If you want to change your options is Medicare policy, such as changing from a Medicare Advantage policy to a Medicare plan, there are times when you can do so. Changing Medicare plan options depends on the type of Medicare insurance and the type you want. Before moving to a Medicare supplement plan from a Medicare Advantage policy, or even changing your Medicare supplement policy, let us start with a brief description of the differences between these types of plans.
Medicare Advantage vs Medicare supplemental insurance
In summary, Medicare Advantage provides a way to get your Medicare Part A and B benefits through a private insurance company recognized by Medicare. Some plans offer additional benefits, such as: For example, routine eye care. Medicare supplement plans are designed to work with your Original Medicare Benefits (Part A and B). Medicare supplemental plans do not provide these benefits, but they can help pay for Part A and B from abroad.
You cannot use Medicare Supplement plans to pay your costs (such as copayments) in Medicare Advantage plans. If you are already registered with Medicare Advantage, it is illegal for someone to sell you a Medicare supplement plan (except you return to Original Medicare, Part A and B). The opposite is not true. If you enrolled for a Medicare supplement plan and are choosing to switch to Medicare Advantage policy, you can maintain your Medicare supplemental plan if you wish, even if you cannot afford Medicare Advantage.
When can I change the Medicare Advantage Medicare plan options to the Medicare supplement?
To buy a Medicare supplement plan, you must first withdraw your Medicare Advantage plan and return it to Medicare Part B (Health Insurance) and Part A (hospital insurance), which are administered under the state’s Medicare program. However, what you need to know about switching to Medicare Supplement from Medicare Advantage include the following:
You can only stop your Medicare Advantage plan at certain times of the year. In many cases, it is during the Medicare Advantage Deactivation period (January 1 to February 14) or during the annual Medicare Advantage period and prescription drugs i.e. October 15 – December 7. Some exceptions include when you move to your home from an institutional setting such as a nursing home or from an institution to your residence. Other exceptions are listed below.
Once you return to Original Medicare, you can always request a Medicare supplement plan. However, the adoption of a plan is not always guaranteed. For instance, if you have health condition, the insurance company can make your decision in a process known as a medical subscription based on your medical underwriting. The company may choose not to sell you a plan or charge you more because of your health status.
When can I change to the Medicare Supplement with guaranteed exhibition rights?
In some cases, you can change to a Medicare supplemental plan from a Medicare Advantage plan with guaranteed issue permits, which means that the insurance company must accept you as a member and can’t charge you any additional costs due to your health status.