The Little Known Shortcut Out of an Advantage Plan You Hate
Buyer’s remorse. Everyone has been there. You might feel like you were misled, misinformed, or like you just plain missed it. But—regardless—it doesn’t feel good. And when you believe you’ve been locked into your purchase for a whole year—like people so often think after switching to an Advantage Plan—the regretful, trapped feeling only grows in intensity.
So you can imagine the relief when I tell my clients that there may still be a way out—a little known shortcut out of a seemingly costly dead end. This is exactly what I am telling you today.
It’s Called the Medicare Disenrollment Period
Extending from January 1st to February 14th every year, the Medicare Disenrollment Period offers you an outlet to drop the Advantage Plan you hate. All you have to do is call or write your Advantage Plan provider and notify them. From the time you drop your plan, the changes go into effect the 1st of the following month. No questions asked. You are then automatically signed up for traditional Medicare (Parts A and B).
Warning: Time Crunch Ahead
The vast majority of people will want to get on a Medicare Supplement before they dis-enroll from Medicare Advantage. If this is you, you want to plan ahead to ensure you have time to get it all done.
Although some people will have what is known as a “Guaranteed Issue Right” or a “trial right,” and therefore, won’t have to take the extra steps of getting approved, many people will not. In fact, most have a fairly cramped checklist to complete before February 14th arrives. They will have to
- Shop for a Medicare Supplement
- Apply for a plan (and undergo medical questioning)
- Receive letter of approval from the plan.
- Dis-enroll from their advantage plan.
All within the short 45-day disenrollment period! This is an especially difficult feat if the Medicare Supplement Company is running slow and the “receive letter of approval” portion of the to-do list takes 2 weeks or more.
So start early and finish the course way before Valentine’s Day. Because—although it may not say I love you—nothing kills romance like being stuck on a shoddy Advantage plan.
Any issues or concerns with your Advantage Plan? Contact Seniormark at 937-492-8800 for a free consultation.