Now that Medicare’s Annual Election Period is over, you may be wondering if you another opportunity to make changes to your insurance. If you are not satisfied with your current coverage, you have one more chance to consider your options.
During 2019’s new Open Enrollment Period, from January 1 through March 31, you will have the chance to change your Medicare insurance. If you are currently enrolled in a Medicare Advantage plan, you can drop your plan and revert back to Original Medicare. While Original Medicare will include your Part A and Part B benefits, it does not include prescription drug coverage. Many Medicare recipients choose to enroll in a stand alone Prescription Drug Plan (PDP) during this enrollment period. Each PDP will have its own formulary, or list of covered drugs, and different tiers of pricing. If you currently depend on prescription drugs to improve or maintain your health, check any potential Prescription Drug Plans to make sure your specific medications and dosages are included in the plan at an affordable price.
If you are enrolled in a Medicare Advantage plan and have had second thoughts, you have another option. For the first time, you can switch from one Medicare Advantage plan to a different Medicare Advantage plan during Open Enrollment. You can only make one switch during this time period, so make sure you compare plans before making your choice and enrolling in a new plan before March 31.