It’s shocking to many seniors, but 3.5 million seniors will see their Medicare Advantage plans disappear next year. 13% of Medicare Advantage plans are being dropped and many others are undergoing important changes, so if you haven’t started thinking about whether you need to make changes to your Medicare during Medicare Open Enrollment, better make sure you’ve read all the Medicare notices in your unread mail pile.
Here are 3 Biggest Things you should keep in mind if your Medicare Advantage plan is being terminated at the end of the year:
Did You Receive a Notice of Changes?
If your Medicare Advantage plan is being terminated or if there are any other changes to your plan, you should have received a “Notice of Changes” by now. If you don’t remember receiving one, you may have tossed it into the garbage, and should call your plan provider for a copy.
If Your Medicare Advantage Is Terminated and You Don’t Switch
If your Medicare Advantage is terminated and you don’t switch to another plan, you will automatically be switched back to original Medicare. Original Medicare does not include a prescription drug benefit, so if your Medicare Advantage plan is cancelled and you do not actively switch to another plan, you will be stuck without prescription drug benefits for a year.
December 31st Is the Deadline to Switch to Another Medicare Advantage Plan
If you want to switch to another Medicare Advantage plan for any reason, you must make the switch before the end of the year. In the past, seniors also had the opportunity to switch continue switching Medicare Advantage plans in January, February and March as well, but that open enrollment period is no longer available, so you will be locked into whatever Medicare Advantage plan you are enrolled in on December 31st. You will still have the chance to switch from a Medicare Advantage plan to Original Medicare through February 15th, but that is the only change you will still be able to make after December 31st.
Are you switching your Medicare Advantage plan this year? Tell us about it!
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