The process of choosing a Medicare plan can be confusing, and despite your best efforts, you may likely need to make changes. However, if you are satisfied with your current plan, there’s no need to make changes. If your Medicare plan doesn’t meet your healthcare needs or budget, you have the option to change your plan every year.  Here are the things you need to know about when you can change your Medicare coverage.

When Can You Change Your Medicare Part D Plan?

Medicare-approved private insurance companies sell Medicare Part D. Those enrolled in Medicare who want to sign up for Part D can do this during the Annual Enrollment Period, starting from October 15 through December 7 each year. Generally, you can only switch once in a calendar year.

Additionally, you can sign up for a new Part D plan if you return to Medicare Part A and Part B during the Open Enrollment Period. If you qualify for the Extra Help program, you can also change to a new Medicare Part D prescription plan every quarter leading up to the Annual Enrollment Period.

When Can You Change Your Medicare Advantage Plan?

Medicare Advantage Plans, also called Medicare Part C, are provided by private insurance companies to cover everything that Original Medicare covers. Medicare beneficiaries can change from Original Medicare to a Medicare Part C plan and vice versa during the Annual Enrollment Period. You may also be able to change plans during other parts of the year if you qualify for a Special Enrollment Period (sometimes referred to as SEP) or if you qualify and receive assistance through your State’s Medicaid Program.

When Can You Change Your Medigap Plan?

Medigap plans, also called Medicare Supplements, helps Medicare beneficiaries cover some costs associated with Medicare, such as deductibles, coinsurance, and copays. When you sign up for Medicare, there is a one-time window when you can enroll in any of the plans without requiring any medical underwriting, which means the plan cannot refuse to enroll you based on the grounds of medical history. 

If you want to switch Medicare Supplement plans later, you can ideally change the plan at any time. Though you will have to talk to an agent and be able to pass the company’s health underwriting requirements.

Reach out to a Simple Retirement Benefits agent today to learn more about how you can change your Medicare coverage.