What is the Medicare Advantage Disenrollment Period?

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 1^st of January to the 14^th 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.

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 15^th and December 7^th. 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.

Deadline Approaching For People Who Had Universal Healthcare To Sign Up For A New Medicare Plan

Deadline Approaching For People Who Had Universal Healthcare To Sign Up For A New Medicare Plan

By B. Loughead

  

The time is now for people who had Universal Healthcare to sign up for new Medicare Supplement Insurance or Medicare Advantage Plan. The Special Election Period (SEP) is almost over. This past February (2013), Florida state regulators chose to put two subsidiaries of Universal Health Care Group Inc. into receivership as it was announced that the financially troubled company had filed for Chapter 11 bankruptcy. The future of the St. Petersburg-based health care corporation is clouded and uncertain due to continued financial struggles and state regulatory commission challenges. The shutdown will affect both employees and members alike in the state of Florida, but there is some speculation regarding those individuals in the states of Georgia, Nevada, North Carolina, and Texas as well.

As it currently stands, there are approximately 100,000 members (40,000 Medicare and 60,000 Medicaid) while there are roughly 37,500 Medicare policy holders covered by the Universal Health Care Insurance Company. Although the states of North Carolina and Texas both have HMO facilities, it is speculated that the receivership orders in Florida will not affect them. However, there is still a great deal of concern for members as some 900 seniors in the St. Pete area alone will be affected and will need to find another health care provider as a result of the bankruptcy filing.

In addition to the thousands of Universal Health Care members that will be impacted by the shutdown, hundreds of employees will also be out of a job and add to the current economic woes of the country. Interestingly enough, and despite this "doom and gloom" scenario, those members who are impacted by the Universal Health Care shutdown now have the opportunity to be covered by Medicare supplement insurance. Current Universal members are enrolled in Medicaid or Medicare as it is. However, they were assigned to original Medicare Part A & Part B if they had not chosen a new plan as of the April 1st deadline.

As it currently stands, the company is continuing to operate while negotiations with lenders continue and the proposed reorganization under Chapter 11. For now, this protects them from any lawsuits and/or collection efforts. Additionally, Universal Health Care has agreed to a merger with America's 1st Choice for the Florida, Nevada, and Texas HMO's as well as part of their Universal Health Care Insurance Company. According to several news articles, Universal will seek the bankruptcy court's permission to continue with the sale of the company and have not yet consented to receivership. What is important is the fact that those members who feared the worst do have other options to consider.

CMS has granted these beneficiaries, along with other impacted Universal Health Care Inc. (HMO) and Universal Health Care Insurance Company Inc. (PFFS ) plan members a Special Election Period (SEP), to enroll into another plan of their choice. Valid effective dates for this SEP are March 1 - May 31, 2013. It is important that people impacted by this contact an independent agent quickly to make the deadline.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance or to compare plans visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664). We have helped many clients in Florida, Georgia, North Carolina, South Carolina, Michigan, Colorado and Texas to name a few.