Quick, name the Medicare enrollment period we are in from January 1 through February 14. Well the title gave it away, didn't it?
If you are enrolled in a Medicare Advantage plan and you woke up after January 1, wondering what the heck did i do? And....you'd like to return to original Medicare, this is your opportunity! Here is the description directly from the Medicare website:
"Between January 1–February 14, 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 will 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."
May we suggest exercising caution. This period allows you to select a prescription drug plan, but not a different Medicare advantage plan. For health coverage, you can enroll in a Medicare supplement plan, however, if you are not in your Medicare supplement open enrollment period, or a guaranteed issue period, then a Medicare supplement plan will require medical underwriting.
If you have questions, give us a call.
Lonnie Thibodeaux is the owner of Sargent Insurance and Financial Services. He specializes in Medicare health plans and prescription drug plans.