In the first quarter of every year, seniors often discover that the plan they signed up for during the Annual Enrollment Period does not suit them.
Their doctors may have already left the network. Hospitals they thought participated might have dropped out already.
Still, some seniors have now had the time to review the Summary of Benefits and looked closely at how chemotherapy is covered by Medicare Advantage.
This is often quite a shock, when, not only must they use only network providers (in the case of the HMO), but the plans typically only pay 80% of the cancer treatment costs.
That’s the “Advantage” they’ve been sold for the often-zero premium.
Regardless of the reason, Medicare says that the first quarter is the opportunity to go back to original Medicare or change to a more-appropriate Medicare Advantage plan.
Steps to Cancel a Medicare Advantage Plan
From January 1 to March 1, Medicare now calls this the “Open Enrollment Period.”
A more appropriate name would be the “Disenrollment Period“. Those without a plan cannot obtain one, so it is not open by any stretch.
If you wish to go from Medicare Advantage to a Medicare Supplement, here are the steps:
- Apply for a Medicare Supplement
- Wait for the Underwriting Approval from the Supplement company
- When approved, make an application for a Part D plan.
- When the Part D plan starts, it automatically cancels the Advantage plan
This process ensures that you do not prematurely cancel the only insurance you may be able to qualify for. By using an independent Medicare broker, like the Senior Savings Network, you can find out what Medicare Supplement companies will likely approve your application and guarantee that you will not be paying too much for the same coverage that is offered by all of the Medicare Supplement companies.
Careful: Do Not Act in Haste!
Far too often, we get calls from seniors telling us that they became angry with the details of their Medicare Advantage plan and have already called their company and told them to cancel it. This is the wrong move.
In a worst-case scenario, that Advantage plan MAY be the only insurance you can have and, having something is better than nothing at all. So let an independent professional advise you on which plans are available in the market and which ones are most likely to approve you.
We would be happy to help with this process.
You can contact us securely here or by calling us at 1-800-729-9590.