Seniors often face not just health issues but financial strain as well, which can compound the burden. As time goes on, more expenses may crop up, necessitating a larger chunk of a limited income to address them.
Choosing appropriate health coverage is crucial. For Medicare beneficiaries, every autumn presents the opportunity to modify their coverage during the program’s yearly open enrollment period.
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If you switched to a Medicare Advantage plan this past fall and now regret it, all is not lost. But time is of the essence if you aim to make adjustments to your Medicare Advantage coverage.
A Window for Change in Advantage Plans
While the fall open enrollment period for Medicare is in the rearview mirror, Medicare Advantage has its own open enrollment period running from January 1 to March 31. During this time, you can either switch from your current Medicare Advantage plan to a different one or shift to original Medicare.
When transitioning to original Medicare, it’s wise to consider supplemental insurance, such as Medigap, since Medicare Advantage plans limit annual out-of-pocket costs, a feature absent in original Medicare.
However, securing affordable supplemental insurance might pose challenges when moving from a Medicare Advantage plan to original Medicare.
If you’re facing difficulties with in-network providers, paying for unused benefits, or spending considerable time outside your plan’s coverage area, it might be time to bid adieu to your current Medicare Advantage plan.
Act Swiftly While You Still Can
If your current Medicare Advantage plan doesn’t spark joy, don’t resign yourself to sticking with it through 2024. Act promptly because once March 31 passes, changing your coverage will become considerably trickier.
Missing the March deadline doesn’t mean you’re permanently locked in; there’s always the fall open enrollment period. However, if your current Medicare Advantage plan is financially burdensome, waiting until fall may not be ideal. Take the time before the end of March to explore your options and see if a better fit awaits.
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