Although Open Enrollment has just ended, this does not mean it is completely out of time. The Annual Disenrollment Period exists for those who wish to drop their Medicare Advantage and / or Part D plans. The industry joke is that beneficiaries have until Valentine’s Day to break away from their current plans.
While it is confusing since open enrollment has just ended, the purpose of the disenrollment period is to give beneficiaries the opportunity to leave Part C and / or D entirely, while open enrollment allows beneficiaries change plans and providers once a year. You are also allowed to leave during Open Enrollment, but January 1 through February 14 gives you one more chance to say goodbye to Part C and / or Part D.
There are three scenarios in which you can change: The first is for those who have an Advantage plan that includes a drug plan. These people may decide to buy a be unique Plan Part D or just wing it with Original Medicare (I don’t support the latter). The second scenario is for those who have private fee-for-service plans (these do not include prescription drug coverage). If this is you, unfortunately you won’t be able to buy Part D until next October, however you can go back to Original Medicare. Now let’s say you only have a Part D policy, as in the above scenario, you won’t be able to change providers / plan until next year, however you can say goodbye to Part D if you want to. Simply put, you can disenroll from Part C and D and go back to Original Medicare.
You may be wondering, well what happens after I unsubscribe? Fortunately, you will be able to stick with Original Medicare or do the smart thing and buy a Medicare supplement policy. Keep in mind that before you unsubscribe, you’ll want to make sure you medically qualify for a Medicare supplement. You can talk to a Medicare supplemental agent about whether or not you qualify.
For those who have a Medicare supplement and want to change plans / providers, there is no “special” period to wait! One of the reasons Medicare supplements are flexible. If you’re unhappy with your plan / provider and qualify medically (no major conditions, ailments, or surgeries pending), you can change any day of the year! There are no deadlines for this Medigap coverage. A lot of people are surprised when I tell them for the first time “well actually you can apply after December 7th, there is no enrollment deadline for Medigap.”
The only Medicare supplement coverage that contains restrictions is Parts C and D; Beneficiaries of these plans must comply with Open Enrollment and Disenrollment restrictions.
If you’re tired of unexpected Medicare Advantage costs, make the switch this January! Give your Part C the old “It’s me, not you”, and move on!