How to Switch from Medicare Advantage and Go Back to Original Medicare

Understanding Original Medicare

Original Medicare is a federal program that provides healthcare coverage to individuals aged 65 or older and certain younger people with disabilities. It consists of two main parts: Medicare Part A, which covers hospital care, and Medicare Part B, which covers medical services like doctor visits and preventive services.

What is a Medicare Advantage Plan?

A Medicare Advantage Plan, also known as Part C, is an alternative to Original Medicare offered by private insurance companies. These plans often include additional benefits such as vision, dental, and prescription drug coverage. While convenient, the coverage and network restrictions of Medicare Advantage Plans can vary significantly from Original Medicare.

Can You Switch from Medicare Advantage to Original Medicare?

If you’re considering switching from a Medicare Advantage Plan back to Original Medicare, you have options. The Medicare Advantage Open Enrollment Period, from January 1 to March 31 each year, allows you to make this change. During this time, you can return to Original Medicare and, if needed, enroll in a Part D plan for prescription drug coverage.

Steps to Switch to Original Medicare

Evaluate your current Medicare Advantage Plan and determine if it meets your healthcare needs.
Consider the out-of-pocket costs and premiums associated with Original Medicare.
During the Medicare Advantage Open Enrollment Period, contact Overton Agency to assist with the switch.
Consider buying a Medicare Supplement Insurance Plan, also known as Medigap, to cover additional out-of-pocket costs.

Medicare and Medicare Advantage: Key Differences

While both Original Medicare and Medicare Advantage provide essential health coverage, there are notable differences:

Original Medicare offers broader provider acceptance. Most doctors nationwide accept it, unlike some Advantage Plans, which limit provider networks.
Medicare Advantage Plans may include extra benefits not covered by Original Medicare, such as dental and vision.
Out-of-pocket costs can vary significantly between plans, making it crucial to review the details of each option.

Returning to Original Medicare: What You Need to Know

Switching back to Original Medicare can provide flexibility in choosing healthcare providers. However, it’s important to consider the timing and any special enrollment periods available. Overton Agency can help you navigate these options to ensure a smooth transition.

Understanding Medigap Plan Options

Medigap Plans are supplemental insurance plans that help cover costs not covered by Original Medicare, such as copayments and deductibles. When switching from a Medicare Advantage Plan to Original Medicare, exploring Medigap options is wise to reduce potential out-of-pocket expenses.

Prescription Drug Coverage Considerations

When returning to Original Medicare, you’ll need to consider prescription drug coverage. Enrolling in a Part D plan during the open enrollment period ensures you have the necessary drug coverage to meet your needs.

Can You Go Back to Medicare After Having Medicare Advantage?