While you can’t switch Medicare Part D prescription drug plans anytime you wish, you have options to choose a different plan.
You can get prescription drug coverage either by enrolling in a stand-alone Medicare Part D plan or from a Medicare Advantage plan that combines medical and drug coverage. Private insurance companies that Medicare regulates offer both types of plans.
You can also change Part D or Medicare Advantage plans at certain times of the year and possibly qualify for other opportunities to change plans outside those windows.
Join AARP for just $9 per year with a 5-year membership and get a FREE Gift!
Both Medicare and Medicare Advantage offer an opportunity to change your drug plan.
Oct. 15 to Dec. 7, open enrollment. You can sign up for a Medicare Part D plan or switch from one Part D plan to another during the annual open enrollment period.
You also can sign up for a Medicare Advantage plan or switch to a different Medicare Advantage plan — with or without drug coverage — during that time. Your new plan will begin Jan 1.
Even if you’re happy with your Part D or Medicare Advantage plan, comparing your options during open enrollment every year is a good idea because these plans can change coverage and costs from one year to the next. Type your zip code, drugs and dosages into the Medicare Plan Finder to see costs for every plan available in your area, including premiums and copayments for your medications.
Jan. 1 to March 31, Medicare Advantage open enrollment. If you have Medicare Advantage prescription drug coverage, you get an extra chance to switch to another MA plan or leave MA altogether and opt for original Medicare and a Part D plan. You can make only one change during this enrollment period.
Be aware: Most people who enroll in original Medicare buy a Medigap supplement policy to cover out-of-pocket expenses. If you leave Medicare Advantage for original Medicare, you risk losing your guaranteed right to buy a Medigap policy if more than six months have passed since you signed up for Medicare Part B. Check with your State Health Insurance Assistance Program (SHIP) to find out whether an insurer could reject you or charge you more for preexisting conditions.
When you switch plans during Medicare Advantage open enrollment, coverage begins the first day of the month after the plan receives your request. This period applies only to people who already have an MA plan, not to people in original Medicare with stand-alone Part D coverage.
