Switching Medicare plans: What you need to know
You probably had good reasons for choosing the Medicare plan you’re on now. But as time goes by, your health, lifestyle and financial picture may change. You should also know that Medicare plan benefits and prescription drug formularies change frequently, too. At some point, you might realize that you need to switch to another Medicare plan.
Check your ANOC
Start by checking the Annual Notice of Change (ANOC) sent by your current Medicare provider each fall to announce important changes to your plan for the upcoming year or view your ANOC.
Then ask yourself—
Has my health changed over the last year?
Have the plan benefits, deductibles and copays changed?
Are the prescription drugs I’m currently taking on the new formulary?
Is the network of doctors, specialists and hospitals I see still covered?
Is my financial situation likely to change this coming year?
The answers to these questions will determine whether or not you should change plans.
When can you switch?
You can change Medicare plans during any of these three periods:
Annual Enrollment Period (AEP)
October 15 – December 7.
Open Enrollment Period (OEP)
January 1 – March 31.
Special Enrollment Period (SEP)
Based on a variety of lifestyle events.
Switching your Medicare Supplement Insurance
You can change your Medicare Supplement Insurance (Medigap) plan anytime. However, if you apply to change plans, you may have to go through a medical history review (underwriting), depending on which state you live in—unless you qualify for a Medicare guaranteed issue right.
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