Every year, many Medicare beneficiaries enroll in a Medicare Advantage plan during the Annual Election Period with the thought of having a lower premium and additional “benefits” of the plan. During the annual election period, many overlook parts of the Medicare Advantage Plan and find out that they no longer want it due to the restrictions of drug formularies and physician networks. Also, many who do enroll in the Advantage Plan do not verify with their current physician if they participate in the network or if their current medications are covered.
Fortunately, Congress created a Medicare Advantage Disenrollment Period (January 1-February 14) where those who no longer want to be on a Medicare Advantage plan, have the option to switch back to Original Medicare (Parts A and B). With that, they can also add-on a Part D drug plan and a Medicare Supplement policy.
(If it was your first year on an Advantage Plan and you have been on the plan for less than 12 months, you can return to Original Medicare and to your prior Medicare Supplement with no additional underwriting!)
Going back to Original Medicare and also adding a Medicare Supplement plan can help you save more in long run. With a Medicare Supplement, you are not limited to a network of doctors and possibly lower out-of-pocket health costs! If your current physician takes Medicare, they should also take your Medicare Supplement Policy!
Plan Medigap can help answer questions regarding switching back to Original Medicare and getting a Medicare Supplement. Call us at 800-750-2407 to speak to one of our licensed professionals or visit our quote page.