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Life events and changes in needs may require more Medicare coverage.
SelectQuote Senior can save you up to $840 a year. We compare plans from more than 20 highly rated insurance carriers.
When can you switch Medicare plans?
Medicare can make all the difference when it comes to meeting health care expenses. Where you would otherwise have to pay for these costs out of pocket, Medicare ensures you can afford these bills.
However, Medicare is more than just signing on the dotted the line. You will need to be engaged when it comes to shopping around and managing your plan. There are a number of time periods to have in mind when looking to make changes to a Medicare plan, so it’s critical you are aware of them.
Annual Election Period (AEP)
You will need to know the period of open enrollment for Medicare in order to make changes to your plan. The Medicare AEP allows you to make a wide variety of changes to their coverage, including:
- Switching from Original Medicare to Medicare Advantage Plan, or vice versa
- Changing from one Medicare Advantage plan to another Medicare Advantage plan
- Enrolling in a Medicare prescription drug plan or switching to a different Medicare prescription drug plan
- Dropping prescription drug coverage
Special Enrollment Periods (SEP)
There are a number of circumstances where you will be able to make changes to your Medicare plan, even if you are outside the open enrollment period. Here are a number of circumstances where you will be able to alter a policy:
- If you are switching from employer, union or other coverage to a Medicare plan
- If you move outside the service area of your current plan
- If you are move into an institution (nursing home, long-term care hospital or jail) or you are moving back to the U.S. after living in another country
- If your plan is no longer available where you live
- If you have an opportunity to get coverage elsewhere, such as through an employer, union or federal assistance program
Medicare Advantage Disenrollment Period
This period spans from Jan. 1 through Feb. 14, and changes go into effect on the first day of the following month. Here are the changes you can make during this time frame:
- You can leave Medicare Advantage and go back to an Original Medicare plan
- You are able to sign up for a new Medicare Part D plan if your existing Medicare Advantage plan included drug coverage
As there are so many things to consider when shopping for and changing coverage, it’s important you find helpful resources. SelectQuote Senior allows you to compare multiple policies from various insurance providers, ensuring you get the lowest price for your coverage.
Read more about each enrollment period here.