You might also encounter unexpected costs. Medicare Advantage plans are advertised aggressively during the fall open enrollment season, and many are touted as no cost. While they may have a $0 monthly premium, plans are not free. Charges for hospital co-payments are one type of expense that could surprise beneficiaries, Ratkovic says. Another unpleasant surprise could be if your prescriptions aren’t covered to the extent that you’d like. While you’re unlikely to find a plan that’s completely no cost, you can look for one that better meets your needs.
One option is to search for Medicare plans on Plan Finder, the official site of Medicare.gov, or go through a broker. If you switch to a new Medicare Advantage plan, you’ll be automatically dropped from your prior plan when your new coverage begins. To switch to Original Medicare, contact your current plan or call 1-800-MEDICARE (1-800-633-4227).
Keep in mind that supplemental “Medigap” policies don’t work alongside Medicare Advantage, so you can’t use the former to pay any costs incurred under the latter. If you want to switch over to Original Medicare and buy a Medigap policy to supplement it, make sure you understand the rules: unless you qualify for a “trial right” to coverage, health insurers can look at your medical records to determine whether or not to issue you a policy. They could charge you more or even reject your application, based on your conditions. Criteria vary by insurer, but poorly controlled diabetes and a current cancer diagnosis are examples of conditions that may disqualify you from buying a policy. Make sure you understand your eligibility before dropping your Medicare Advantage policy.
