Difference Between The Medicare Advantage Disenrollment Period & The Annual Enrollment Period
While
there are two periods during each year that beneficiaries may make changes to
their Medicare and Prescription drug coverage, the two periods are distinctly
different in terms of what changes can be made when.
When Is
The Medicare Advantage Disenrollment Period (MADP)?
The MADP
runs from the 1st of January to the 14th of February. Those
with a Medicare Advantage Plan are able to use this brief window to switch to traditional
or basic Medicare coverage, which starts the first of the following month after
the changes have been made. Many people just signed up for a Medicare Advantage plan effective January 1st and may be having second thoughts. For some, the max of pocket expenses are too high on Medicare Advantage Plans and for others they realize the size of the network of the doctors available has changed. The solution is to take advantage of this dis-enrollment period, go back to original Medicare and get a Medicare Supplement Plan.
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| When is the Medicare Advantage Disenrollment Period? |
The
drawback to this is that if you choose to dis-enroll from your private Medicare
Plan, you may no longer be eligible to buy Medigap supplemental insurance,
which requires Medicare Part B. To find out if your state still allows you to
enroll after making this change, you need to consult an insurance specialist in
your state, or your State Health Insurance Assistance Program for more details.
While
beneficiaries are able to make plan changes at this time, they may not switch
to an alternate Medicare Advantage Plan. This can only be done during the
Annual Enrollment Period.
When Is Medicare Fall Open Enrollment, AKA the Annual Election Period (or AEP)?
The AEP
period if between October 15th and December 7th. It is
during this time that people can make changes to their overall health plan,
as well as their prescription drug coverage plan. Your chosen changes will take
effect on the first day of the following year, at the start of your new
coverage period.
Financially,
it’s a smart idea to stay on top of the latest available options for Medicare
Prescription Drug coverage, compared with sticking to the same plan year after
year. While many people remain loyal to their Medicare plans over the long
term, many beneficiaries find that when they research new plans prior to open
enrollment, the updated options available to them offer better drug coverage
options at a lower price, so be sure to stay open to new options to get the
best value.
Also,
Insurance experts recommend, for the sake of convenience, that anyone looking
to change their prescription drug plan during Fall Open Enrollment do so closer
to the beginning and middle of the months of October and November to allow
sufficient processing time in preparation for the start of the New Year.
Summit Medigap is an independent insurance agency that specializes in Medigap supplement insurance. We make Medicare seem easy™. For more information about Medigap supplement insurance visit http://www.SummitMedigap.com/
or call us at 1-888-40-Summit (888-407-8664). We have helped many
people in Florida, Georgia, North Carolina, South Carolina, Texas,
Colorado and Michigan to name a few.
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