What you need to know about Medicare 2014 enrollment periods and Medicare Advantage 5 cancellation
As regards Vinny …
He used open enrollment as an opportunity to enroll in a Part D prescription drug plan. He already owned Medigap and decided that he definitely wanted to continue with that, but wanted to add the protection of a Part D economic plan that with the new Bubba plan, Vinny’s drug plan took effect on January 1 of the following year.
Wisely, Nancy weighed all of her options, but decided that her Medicare supplement plan and prescription drug plan were priced right. He also determined that these plans had already saved a lot of money and would probably continue to do so in the future. As a result, he decided not to change anything before a new year.
Is open enrollment the last chance to make changes next year? Get answers to this and more by clicking https://www.2020medicareadvantage.com
To some extent, yes. However, you have the option to unsubscribe from a Medicare Advantage plan during the Medicare Advantage cancellation period beginning January 1 of each year.
Medicare Advantage Subscription Cancellation Period
From January 1st to February 1st. 14 During the Aetna Medicare Advantage enrollment cancellation period, anyone currently enrolled in any Medicare Advantage plan may:
- Return to Medicare Original
- Request a Medicare Supplement
- Enroll in a separate Part D plan
Changes made during the Medicare Advantage enrollment period are effective at the beginning of the following month.
But be careful …
Because the Medicare Advantage Cancellation Period does not offer the option to enroll in another Medicare Advantage plan, you must be prepared to return to Original Medicare if you decide to unsubscribe from your current Medicare Advantage plan.
If you decide to unsubscribe from Medicare Advantage to apply for a Medicare supplement plan …
The best advice is to review Medicare supplement options long before you unsubscribe from the Medicare Advantage plan. This allows you to buy from the market and seek advice from an agent with a proven track record in Medicare supplement insurance.
There is another reason to act in advance during your Medicare Advantage enrollment period.
If you decide to unsubscribe from Medicare Advantage because you want to enroll in a Medicare supplement plan, you will need to know before February 14 if your Medigap application is accepted. Remember, unless you have secured the emission rights, you may not be able to sign up for the plan you want.
This means …
You should not cancel your Medicare Advantage plan until you are sure you can get a Medigap policy to replace it … unless you are prepared to cross your fingers with Original Medicare only. It is true that you can probably get a Medigap policy, but without a guaranteed problem, there is no certainty that you will get the plan you want.