A couple of months ago we talked about the OEP, or Open Enrollment Period, which is from January 1 to March 31 of each year. Remember this what we call the “disenrollment period”, and it means this is the time you can get out of or change your Medicare Advantage Plan. And after March 31, you are “locked in”.
The Medicare Advantage Plan is a plan that works just like your Group Health coverage you have or had when you were working. Medicare Advantage Plans have office visit co-pays, max-out-of-pocket limits, and it covers your drugs. More importantly, it has a NETWORK of doctors and hospitals like your former group health plan. That means when you see Doctor AB and he or she sends you to Doctor CD, you need to make sure Doctor CD takes your insurance.So why would someone need or want to change their Medicare Advantage plan or get out of their plan? We had mentioned a few reasons before, but here they are again:
- You want to drop your Medicare Advantage plan and get a Medicare Supplement and a separate Drug plan.
- You want to drop your Medicare Advantage plan because you have other coverage available like Group Health Coverage, Tri Care or VA.
- You want to change your Medicare Advantage plan to another Medicare Advantage plan. Now why would you want to do this? Maybe you forgot about the December 7 deadline. Maybe you just found out one of your Key doctors is no longer going to take your current Medicare Advantage plan.
After March 31, you are “Locked In”, so whatever Medicare Plan you are on will be set until the next Annual Enrollment Period or what we call “end of the year review”.
Make a note to review your plans with us October – December and remember We Put the CARE in Medicare. (228) 762-3334.
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