepts Medicare.
That said, there are some things you'll need to know if you decide to drop Medicare Advantage altogether and sign up for original Medicare. First, unlike Advantage plans, which are typically all-in-one plans that offer drug coverage, original Medicare requires you to sign up for a separate Part D drug plan.
Second, one benefit of Medicare Advantage plans is that they limit your out-of-pocket costs on a yearly basis. With original Medicare, there's no limit as to what you might spend taking care of your health.
A Medigap plan, or supplemental insurance, can help cover some of your out-of-pocket costs under original Medicare. But if you've been enrolled in a Medicare Advantage plan for quite some time, you might struggle to get a Medigap plan at this point -- or an affordable one.
It pays to explore your options
Medicare Advantage has its drawbacks, and you may find that the plan you've chosen just plain isn't working out well for you.
If that's the case, don't just resign yourself to keeping that plan for the remainder of 2024. Instead, explore your options for coverage. Look at different Advantage plans, or consider original Medicare in conjunction with a Part D drug plan.
If your Medicare Advantage plan is tough to navigate, or if it leaves you struggling to get access to care, you may be more inclined to give up on seeking care. But that's not a good thing at all. So at the very least, spend the next couple of weeks looking at different plans to see if there's a better alternative.
