Many people believe they can only change their Medicare plan during the Annual Enrollment Period in the fall. While that's true for many beneficiaries, it's not the whole story.
Certain life events may allow you to make changes outside of the normal enrollment period.
Some common situations include:
- Moving to a new service area
- Losing employer or retiree coverage
- Qualifying for Medicaid or Extra Help
- Moving into or out of a nursing facility
- Becoming eligible for a Special Needs Plan (SNP)
Each situation has different rules and timelines.
It's also important to remember that changing plans isn't always the best decision. A plan that works well today may still be your best option even if another plan advertises additional benefits.
Before making any changes, compare:
- Your doctors
- Prescription drug coverage
- Hospital costs
- Specialist copays
- Maximum out-of-pocket limits
A yearly review can help ensure your coverage still fits your needs without making unnecessary changes.
