Medicare Advantage plans offer many benefits, but sometimes beneficiaries may need to leave their plan. Whether you are unhappy with your current plan or need to switch to another plan, leaving Medicare Advantage can be a complicated process. In this guide, we’ll cover what you need to know about leaving Medicare Advantage.
Understand your options apart from Advantage
When leaving Medicare Advantage, you have several options. You can change to alternative Medicare Advantage plan, switch to Original Medicare, or enroll in a standalone prescription drug plan (Part D). It’s imperative to carefully consider your options and choose the plan that best meets your needs and budget.
Check enrollment periods
There are specific times when you can enroll in a new plan or make changes to your coverage. The annual enrollment period (AEP) runs from October 15 to December 7 each year. During this period, you can change from one Medicare to another or change to Original Medicare with or without a standalone prescription drug plan. There is also a distinct enrollment period for those who experience certain qualifying events, such as moving or losing employer coverage.
Contact your current plan
Before leaving your Medicare Advantage plan, contact your current plan to let them know you will be leaving. Your plan can provide you with information on how to disenroll and what steps you need to take to ensure a smooth transition.
Consider supplemental coverage apart from Advantage
If you switch to Original Medicare, you may want to consider purchasing a Medigap policy to supplement your coverage. Medigap policies are private insurance policies that can help cover other alternative expenditures.
In conclusion, leaving Medicare Advantage can be a complex process, but by understanding your options, checking enrollment periods, contacting your current plan, enrolling in new coverage, and considering supplemental coverage, you can make a smooth transition. It’s central to carefully consider your options and choose the plan that best meets your needs and budget.