Are You Satisfied With Your Medicare Advantage Plan?
November 3, 2023 | Todd Lewison
Are you satisfied with your Medicare Advantage plan? This is a question to ask yourself regularly. Although Medicare plans have many similarities, the benefits and coverage they provide can vary sometimes quite drastically! Therefore, if your Medicare plan isn’t providing coverage in areas that are important to you, it’s time to look at other options.
Remind me…what is a MADP plan?
A Medicare Advantage Plan often called Medicare Part C or MA/MAPD Plans, are offered by private insurance companies approved by Medicare. These plans will provide coverage for your approved Medicare Part A (hospital) and Part B (medical) coverage. A Medicare Advantage Plan may or may not include a drug plan for prescription drug coverage. For details, check out our full breakdown of Medicare plans.
Why would I want to change my plan?
There are several factors in which you would want to change your plan. Here are a few examples.
- Your Doctor is not in network
- Your medications are not covered or are costly
- Does your plan provide coverage when you travel?
- You want coverage for extra benefits such as vision, dental and hearing
Please reach out to us if you need help deciding what to do.
When can I change?
- Medicare Annual Election Period (AEP) : October 15th – December 7th. The most popular time of year to make changes to your Medicare plan. During this time you can make changes to your existing coverage to take place in the following calendar year.
- Medicare Advantage Open Enrollment Period (MA OEP) : January 1st to March 31st. If you switch to Original Medicare during this period, your coverage will begin the first day of the month after the plan receives your enrollment form.
- Special Enrollment Period : Dependent on Qualifying Event. During a Special Enrollment Period, commonly referred to as an SEP, you may have the opportunity to change your Medicare Advantage plan. Qualifying life events such as moving to a different service area, or leaving employer insurance coverage can make you eligible for changing plans with a SEP.
Learn More: What Are Medicare Elections Periods?
What can I do?
The changes you are able to make depending on the enrollment reason. For example, during the Medicare AEP you can make any type of changes to your plans as many times as you want during the designated time frame. The plan you last enrolled in will take effect in the new year.
Whereas during the MA OEP, there are less options available and you can only make one change during this time period. The same is true when changing with a Special Enrollment Period.
Still confused or ready to make changes to your Medicare plan? We’re here to help! Let’s set up a time to chat!
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, BlueCross BlueShield of Minnesota, Medica, UCare, United HealthCare and more. We work with you to find the best plan for your needs and budget. Contact us today to get started.