Is Your Medicare Advantage Plan Going Away? Don't Panic, You Have Options, But You Have A Deadline Too!

Every year, Medicare Advantage insurance companies make changes.

Sometimes they change premiums, copays, drug coverage or provider networks.

And sometimes they make a much bigger change:

They discontinue the Medicare Advantage plan altogether.

If you receive a letter telling you that your Medicare Advantage plan will no longer be offered next year, don't ignore it, but don't panic either.

You have options, and you may have some special protections you don't normally have.

Why Would a Medicare Advantage Plan Go Away?

Insurance companies can decide each year whether they want to continue offering a Medicare Advantage plan in a particular area.

A company might:

• Discontinue a specific plan

• Stop offering plans in a particular county

• Leave a larger geographic area

• Replace or consolidate plans

This does not mean Medicare is going away.

It means your particular private Medicare Advantage plan will no longer be available.

What Happens to My Coverage?

If your Medicare Advantage plan is not renewed, the insurance company should send you a notice explaining that your coverage is ending and what options you have.

Do not throw this letter away!

Keep it with your Medicare records.

You'll generally have the opportunity to:

Option 1: Choose Another Medicare Advantage Plan

You can enroll in another Medicare Advantage plan available in your area.

But don't simply choose the plan that looks most similar to your old one.

Check your:

Doctors. Hospitals. Prescriptions. Copays. Maximum out-of-pocket.

A plan that looks great on paper isn't necessarily great if your doctors aren't in the network or your medications aren't covered favorably.

Option 2: Return to Original Medicare

You can also return to Original Medicare - Parts A and B.

If you do, you'll generally want to consider separate Part D prescription drug coverage as well.

But there's another VERY important possibility.

You May Have a Special Right to Buy a Medicare Supplement!

This is something many beneficiaries don't realize.

If your Medicare Advantage plan is leaving Medicare or stops providing coverage in your area, you may have a guaranteed issue right to purchase certain Medicare Supplement (Medigap) plans if you switch back to Original Medicare.

That can be extremely valuable.

Why?

Because outside of certain protected enrollment periods, an insurance company may normally be allowed to ask health questions and potentially decline your Medicare Supplement application.

With a federal guaranteed issue right, the insurance company cannot use your health conditions to deny you an eligible Medigap policy.

So losing your Medicare Advantage plan isn't necessarily all bad news.

It could potentially open a door to coverage you weren't able to obtain before.

Don't Miss Your Medigap Window

Timing matters.

Your guaranteed issue rights don't last forever.

If you're considering moving from Medicare Advantage to Original Medicare plus a Medicare Supplement, don't wait months after your plan terminates to start investigating your options.

And KEEP the letter telling you that your Medicare Advantage coverage is ending.

You may need it to prove your guaranteed issue rights.

Don't Choose Your New Plan Based on the Extras

When people unexpectedly have to choose another Medicare plan, it's easy to focus on things like:

Dental! Vision! OTC! Grocery benefits!

Those benefits can certainly be valuable.

But they're not where I start.

First, let's look at:

Are your doctors covered?

Are your hospitals covered?

Are your prescriptions covered?

What could you actually spend if you become seriously ill?

Then we can look at the extras.

The Bottom Line

If your Medicare Advantage plan is discontinued, you are not stuck and you aren't losing Medicare.

But you do have a decision to make.

You may be able to:

Choose another Medicare Advantage plan

OR

Return to Original Medicare and potentially use special guaranteed-issue rights to obtain a Medicare Supplement.

This is one of those situations where understanding Medicare's rules can make a huge difference in the coverage you have for years to come.

If you've received a letter saying your Medicare Advantage plan is ending, don't toss it in a drawer.

Let's look at your options before making a decision.

Have Medicare questions?

Medicare Melanie is here to help.

Schedule your free appointment with Medicare Melanie today by calling

(904) 582 - 8067