Medicare comes in different forms. There’s Medicare Part A, which will assist you in your hospital bills. Medicare Part B covers medical services outside of the hospital. Part C is Medicare Advantage. Part D is the prescription drug plan.
If you find that your current Medicare plan is not giving you the coverage you need, you can make changes. The changes you can make and when you can make them depend on the plan you are enrolled in and your life circumstances.
Why would I make changes to my Medicare plan?
Just like how life itself changes, so does Medicare. While consistent in what they cover, Medicare plans may be subject to minor changes in cost for premiums, coinsurance, or deductibles. Providers in your network may make other slight changes in their Medicare policy. On the other hand, new Medicare providers will emerge and offer their own unique benefits.
Your provider will not make changes in your Medicare plan without notifying you. You will be provided what is known as the Annual Notice of Change (ANOC) by September 30 of each year.
As for you, your healthcare needs may change. You might need to join a plan that includes outpatient coverage. Perhaps you’ve been dealing with financial hardships, and you need to explore supplemental coverage. Or, you may need to switch providers because you’ve moved into a new area. Whatever the case may be, there will be a time where you can make this switch.
What time of year will I be able to switch plans?
Medicare is structured in such a way that time windows are crucial. It’s best to be familiar with these time windows, as you may be unable to make changes if you have waited too long. First, you have the Initial Enrollment Period, where you have your first opportunity to join without incurring any late fees. The General Enrollment Period is for those who didn’t join during the Initial Enrollment Period but would like to enroll (late fees may apply here).
In most cases, your time to switch or drop will be from October 15 to December 7. You’ll also have your Annual Notice of Change by this point. In this case, please contact us so we can help you weigh your options.
Have any questions?
If you have any Medicare-related questions, regardless if it is about switching coverage or not, give us a call at (509) 993-9887. At Sannes Insurance, we leave no question left unanswered, and no stone left unturned. Switching coverage is essential for times when your circumstances change.