Can You Cancel Medicare Advantage Plan at Any Time?

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 Plan

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.

Reasons Switch From Medicare Advantage

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

How to Cancel Medicare Advantage During Open Enrollment Period

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.

When to Cancel Medicare Advantage

·        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.

Pros and Cons of Canceling Medicare Advantage

Pros

·        Freedom to see any healthcare provider nationwide who accepts Medicare

·        Won't need referrals to see specialists

·        Can add supplemental coverage like Medigap

Cons

·        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

Conclusion

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.

We’re Here to Help

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.

FAQs

What is Medicare Part D prescription drug coverage?

 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.

When can I enroll in Prescription drug plan?

 During your Initial Enrollment Period or the Annual Open Enrollment Period each fall (October 15-December 7) for coverage starting January 1.

What is the difference between Medicare Advantage and Medicare Supplement Plans?

 Medicare Advantage Plans replace Original Medicare while Supplement Plans like Medigap Plan G fill coverage gaps left by Parts A and Part B coverage.

How do I switch Medicare Advantage Plans?

 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.

What happens if I want to leave my Medicare Advantage Plan?

 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.

How do I switch from Medicare Advantage back to Original Medicare?

 Contact your plan or 1-800-MEDICARE during the January - March disenrollment period to request leaving your Advantage Plan.

How can I use the Medicare Plan Finder tool?

 Medicare.gov/plan-compare allows customized searches, comparing coverage and costs of Medigap, Medicare Advantage, and Part D Plans in your area.

When is the next Medicare Special Enrollment period?

 The annual Fall Open Enrollment runs from October 15 - December 7 each year for coverage effective January 1 of the following year.

How often can I change Medicare coverage?

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.

What information is provided during Medicare Open Enrollment?

 Annual Notices of Change from existing plans and information packets from the Centers for Medicare & Medicaid Services help beneficiaries evaluate plan options.

How do I enroll in a Medicare Part D Plan if I'm switching coverage?

Contact the specific Part D Plan directly to complete enrollment once you've selected a PDP to coordinate new coverage start dates.