If you recently enrolled into a Medicare Advantage plan during AEP, but changed your mind about being in the plan, you can use this period to return to Original Medicare A and B. Disenrollment Period runs from January 1 to February 14.
It is important to keep in mind when you disenroll from your Advantage plan. For example, if you disenroll in the middle of February, you will still be covered under that Advantage plan until the cancellation goes into effect on March 1st. If you leave your Advantage plan during Disenrollment period, you can join a stand-alone Medicare prescription drug plan regardless of whether the Advantage plan had included drug coverage. Keep this in mind if you choose to return to Original Medicare, because Original Medicare does not include prescription drug benefits. And if you go longer than 63 days without creditable drug coverage, you could face a penalty.
This period goes hand in hand with the Medicare Advantage Open Enrollment Period which run from January 1 through March 31. If you want to disenroll from your current Advantage plan in order to enroll in a new one, you have January and the first half of February to disenroll, and the entire first three months of the year to choose a new advantage plan and enroll. Keep in mind, whenever you apply for a new plan, the effective date is the first of the following month after applying.
It is always good to know your options and not be complacent with your plan. Book at appointment with an agent today to compare your current Advantage plan with another that might be a better fit for you.
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