With Medicare, you have so many options to choose from, which makes it easier to find a plan tailored to your wants and needs. This can be adding or dropping a Medicare plan, switching from Original Medicare to Medicare Advantage (and vice versa), or switching from one Medicare Advantage plan to another.

How Do I Know If I Need To Make Changes?

A change in circumstances, be it from new health conditions, moving to another part of the country, or wanting to explore other forms of Medicare-related coverage, is a good reason for making a switch.

You may also decide based on what you see in your Medicare Summary Notice (MSN), which shows how much Medicare paid for your services. The MSN arrives in the mail every three months.

If you have Medicare Advantage, the Annual Notice of Change (ANOC) and Evidence of Coverage (EOC) letters can influence your decision. You’ll get the ANOC by September 30. It tells you about how your plan’s cost and coverage will change in the coming year. The EOC is the Medicare Advantage equivalent to the MSN, and you will get it by October 15.

When Can I Add Part B?

Medicare Part B is an integral piece to Medicare coverage due to other Medicare options requiring it. Without Part B, you don’t have outpatient coverage. Without outpatient coverage, you will pay full price for your preventive care visits, screenings, exams, and medical equipment.

When you get Medicare Part B, you get an 80% discount on a negotiated price. Medicare works with your doctor to agree to the lowest price he or she is willing to accept, which automatically reduces your out-of-pocket payment. Then, Medicare takes care of the 80%, leaving you with just 20% of that reduced cost left to pay.

Part A and Part B together allows you to join Medicare Advantage or a Medicare Supplement plan. This opens the door for a more comprehensive plan, or in the case of Medicare Supplements, extra coverage that can leave you with little to pay out-of-pocket for treatment (if at all).

Just like how joining Medicare Part B is a requirement for getting other Medicare-related coverage, dropping it after acquiring an Advantage or Supplement plan will cause you to lose your Advantage or Supplement plan.

You can enroll in Part B at the same time you enroll in Part A: during your Initial Enrollment Period. However, if you miss this initial enrollment, you can enroll during the General Enrollment Period (January 1 – March 31). Do keep in mind, though, that if you do enroll during this period, you could face a late enrollment penalty.

When Can I Add A Medicare Supplement?

Your enrollment into a Medicare Supplement will start as soon as you turn 65 and are enrolled in Original Medicare (Part A and B). Once this happens, you will have six months to enroll in a Medicare Supplement plan without worrying about being denied coverage because of your health. After these six months, though, the insurer may have you go through a medical underwriting process where you may or may not be approved to enroll.

When Can I Add Prescription Drug Coverage?

Medicare Part D is the prescription drug coverage plan. You can initially enroll in this during your Initial Enrollment Period once you’re enrolled in Part A and/or Part B. 

When you can add Part D also depends on your circumstances, such as if you missed your Initial Enrollment Period. This is where the Special Enrollment Period comes in. It is based on when your circumstances change, not the time of the year. If you’ve lost creditable prescription drug coverage, you have two months to join Part D during the Special Enrollment Period.

If this situation does not apply to you, then you will need to wait until the Annual Enrollment Period if you have Original Medicare. You can add a Part D plan anytime between October 15 and December 7. Coverage will begin on January 1.

What Is The Annual Enrollment Period?

Let’s talk more about the Annual Enrollment Period.

If you have Original Medicare and have Part D, you may drop Part D or switch to a different Medicare drug plan during the Annual Enrollment Period (October 15 – December 7). 

If you have Medicare Advantage without prescription drug coverage, you may use this period to switch to a new Medicare Advantage Plan that does have this coverage.

You may also drop your Medicare Advantage plan and switch back to Original Medicare during this time as well.

When Can I Switch From One Medicare Advantage Plan To Another?

Besides the Annual Enrollment Period, you can also take advantage of another enrollment period while enrolled in a Medicare Advantage Plan. You can switch Medicare Advantage plans during the Medicare Advantage Open Enrollment Period. This period starts on January 1 and ends on March 31 of each year.

The Special Enrollment Period can also apply if you are switching plans because of moving to another part of the U.S. that’s outside of your current plan’s network. You can switch plans from the month before you move up to the two months after you move.

Take Control Of Your Medicare Coverage

Our mission at Medicare Peace of Mind is in the company name – we take the stress out of Medicare to give you the peace of mind you need! You can contact us with any questions regarding your Medicare plan at 970-233-0063. 

We will get you the Medicare plan you want and deserve.