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Medicare Open Enrollment: I Signed Up For a Medicare Advantage Plan, and Now I Want to Drop It!

Yeah, we know. It happens. The Medicare Advantage plan sounded so good on paper, with reasonable premiums and extra goodies like vision, hearing, dental care and gym memberships. Aaaannnd now you’ve read the fine print, and it doesn’t sound so great. Maybe your doctors aren’t in the Medicare Advantage plan’s network. Maybe your prescription drugs aren’t covered by your new Medicare Advantage plan or the co-pays are much more expensive than you thought.

With Medicare Open Enrollment 2012 Over, Does This Mean That You’re Stuck For All of 2013?

Fortunately, if you signed up for a Medicare Advantage that you now want to drop or even if you missed Medicare Open Enrollment season altogether, you do still have some options:

Dropping Medicare Advantage

Even if you just signed up for a Medicare Advantage plan, you still have the option to go back to Original Medicare up until February 14th of 2013. You can drop your Medicare Advantage plan and go back to Original Medicare by 1) making the request with your Medicare Advantage plan, 2) calling 1-800-MEDICARE, or 3) working with your local SHIP office.

If you do drop your Medicare Advantage plan to go back to Original Medicare the change will be effective the first day of the next month. For example, if you elect to change in January, the effective date will be Feb. 1; if you elect to change before Feb. 14, the effective date will be March 1.

If you are thinking of dropping your Medicare Advantage plan to go back to Original Medicare, you should think about signing up for a Medicare Part D prescription drug plan since Original Medicare does not cover prescription drugs. You have until February 14th to sign up for a Medicare Part D plan, and it needs to be done at the same time as you drop your Medicare Advantage.

5-Star Medicare Plans

Starting last year, seniors also have the option of switching to a 5-Star Medicare plan at any time in the year. 5-Star Medicare plans are plans which have gotten top marks in 36 quality performance measures, so if there is a 5-Star Medicare plan available to you, this could be a good option if you’re unhappy with your current Medicare Advantage plan. Unfortunately, this option is only available if there is a 5-Star Medicare plan in you area.

Were you ready for Medicare Open Enrollment this year? Tell us about it in our discussion forum!

Related posts:

  1. Medicare Open Enrollment: I Signed Up For a Medicare Advantage Plan and Now I Want To Drop It!
  2. Is Your Medicare Advantage Plan Being Dropped? 3 Open Enrollment Secrets to Medicare Advantage
  3. Is Your Medicare Advantage Plan Being Dropped? 3 Open Enrollment Secrets to Medicare Advantage
  4. Medicare Enrollment: 5 Tips to Switching To a 5 Star Medicare Advantage Plan
  5. Medicare Open Enrollment: Is a Medigap Plan the Same As a Medicare Advantage Plan?

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