Most Medicare Beneficiaries believe that changing Medicare insurance plans is only permitted during each year’s Medicare Annual Election Period (AEP)…with such changes becoming effective on the following January 1st. But did you know that the rules for changing Medicare Advantage (MA) plans were amended a couple years ago?
Formerly, changes to MA plans could occur only between October 15th – December 7th (AEP); however, such changes can now be made during each year’s first quarter, (January 1st through March 31st). So, if you entered 2022 owning a Medicare Advantage plan with which you are not satisfied you can change it…as long as you take action before March 31st.
To be eligible, a beneficiary must be covered by an MA plan during the new year’s 1st quarter. Plan changes would go into effect on the first day of the month following approval of the change. Latest plan change effective date would be April 1st.
Changes could include changing insurance companies, changing from HMO to POS or PPO MA Plans, or returning to Original Medicare and joining a separate Medicare drug plan.
If you are considering a change, be sure to discuss your options thoroughly with a qualified insurance broker before taking action