Choosing the right Medicare plan is an important decision, and it can feel overwhelming. For many people, especially those transitioning from employer-sponsored insurance, the differences in coverage, costs, and provider networks can come as a surprise. Fortunately, if you realize the Medicare plan you signed up for isn’t the right fit - whether you’re new to Medicare or made changes during the Annual Election Period, you’re not necessarily stuck. There are options available to help you adjust and find coverage that better suits your needs.
At Twin City Underwriters, we have helped thousands of Medicare enrollees compare their Medicare plan options and enroll in a suitable plan tailored to their unique needs. In this article, we'll explain what to do if you signed up for a medicare plan only to find out it wasn't the right plan for you.
First off, how do you know you've signed up for the wrong Medicare plan? Sometimes it’s clear as day that the plan you’ve chosen isn’t the right fit. Other times, the signs might be less apparent. Maybe a few things are working well, while other areas of your plan aren’t living up to expectations. Let’s look at some of the ways to tell if your Medicare plan isn’t working for you.
Some of the most common signs that your Medicare coverage is not meeting your needs are that it is not covering your most basic health care services. Here are some problems you might experience:
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So, how might these problems occur when enrolling in a medicare plan? There are several different ways to receive your Medicare coverage, and there are often dozens of supplemental Medicare plans available in the area you live; these plans can vary in the coverage they offer and other aspects, from costs, access to care and covered services. If you don't take the time to compare Medicare plan options and understand each plan's specific benefits, you could end up enrolled in one that doesn't align with your healthcare or financial needs.
Starting with the basics and building a strong Medicare education can help you make informed decisions about the different types of plans and how to choose the right one for your needs. One of the best ways to get started is by attending our free Medicare 101 workshop, available both in person across the Minnesota Twin Cities and online.
If you discover that the Medicare plan you signed up for is not right for you, you'll want to know, can I change my Medicare plan? The good news is yes, you can change Medicare plans; however, depending on when and what type of plan you have enrolled in, when you can make a change will vary.
There are specific times each year when you can make changes to your Medicare coverage. The most common opportunities include:
Understanding the Medicare Enrollment Periods
However, there are some exceptions.
If you signed up for the wrong Medicare Advantage or Part D plan by mistake or due to misleading details, you may qualify to leave that plan and switch to one that better suits your needs.
As described by the NCOA, here are a few scenarios where you have a right to change plans:
Determine what parts of your plan are working and what's not working.
Is there currently an ongoing enrollment period, such as the AEP or MA OEP, that will allow you to make a change? Even if there is not, you may be eligible for a Special Election Period (SEP).
Look at all your Medicare plan options. Rather than looking at just one insurance carrier or a couple of different plans, you want a comprehensive review of plans available to you.
Once you have researched your options and find a suitable plan for your budget and healthcare needs, you can switch by enrolling in the new plan. Depending on your existing coverage, you may or may not need to notify the insurance company you have your current plan through.
A licensed Medicare agent, such as the team at Twin City Underwriters, can help you throughout the entire process.
Once you make the mistake of enrolling in a Medicare plan that doesn't work for your needs, you'll want to make sure you take precautions to not let it happen again. Here are some best practices when making Medicare plan changes.
As we've indicated, Medicare plans can be very different from one another. It's critical to review plans carefully to understand what's covered and what's not, so you go into the plan with clear expectations of your costs, coverage and benefits.
Working with a licensed Medicare broker can provide you with guidance and resources as you compare and enroll in your Medicare plan. Medicare brokers represent multiple insurance carriers and can help you understand the plan details that may be overlooked. They can also help you enroll in a plan that meets your health and financial needs.
Taking time each year to review your Medicare plan is highly recommended. Medicare and Medicare plans can change every year, so staying informed on those changes is an important part of knowing if your plan will still be a suitable option for you in the next year.
Do you have more questions about your existing Medicare plan or making a change? Reach out to our team of professional Medicare agents for unbiased advice and recommendations on your Medicare.
Reach out to us today to get started.
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, BlueCross BlueShield of Minnesota, Medica, UCare, United HealthCare and more. We work with you to find the best plan for your needs and budget. Contact us today to get started.