Once you're 65 and are eligible for coverage through Medicare, you have a choice. You could stick with original Medicare and pair it with a Part D drug plan. Or, you can sign up for a Medicare Advantage plan.
Medicare Advantage plans are required to offer at least the same level of coverage as original Medicare. But often, they come with extra benefits and, in some cases, lower total costs.
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But if you aren't happy with your Medicare Advantage plan, you have an opportunity to make a change to your coverage. You just need to act pretty quickly.
Should you switch your Medicare Advantage plan?
A lot of people are familiar with Medicare's fall open enrollment period, which runs annually from Oct. 15 through Dec. 7. Medicare Advantage has its own similar open enrollment period that runs from Jan. 1 through March 31 each year.
During this time, you can:
- Move from one Medicare Advantage plan to another.
- Ditch Medicare Advantage in favor of original Medicare.
But since we're already at the end of February, you only have about another month to make a change if you're a current Medicare Advantage enrollee. And you may want to consider switching plans if any of the following apply to you:
- Your out-of-pocket costs are much higher than expected (which may be the case even if you have a $0 premium plan).
- You don't have access to your preferred doctors through your plan, and as such, you feel you aren't getting the care you need.
- Your plan's benefits have changed, and you no longer have access to the same perks you once did.
- You're tired of having your care delayed due to stringent prior authorization requirements.
- You're frustrated with long wait times every time you call your plan's customer service line.
Don't hesitate to make a change
If you don't dump your current Medicare Advantage plan by March 31, you'll be stuck with it through the end of the year. So if you're on the fence, research your options to see if there's a better one than the plan you're currently on.
Even if you're not overwhelmingly unhappy with your Medicare Advantage plan, there could be another plan available to you that's a better fit. Or, original Medicare might be a better fit, especially if you find yourself traveling outside of your ZIP code a lot and want access to more doctors. So it's worth seeing what's out there while you still have an opportunity to get new coverage.
