You should know some things before changing your Medicare policy. Choosing a Medicare plan is a daunting task for many people. Also, enrolling in one may feel like the end to this struggle. However, sometimes it’s not, and you want to change your Medicare plan after some time. Hundreds of thousands of Medicare enrollees do it every year. It may feel overwhelming, but changing your Medicare coverage should be relatively easy. By now you’re likely to know a thing or two about the federal insurance system this time.
We are here to make sure you don’t miss out on something. We will discuss some of the most important things you should know when changing your Medicare policy. But, before we do that, let’s quickly take a look at why anyone would want to change their Medicare plan.
Why People Switch Medicare Plans?
There can be many reasons why people want to change their Medicare policies after a while. Here are the most prevalent ones:
- They didn’t do their homework carefully the first time and aren’t happy with their coverage.
- Their healthcare needs have changed over time, and they either need more benefits or are paying for coverages they longer need.
- They want coverage for specific drugs.
- They are looking for a more affordable option.
- They are not happy with the insurance company they are working with.
Things to Know When Changing Your Medicare Plan
No matter the reason, make sure you have the right information when deciding to change your Medicare policy. Here are some of the important bits of information to remember:
● Know When You Can Change Your Medicare Coverage
Unless you’re under certain special circumstances, there are only specific periods when you’re allowed to switch from one Medicare plan to another. These include:
✔ Initial Enrollment Period
Medicare’s initial enrollment period begins three months before your 65th birthday. This lasts until three months after your birthday month. If you realize that you have signed up for the wrong Medicare plan within this seven-month window, you can change your policy easily.
✔ Open Enrollment Period
Also, AEP, the Medicare open enrollment period allows you to join, change, and cancel your plan. For Original Medicare, this period runs from October 15 to December 7 every year. Changes made during this period get into effect from the New Year.
For Medicare Advantage enrollees looking to move back to Original Medicare, the Open Enrollment Period runs from January 1 to March 31. You can also join a Medicare Part D plan during this time.
● Know About Medicare Special Enrollment Periods
Life doesn’t always go as planned. But, you shouldn’t lose Medicare coverage due to some unforeseen circumstances. Medicare Special Enrollment Periods allow you to make changes to your Medicare Advantage and/or Prescription Drug plans if you meet any of the following criteria:
- You return to the US after living abroad for a while.
- You move to a new address, which makes you fall out of the coverage area of your existing insurance provider.
- You move to a new house that is within the coverage area of your current provider, but there are new plan options available, and you want to switch.
- You have recently got released from jail.
- You have other insurance coverage options available, such as Medicaid, Employer’s insurance, etc.
- You become eligible for Extra Help from the Social Security Administration in paying for your Medicare Part D.
- You enroll in or drop your PACE coverage.
- You were previously enrolled in Medicaid, but are no longer eligible for it.
There may be other special situations that make you qualify for a Special Enrollment Period. Always check with your Medicare insurance provider if there’s a major change in your plan or life. The duration of Special Enrollment periods and conditions for what changes you can make vary across different situations.
● Know How to Change Medicare Policy
The conditions and procedure for making changes to your Medicare coverage tend to vary depending on what plan you’re enrolled in and what changes you want to make. To ensure the process goes smoothly, you should know how to go about making the exact change that you want. Let’s quickly look at some common situations and discuss what’s required to make those changes:
- If you want to switch from one Medicare Advantage or Prescription Drug plan to another, simply enroll in the new plan, and your previous coverage will end automatically.
- However, if you just want to end your Medicare Advantage or Prescription Drug coverage and are not enrolling in a new plan, you have to inform your insurance provider in writing.
- If you want to go back to Original Medicare from Medicare Advantage, you first have to get in touch with your current plan administrator and inform them about the change. Next, you need to call Medicare to get enrolled in the Original Medicare plan.
● Medicare Supplement Plans Come with a “Free-Look” Period
Medigap plans come with a one-month “free–look” period, which is basically a trial period during which you can decide if you want to keep the plan or not. Take advantage of this option when switching your Medicare Supplement plan to make sure the new plan meets all your needs.
When switching Medigap plans, the biggest mistake people make is canceling their old plan as soon as they get approval for the new one. Don’t do that. Keep your old plan for the “free-look” period. Once you have decided to go ahead with the new Medigap policy, only then should you call your previous insurance provider and request to end your coverage.
The Sum Up
Changing your Medicare policy may not be as hard as enrolling in Medicare the first time because you already have some knowledge about Medicare plans and industry. However, it’s tricky, and things can get haywire if you don’t know how to go about making your required changes in your Medicare coverage. In this blog post, we have discussed some of the most basic and important factors to help you get on the right track. If you need more assistance with changing your Medicare policy, get in touch with us to talk to a Medicare expert.