Medicare Advantage Disenrollment Period (MADP)
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What Is the Medicare Advantage Disenrollment Period?
During this time of year in the senior market, it’s very important to know your seasons. The season we are in right now is the Medicare Advantage Disenrollment Period. This season runs from January 1st through February 14th. The reason this is important is because you, the consumer, have the opportunity to disenroll from a plan if you find it does not meet your needs. The Medicare Advantage Disenrollment Period allows you to disenroll, go back to original Medicare, and enroll in a prescription drug plan (PDP).
What Can You Enroll in if You Drop Your Plan?
It’s important to know that you have other options other than original Medicare if you drop your Medicare Advantage plan. When you take advantage of the Medicare Advantage Disenrollment Period, you do have the opportunity to get Medigap coverage. Medigap refers to a Medicare Supplement, which essentially takes care of out-of-pocket costs you will pay when only on Original Medicare. This means you can apply for a Medicare Supplement plan. Now, chances are there will be underwriting so keep that in mind. Know your seasons; know that now that the annual election period is over (October 15th through December 7th) you have the option to disenroll until February 14th.
If you think your 2018 Medicare Advantage Plan doesn’t fit your needs, talk to an agent now!
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