Many people enroll in Medicare Advantage Plans when they first become eligible for Medicare because of the low premiums and extra benefits offered. But life circumstances or changing health needs often require switching plans. If you decide you no longer want to be in a Medicare Advantage Plan, can you cancel it at any time?
Medicare Advantage Plans are an alternative to Original Medicare offered by private insurance companies approved by Medicare. Often called Medicare Part C, Medicare Advantage Plans bundle Medicare Part A, Part B, and usually Part D prescription coverage together in one plan. They offer low premiums and extra benefits but limit you to a network of healthcare providers.
Why might people want to leave their Medicare Advantage Plan and switch to something else? Here are some of the top reasons:
· High out-of-pocket costs like copays and deductibles
· Doctor or hospital you use left the plan's network
· Dissatisfied with poor customer service from plan
· Plan eliminated benefits you used
· Permanent move to a new location where the plan doesn't operate
· Want broader choice of providers and access to specialists
The steps to cancel your Medicare Advantage policy depend on when you want to make the change:
During Annual Enrollment Period
You can leave your plan for Original Medicare from October 15 to December 7 each year. Your coverage will switch on January 1.
During Medicare Advantage Open Enrollment Period
From January 1 to March 31, you can cancel your Medicare Advantage Plan and your coverage will begin the first day of the next month.
Outside These Times
Unless you qualify for a Special Enrollment Period, you can only cancel your plan during these regulated times.
· The Annual Medicare Open Enrollment Period every fall is the most common time to cancel a Medicare Advantage Plan.
· The Medicare Advantage Open Enrollment Period from January to March also allows people to switch plans.
· In most cases, you can't just cancel your Medicare Advantage Plan at any point during the year unless you qualify for a Special Enrollment Period.
· Freedom to see any healthcare provider nationwide who accepts Medicare
· Won't need referrals to see specialists
· Can add supplemental coverage like Medigap
· May lose extra benefits offered by Medicare Advantage
· No all-in-one coverage for medical, drugs, vision, dental, etc.
· Late enrollment penalties if you don't enroll in Part D drug plan
While you cannot just drop your Medicare Advantage Plan at any point during the year, there are designated times such as the Annual Enrollment Period when you can make a change. It's important to learn the ins and outs of both Medicare Advantage and Original Medicare so you can find the right healthcare coverage. Knowing the rules for switching plans empowers you to cancel your Medicare Advantage Plan when it no longer meets your needs.
You do not have to spend hours reading articles on the internet to get answers to your Medicare questions. Give the licensed insurance agents at Bourgeois Insurance a Call at (985) 803-8999. You will get the answers you seek in a matter of minutes, with no pressure and no sales pitch. We are truly here to help.
Part D provides drug coverage that is acquired separately or bundled into a Medicare Advantage Plan. Stand-alone PDPs and MA-PDs offer this coverage.
During your Initial Enrollment Period or the Annual Open Enrollment Period each fall (October 15-December 7) for coverage starting January 1.
Medicare Advantage Plans replace Original Medicare while Supplement Plans like Medigap Plan G fill coverage gaps left by Parts A and Part B coverage.
During the Open Enrollment Period each fall, you may enroll in a Medicare Advantage Plan for the following year. Certain life changes also allow switching outside this period.
During the first 3 months of the year, you have the right to disenroll and return to Original Medicare if not satisfied with an Advantage Plan.
Contact your plan or 1-800-MEDICARE during the January - March disenrollment period to request leaving your Advantage Plan.
The annual Fall Open Enrollment runs from October 15 - December 7 each year for coverage effective January 1 of the following year.
Generally once per year during Open Enrollment, or you may qualify for Special Enrollment Periods outside of that due to certain life changes that impact coverage needs.
Annual Notices of Change from existing plans and information packets from the Centers for Medicare & Medicaid Services help beneficiaries evaluate plan options.
Contact the specific Part D Plan directly to complete enrollment once you've selected a PDP to coordinate new coverage start dates.
311 N Canal Blvd Thibodaux, LA 70301
311 N Canal Blvd Thibodaux, LA 70301
Plans are insured or covered by Medicare Advantage (HMO, PPO, and PFFS) organization with a Medicare contract and/or a Medicare-approved Part D sponsor. Enrollment in the plan depends on the plan’s contract renewal with Medicare. We do not offer every plan in your area. Please contact medicare.gov or 1-800-Medicare to get information on all your options.
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