The Medicare Advantage Disenrollment Period is the last chance for those in a Medicare Advantage plan to get out of their plan. This period runs from January 1 through February 14 of each year. During this time period, you can get out of a Medicare advantage plan and return to original Medicare. If you do not take any action of February 14, you are locked into your Medicare advantage plan for the remainder of the calendar year.
If you have a Medicare advantage plan that includes prescription drug coverage, you can also pick up a stand-alone part D plan upon returning to original Medicare. In addition, at the same time, during this Medicare Advantage Disenrollment Period, you can also add a Medigap/Medicare supplement plan at the same time.
This can be an important time for those who are in a Medicare Advantage plan and did not realize the changes that their plan was making for 2015. It is also useful for those who have ongoing medical concerns that may make being in a more comprehensive plan advantageous. Lastly, it can be useful for someone who’s doctor either no longer takes Medicare advantage plans or does not take your particular plan. It is, in essence, a last chance to get out of your current plan for this year.
Medicare advantage plans do change each year. So, it is important to stay apprised of those changes and how they may affect you. Medigap/Medicare supplement plans do not change coverage-wise on a year by year basis. Additionally, these plans do not have networks and are, in general, more flexible across state lines.
To view the coverage chart that shows what Medigap plans cover, you can see it here.
To get more information on the Medicare Advantage Disenrollment Period, or find out whether it makes sense for you to make changes during it, you can contact us at 877. 506. 3378 or via email.