The Medicare annual election period ended December 7. This is the time of year that you can change Medicare Part D plans or Medicare Advantage plans, if you are on one of those plans in place of traditional Medicare.Although the AEP is over, you can still make any changes you want to make to your Medigap coverage. Medigap plans do not have an annual enrollment period – you can change plans at any time for any reason, contrary to popular misconception.
If you are on a Medicare Advantage plan, you are locked in to that plan for the year now, unless you disenroll during the short Medicare Advantage Disenrollment Period (MADP), which runs January 1 through February 14. If you do choose to disenroll from your Medicare Advantage plan during this period, you can do so and return to “regular” Medicare A & B and pick up a Medigap plan to fill in the ‘gaps’ in Medicare.
For those on Medigap plans already, it is advisable to compare your Medigap plan to other options on an annual or bi-annual basis. With Medigap plans, rates change annually in many cases. While coverage does not change from year to year, it can make sense to “shop” your rate to make sure you are still getting a good deal.
Fortunately, this is very easy to do when it comes to Medigap plans, as the plans are Federally-standardized. In other words, if you have a Plan F now, you can “shop” other Plan F’s on the basis of rate, with the security that the coverage itself is going to be the same. Additionally, the plans all work in the same way – i.e. you can use them anywhere that takes Medicare, and claims are processed automatically through the Medicare “crossover” system.
If you have not compared your Medigap rates against other options in the last year or more, it is advisable to do so now. Also, if you have a Plan F, now is the time to consider Plan G. Plan G is a better “deal” in almost all cases and will provide annual savings and more rate stability.
If you have questions or want to compare your current rate against what is available, you can request a comparison on our Medicare-Supplement.US website or call us at 877.506.3378.