Not pleased with your Medicare Advantage plan? Meant to switch before the end of the year, but never got around to it? You have one more chance to change your Medicare Advantage plan for 2010.
If you didn’t get it switched during the November through December annual election period, you have one more opportunity to switch plans during what is called the open enrollment period from January 1 – March 31. Here’s a link to a tip sheet from Medicare on enrollment periods and what you can do.
During the open enrollment period you can change Medicare Advantage plans if you feel you have the wrong plan. Only one change per year is permitted. So even if you changed plans in the recent annual election period (Nov. 15 – Dec. 31) you may be able to change plans during the open enrollment period January 1 – March 31.
Changes that can be made during the Open Enrollment Period include:
*Medicare Advantage Plan with prescription Drugs (MA-PD) to a different MA-PD
*MA-PD to Original Medicare and a stand-alone Prescription Drug Plan (PDP)
*Original Medicare and a PDP to an MA-PD
*Medicare Advantage Plan without Prescription Drugs (MA) to a different MA
*Original Medicare to an MA
Remember that if you switch from a Medicare Advantage Plan to Original Medicare (Part A and Part B) and want to purchase a Medicare Supplement plan you will likely to need qualify for the Medicare Supplement Plan by going through underwriting. That means that will look at your current health conditions and decide whether or not you qualify for their insurance policy.
So make sure you don’t drop your Medicare Advantage Plan until you know that you are approved for a Medicare supplement plan to compliment Original Medicare. Original Medicare only covers a portion of the costs (generally 80%), so a Medicare Supplement Plan is a wise way to cover the remaining health care cost risk. It is best to work with an insurance agent or company who is knowledgeable about Medicare health plans.
Resources:
Understanding Medicare Enrollment Periods tip sheet
Medicare and You 2010 government brochure
Longevity Alliance – Information and quotes on a choice of Medicare Health Plans
