Thu, Jan 4, 2018

You can still drop your Advantage Plan and go back to original Medicare

If you have decided a Medicare Advantage Plan is not right for you, you can take advantage of Medicare Advantage Disenrollment Period January 1 – February 14.

What can I do?

  • If you're in a Medicare Advantage Plan, you can leave your plan and switch to Original Medicare.
  • If you switch to Original Medicare during this period, you'll have until February 14 to also join a Medicare Prescription Drug Plan to add drug coverage. Your coverage will begin the first day of the month after the plan gets your enrollment form. During this period you also may obtain a Medigap policy such as FirstCommunity subject to underwriting.

What can't I do?

  • Switch from Original Medicare to a Medicare Advantage Plan.
  • Switch from one Medicare Advantage Plan to another.
  • Switch from one Medicare Prescription Drug Plan to another.
  • Join, switch, or drop a Medicare Medical Savings Account (MSA) Plan.

When can I make this change?

The Medicare Advantage Disenrollment Period runs from January 1 – February 14.

Why do I need more than just Medicare?

Medicare is a federal health insurance program for Adults age 65 and over. Part A covers Hospital expenses while Part B covers your doctor and outpatient medical expenses. Since Medicare only covers about 80% of eligible expenses, you may want to consider a Medicare Supplement policy to fill the gap that Medicare doesn’t cover.

8 things to know about Medigap policies 

  • You must have Medicare Part A and Part B.
  • You pay the private insurance company a monthly premium for your Medigap policy in addition to the monthly Part B premium that you pay to Medicare.
  • A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separate policies.
  • You can buy a Medigap policy from any insurance company that's licensed in your state to sell one.
  • Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medigap policy as long as you pay the premium.
  • If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).
  • If you have a Medicare Advantage Plan, you can apply for a Medigap policy, but make sure you can leave the Medicare Advantage Plan before your Medigap policy begins.
  • It's illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.

FirstCommunity Medicare Supplement is a local, not-for-profit company covering thousands of North Alabamians for over twenty years. We take the time to help you understand your Medicare options, answer your questions and provide friendly, customer service with no pressure and no obligation. Just call us at 256-361-1559 or stop by our office at 699-A Gallatin Street in Huntsville, AL.

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