What Do I Need to Know to Switch Medicare Plans?

Switching Medicare plans can be a strategic way to better meet your healthcare needs and potentially save on costs. Here are the key steps and considerations to keep in mind:

1. Understand the Different Types of Medicare Plans

• Original Medicare (Part A and Part B): Covers hospital and medical services.

• Medicare Advantage (Part C): Includes all Part A and B benefits, often with additional benefits like dental, vision, and prescription drugs.

• Medicare Part D: Provides prescription drug coverage.

• Medicare Supplement (Medigap): Helps cover out-of-pocket costs not covered by Original Medicare.

2. Know the Enrollment Periods

• Annual Enrollment Period (AEP): From October 15 to December 7, you can switch between Original Medicare and Medicare Advantage, or change Medicare Advantage or Part D plans.

• Medicare Advantage Open Enrollment Period: From January 1 to March 31, if you’re enrolled in a Medicare Advantage Plan, you can switch to another Medicare Advantage Plan or go back to Original Medicare (and join a Part D plan).

• Special Enrollment Periods (SEPs): Certain life events, like moving or losing other insurance coverage, may qualify you for a SEP.

3. Compare Plans

• Coverage: Ensure the plan covers the services and medications you need.

• Costs: Compare premiums, deductibles, copayments, and out-of-pocket maximums.

• Provider Networks: Check if your preferred doctors, hospitals, and pharmacies are in the plan’s network.

• Additional Benefits: Look for extra benefits like dental, vision, hearing, or fitness programs.

4. Review Your Current Plan

• Annual Notice of Change (ANOC): Review the ANOC sent by your plan each fall. It outlines changes in coverage, costs, or service areas for the upcoming year.

• Personal Healthcare Needs: Consider any changes in your health or medication needs that might affect your coverage requirements.

5. Gather Necessary Information

• Medicare Number: Have your Medicare card handy.

• Current Plan Details: Know the specifics of your current plan to compare with new options.

• List of Medications: Prepare a list of your medications, including dosages.

6. Make the Switch

• Enroll in the New Plan: Contact the plan directly or use the Medicare Plan Finder on Medicare.gov to enroll in the new plan.

• Disenroll from the Old Plan: In most cases, enrolling in a new plan will automatically disenroll you from your previous plan, but verify this to ensure a smooth transition.

7. Confirm Your New Coverage

• Enrollment Confirmation: You should receive a confirmation of enrollment from your new plan. Follow up if you do not receive this within a few weeks.

• Plan Materials: Review your new plan’s materials, such as the Evidence of Coverage (EOC) and ID card, to understand your benefits and coverage details.

8. Transition Your Care

• Notify Providers: Inform your healthcare providers and pharmacy of your new plan.

• Check for Transition Fill Policy: Some plans offer a temporary supply of medications you were taking under your old plan while you transition to the new plan’s formulary.

Additional Tips

• Consult a Professional Agent: We will place all the above information into the computer and help you compare the plans, make sure you have a qualifying enrollment period, and help with the transfer. Give me a call and I am happy to assist. 208-544-5011. Lisa

By following these steps and considering your specific healthcare needs, you can make a well-informed decision when switching Medicare plans.