A lot of people assume that they can't make changes to their Medicare coverage until the program's fall open enrollment period rolls around in October. But if you're enrolled in a Medicare Advantage plan, the rules are a bit different.
Medicare Advantage has its own open enrollment period that runs from Jan. 1 through March 31 each year. If you have one of these plans and aren't so thrilled with it, you have about another month to make a switch. Here are some quick tips for choosing replacement coverage.
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1. Know what changes you can make
During Medicare Advantage's open enrollment period, you can switch from one Medicare Advantage plan to another or drop your Medicare Advantage coverage and sign up for original Medicare. If you do the latter, you'll be able to add a Part D drug plan to your coverage.
But you can only make one change to your Medicare coverage during this window. So before you lock in a new plan, make certain it's truly a good fit.
2. Compare your total costs carefully
There are a number of different costs associated with Medicare Advantage plans. These include:
- Monthly premiums
- Copays and coinsurance
- Deductibles
- Out-of-pocket maximums
It's important to review all of these costs before choosing a new Medicare Advantage plan. It's common for these plans to come with a $0 premium. But a $0 premium plan isn't necessarily an inexpensive one when you account for the other costs just mentioned.
It's also important to check your prescription drug coverage when choosing a new Medicare Advantage plan. These plans use formularies to group medications into different tiers. Make sure your prescriptions fall into a tier level that results in affordable copays.
3. Make sure your preferred providers are in your plan's network
One big difference between Medicare Advantage and original Medicare is that with the former, you're generally limited to a specific network of providers. Going outside of that network could lead to huge costs. So if you have specific doctors or specialists you want to keep seeing, you'll need to make sure they're in your new plan's network.
Don't just look at provider names, though. Also look at hospitals, labs, and other care centers you might use.
Medicare Advantage's open enrollment period gives you a chance to lock in better coverage for the rest of 2026. Use these tips to find the right replacement plan so you can feel more confident in your decision – and perhaps spare yourself from spending more on healthcare expenses.
