What To Do If Your Medicare Advantage Plan Is Discontinued

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What To Do If Your Medicare Advantage Plan Is Discontinued

By Daniel Petkevich

Feb 26, 2024

Options to consider when you are notified that your plan will be discontinued.

If your Medicare Advantage or Prescription Drug plan is discontinued in your area, you have several options to consider for your healthcare coverage. It's VERY important to take action before it's too late. Here are some important considerations:

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In most cases, if your Medicare Advantage Plan is discontinued, you will be eligible for a Special Enrollment Period. This period allows you to make changes to your Medicare coverage outside of the annual Open Enrollment Period. You typically have a few options during this period:

Medicare Advantage Plan: You can choose a different Medicare Advantage Plan available in your area. Be sure to review your options with an expert to confirm your new plan has the coverage, network, and benefits you need.
Medigap (Medicare Supplement) Plan: This is an excellent opportunity to enroll in a Medigap policy with no medical review. The most popular plan, Medigap Plan G, can fill gaps in Original Medicare, helping protect you from out-of-pocket expenses. Make sure to pair your Plan G with a standalone Medicare Part D to ensure you have Prescription Drug coverage.
Original Medicare Only: You can go back to Original Medicare (Part A and Part B only) if you prefer traditional fee-for-service coverage. However, this will mean that you are responsible for traditional Medicare out-of-pocket costs like deductibles, copays, and coinsurance. If you do this, you will need to enroll in a standalone Medicare Part D prescription drug plan if you want prescription drug coverage.

It's crucial to carefully compare these options and find the best fit for your healthcare needs and budget. Be sure to consider factors like premiums, deductibles, copayments, and healthcare provider networks. You must decide and enroll in a new plan within the time frame of your Special Enrollment Period to avoid any gaps in coverage. If you don't act during this period, you may have to wait until the next annual Open Enrollment Period to make changes.

The good news is that you don't have to try to navigate these options alone. At Fair Square, our Medicare Experts can provide unbiased expert advice at no cost to you. For more information, schedule a consultation today at

fairsquaremedicare.com

or call us at 1-888-454-2383. Our experts are looking forward to talking to you!

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What To Do If Your Medicare Advantage Plan Is Discontinued

Options to consider when you are notified that your plan will be discontinued.

Stay Up to Date on Medicare!

Stay Up to Date on Medicare!

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