If I Drop My Medicare Advantage Plan, Is There Anything Else I Need to Consider?

Many experts advise that you obtain a Medigap policy if you disenroll from your Medicare Advantage plan. Medigap is a type of supplemental insurance that limits your out-of-pocket healthcare costs.

Be aware, though, that unless you live in New York, Connecticut, Maine or Massachusetts, you may be subject to medical underwriting. That means that you may not be able to obtain Medigap insurance if you have certain pre-existing medical conditions…or you may pay higher premiums for it.

Why Should I Consider Changing Medicare Advantage Plans?

Some plans now offer more benefits for participants, such as home meal delivery, transportation services to and from doctor appointments and pharmacies, gym memberships, home safety features (think shower grab bars), air purifiers to help with breathing problems, and more.

These new benefits will also not going to cost you any extra money.

How Do I Change My Medicare Advantage Plan?

Contact the plan you want to switch to and enroll in it. You’ll be automatically dropped from your existing plan when you enroll in the new plan, and coverage will start on the first day of the month following your enrollment.

How Do I Switch From Medicare Advantage to Original Medicare?

Call Medicare to make the change, then sign up for Part D. If you need Medigap coverage, start the ball rolling on that BEFORE you make the switch from your current Medicare Advantage plan.

What Happens if I Don’t Qualify for Medigap?

Look into other Medicare Advantage plans options. If you drop your Medicare Advantage plan for original Medicare, but can’t get Medigap insurance, your medical expenses could potentially kill your budget.

Healthcare costs can take a big chunk out of your nest egg. Fidelity Investments estimates that the average 65-year old couple who retired in 2019 will spend $285,000 throughout retirement on healthcare…and that doesn’t include long-term care! That’s why you need to be sure you have the best Medicare coverage for your situation.