Once you’re enrolled in Medicare and understand how the coverage works for each part, you may find yourself either satisfied with your Medicare coverage or wanting to switch to a different plan. But are you able to switch plans? And, if so, what happens to your current plan?
Well, here’s the good news. You CAN make changes to your Medicare coverage during specific enrollment periods, such as the Medicare Advantage Open Enrollment Period and the Annual Enrollment Period.
But what happens when you enroll or switch to a different Medicare Advantage Prescription Drug (MAPD) plan?
Q: What is an MAPD Plan?
A: MAPD plans are Medicare Advantage (MA) plans that provide prescription drug coverage. These plans provide more coverage than Original Medicare, and because they already include drug coverage, you do not have to purchase a standalone Part D plan.
The different types of MAPD plans include:
- Health Maintenance Organization (HMO) Plans
- Preferred Provider Organization (PPO) Plans
- Private-Fee-For-Service (PFFS) Plans
- Special Needs Plans (SNPs)
Q: What is the Medicare Advantage Open Enrollment Period?
A: The Medicare Advantage Open Enrollment Period lasts from January 1 through March 31 of every year. You can use this period to:
- Switch from one MAPD plan to another
- Switch from a MA plan without prescription drug coverage to an MAPD plan, which has drug coverage
However, you can’t use this period to switch from Original Medicare to an MAPD plan.
Q: What is the Annual Enrollment Period?
A: During the Annual Enrollment Period, which begins on October 15 and ends on December 7 every year, you can enroll in a Part C plan, enroll in or switch to an MAPD plan, return to Original Medicare, or enroll in Part D. By taking this period to review your current coverage, you’ll be able to determine if an MAPD plan would be more beneficial to you compared to a regular Medicare Advantage plan, or Original Medicare with a standalone Part D plan.
Q: Do I need to notify Medicare of my changes?
A: Suppose you are enrolled in Part C and would like to switch to another Part C plan that provides prescription drug coverage. In that case, you should contact the insurance provider during the appropriate enrollment period. Once your MAPD plan becomes active, you will be disenrolled from your previous plan.
If you’re enrolled in Part D and want to move to an MAPD plan, your Part D plan will be canceled as you cannot be enrolled in both plans simultaneously. If you want to switch from Medigap to an MAPD plan, you’ll have to drop your Medicare Supplement plan coverage as you cannot be enrolled in both plans.
Contact Eldridge Agency
At Eldridge Agency, we provide comprehensive health solutions for all your health insurance needs. For more information regarding MAPD plans, contact us today at (775) 328-1197.
