Question: I joined a Medicare Advantage plan that has prescription drug coverage, but now I am not sure I want to keep this plan. Is there any way to just drop my Medicare Advantage plan?
Yes. You can drop your Medicare Advantage Plan during the annual Medicare Advantage plan Disenrollment Period (or MADP) that runs from January 1st until February 14th of each year.
Please remember that the Medicare Advantage Disenrollment Period can only be used to drop or cancel your Medicare Advantage plan.
You probably will not be allowed to change Medicare Advantage plans after the close of the annual Open Enrollment Period that ends on December 7th – unless you are granted a Special Enrollment Period.
(Special Enrollment Periods are granted for a number of reasons for instance, for people who move outside of their plan’s service area or for people who receiving financial Extra-Help / Medicaid or for people who are entering a nursing home. You can
click here for more on the Special Enrollment Periods)
Instead, the Medicare Advantage Disenrollment Period allows you the opportunity to leave your Medicare Advantage plan and return back to your Original Medicare Part A and Part B coverage – plus you are allowed to join a stand-alone Medicare Part D prescription drug plan (or PDP).
In fact, even if you had a Medicare Advantage plan that did not provide prescription drug coverage (MA), you still will be allowed to drop the Medicare Advantage plan, return to Original Medicare Part A and Part B and join a stand-alone Medicare Part D prescription drug plan.
So if you are enrolled in Medicare Advantage plan “ABC”, you can disenroll, go back to your Original Medicare Part A and Medicare Part B, and still join a Medicare Part D prescription drug plan of your choice (even when your Medicare Advantage plan did not provide prescription coverage).
Remember: When you disenroll from your Medicare Advantage plan, the disenrollment begins the first day of the next month after disenrollment. So if you disenroll from your plan on February 10th, your Original Medicare Part A and Part B coverage begins on March 1st. You can also join a stand-alone Medicare Part D prescription drug plan at the same time and your new prescription drug plan will also start on March 1st.
Important: If you drop your Medicare Advantage plan
in January during the MADP and join a stand-alone Medicare Part D plan, you may see payments
for your old Medicare Advantage plan deducted in January and February - and
maybe even March, then in April, any over-payments from the February and March
Medicare Advantage plan premiums will be paid back (or reversed) and the
February and March premium payments for your newly chosen Medicare Part D plan
taken out or deducted from your Social Security check.