Hate Your Medicare Insurance Plan? Here’s a Quick and Easy Guide to Switching!
You thought the Medicare mess was all tidied up when you first enrolled and purchased proper Medicare insurance (whether it be Medicare Advantage or Medigap), but then you discover a sad fact of life: Costs change. Benefits change. Your needs change. Or, perhaps you’ve quickly come to realize that a plan you thought was all sunshine, rainbows, and good value is a terrible fit for you. Regardless of the reason, it’s time to switch to an option that is more suited to you needs.
That is why I want to offer you a simple guide, answering some questions you may have about switching. Is it possible for you to switch? If so, when? And how should you go about it? I will also cover some of my best tips all of us at Seniormark have learned after helping thousands of retirees through this process—tips to save you time and needless hassle.
This post is organized into section based on the type of switch you are planning to make:
- From a Medicare Supplement to another Medicare Supplement
- From a Medicare Supplement to a Medicare Advantage Plan
- From a Medicare Advantage Plan to a Medicare Supplement
- From a Medicare Advantage Plan to another Medicare Advantage Plan
- From a Part D Drug Plan to another Part D Drug Plan
Feel free to skip to the section that is most pertinent to you, and don’t forget to call us at 937-492-8800 if you have any additional questions!
From Medicare Supplement to another Medicare Supplement
Can I Switch?
Most people can, except people with very serious, chronic health conditions. You will have to undergo medical questioning and get approved, but don’t lose hope too fast: in many cases, even those with poor health can find a company who will accept them (click here for an blog to answer some questions about this)!
When Can I Switch?
Anytime of year. However, I recommend avoiding switching during the Annual Enrollment Period (October 15- December 7). That is a really busy time of year for insurance agencies, so the process might not be as smooth.
How Do I Switch?
(1) Find the best plan for you by doing private research or shopping with an independent insurance agency like Seniormark. (2) Call the company and follow their application process. (3) If you are approved, cancel your previous supplement.
Best Tip
This type of switch is not just for those who hate their plans, but is also for those who like to save money (which I assume includes most of us). If you have been in the same Medicare Supplement for 3-5 years, you could save hundreds a year or more by switching without changing your benefits (click here for some help on shopping around).
From a Medicare Supplement to a Medicare Advantage Plan
Can I Switch?
Yes, in the vast majority of cases. As long as you don’t have End Stage Renal Disease (kidney failure), you can switch!
When Can I Switch?
You can switch during the Annual Enrollment Period (October 15- December 7).
How Can I Switch?
(1) Find the best plan for you by doing private research or by shopping with an independent agency like Seniormark. (2) Call the company and follow their application process. (3) Cancel your previous coverage effective January 1st and wait for your new coverage to go into effect for the New Year.
Best Tip
Before switching to an Advantage Plan, realize that you are giving up benefits for the lower premium. Advantage Plans are more cost effective when it comes to premium, but even the ones that cost $0 aren’t really free (click here for our blog on “free” Advantage plans), so make sure you understand what you are getting into.
And as you are shopping plans, remember to consider more than just the premium. For instance, are your doctors in the plan’s network? If your plan has a built-in drug plan, does it cover your medications? We’ve had unfortunate retirees call in for help after they found out they couldn’t see their own doctor without losing all coverage. And the worst part? They were locked into their plan for the whole year! Advantage Plans can be an excellent fit, but only if you find the right one for you.
From a Medicare Advantage Plan to a Medicare Supplement
Can I Switch?
Most people can, except people with very serious, chronic health conditions. Anytime you switch to a Medicare Supplement, this will be the case: You will have to undergo medical questioning and get approved. But don’t lose hope too fast: in many cases, even those with poor health can find a company who will accept them (see link above)!
When Can I Switch?
You can only switch during the Annual Enrollment Period (October 15-December 7).
How Can I Switch?
(1) Find a plan that’s right for you by doing private research or by shopping it with an independent, local insurance agency like Seniormark. (2) Call the company and follow their application process. (3) If approved, ensure that your policy gets cancelled effective January 1st and then simply wait for your coverage to go into effect in the New Year.
Best Tip
Don’t wait until the last minute to switch. Since Annual Enrollment is such a busy time of year for Insurance companies, it may take 3-4 weeks for your application to get processed. So, put your application in early (in October or early November); you don’t want to be stuck in an Advantage Plan you hate for another whole year!
From a Medicare Advantage Plan to Another Medicare Advantage Plan
Can I Switch?
Yes, in the vast majority of cases. As long as you don’t have End Stage Renal Disease (kidney failure), you can switch!
When Can I Switch?
You can only switch during the Annual Enrollment Period (October 15-December 7).
How Can I Switch?
(1) Find a plan that’s right for you by doing private research or by shopping it with an independent, local insurance agency like Seniormark. (2) Call the company and follow their application process. (3) Wait for your previous plan to cancel by itself and wait for your new coverage to go into effect on January 1st.
Best Tip
As I’ve previously noted, make sure your new Advantage Plan has your doctor in its network, and—if your new plan has a built-in drug plan—that your medications are covered. It’s a real pain to kick off New Year off with an ill-fitting insurance plan!
From a Part D Drug Plan to Another Part D Drug Plan
Can I Switch?
Yes, there are no restrictions to changing coverage!
When Can I Switch?
You can only switch during the Annual Enrollment Period (October 15-December 7).
How Can I Switch?
(1) Find a plan that’s right for you by shopping it yourself on Medicare Plan Finder or call OSHIIP (Ohio Senior Health Insurance Information Program) at 1-800-686-1578 and they can help you re-shop your plan. (2) Enroll online at www.medicare.gov for a new plan. (3) Your new coverage will go into effect on January 1st and your old coverage will automatically end when you sign up for a new part D plan.
Best Tip
Do not make drug plan decisions with a tunnel vision focus on premiums. Make sure you find a plan that covers all of your medications and, if possible, has your desired pharmacy as one of its preferred pharmacies.
The Ultimate Best Tip: Get Expert Guidance When Making Your Switch This Annual Enrollment Season!
Annual Enrollment is the only time of year you can switch your Medicare Advantage and Prescription Drug plan. Looking to review your plans with a Certified Senior Advisor this Annual enrollment season? Call Seniormark at 937-492-8800 or click here to set up a free consultation.
About the Author
Ready to retire and unsure what to do next? Get our "Introduction to Medicare” eBook to start to make sense of Medicare and your options.