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“Buyer’s Remorse” for your Medicare Advantage plan? There is still time to switch. - Yahoo! Finance
There is no question that the “Medicare Advantage” program has seen phenomenal growth in recent years. “Medicare Advantage” plans are alternative healthcare plans offered by private insurers to replace “original Medicare” provided by the Federal Government. The attraction is obvious – Medicare Advantage plans often offer coverage which “original Medicare” does not, at minimal (or no) extra cost. Typically, a Medicare Advantage plan may include coverage for prescription drugs, as well as for dental and vision needs – coverage not provided by traditional Medicare Part A and Part B. This sounds really good – additional coverage at little or no extra cost. But as always, the devil is in the details!
Medicare Advantage plans usually restrict you to using only healthcare providers who are part of their network, and providers come and go from that network annually. Consequently, if your favorite doctor is, suddenly, out of the Advantage plan’s network, you may be find yourself suffering buyer’s remorse for the plan you are currently on. The good news is, the first three months of each year offer you the opportunity to switch from your current Medicare Advantage plan company to different plan which includes your favorite doctor(s) as in network. In other words, you can change your healthcare insurance plan, up to the end of March each year. You can easily switch to another plan which includes your favorite doctor(s), but time is now running out to do that. So, if you’re unhappy with your current Medicare Advantage plan, you can still change up to March 31st. You can even switch back to “original Medicare,” but be careful if you wish to do that, because obtaining additional coverage in the form a “Medigap” or Medicare Supplement plan could have some pitfalls. All of this is fully described in this Yahoo! Finance article by Kerry Hannon.