Am I Locked Into My Medicare Plan Forever?

Key takeaways

• Tricia Sandiego says Medicare plans can be changed, but rules apply.
• Open enrollment allows plan changes from October 15 to December 7.
• Special Enrollment Periods may allow changes after certain life events.

Summary

Tricia Sandiego explains that Medicare beneficiaries are not locked into their plans forever. She encourages reviewing coverage each year because costs, benefits and personal health needs can change over time. She also outlines the two main annual opportunities to switch coverage, including the Medicare open enrollment period and the Medicare Advantage enrollment period.

The discussion also highlights Special Enrollment Periods that allow plan changes outside standard enrollment windows. Examples include losing employer coverage, moving to a new address or relocating outside a plan’s service area. Understanding these options can help people maintain the coverage that best fits their needs.

The key takeaways and summary were created with the assistance of generative AI. An AARP editor reviewed and refined the content for accuracy and clarity.

Full transcript

[0:00:00] Here’s a question I hear a lot.

[0:00:02] Am I locked into my Medicare plan forever?

[0:00:05] No.

[0:00:06] When you acquire a Medicare plan, whether it’s original or Advantage,

[0:00:09] you’re not locked in permanently, but they do come with restrictions.

[0:00:14] First, it’s always good to look at your plan each year.

[0:00:18] Costs and coverage can change, and so too can your health needs

[0:00:22] or those of someone you care for.

[0:00:24] So if you wanna change your Medicare plan, you have two big chances

[0:00:27] each year without penalties.

[0:00:29] The main one is open enrollment, which runs from October 15th to December 7th,

[0:00:35] where you can switch plans or move between Medicare Advantage and original Medicare.

[0:00:39] The other one is just for people who have Medicare Advantage.

[0:00:44] That enrollment period runs from January 1st to March 31st.

[0:00:48] During that window, you can change or drop Medicare Advantage, but you can’t

[0:00:53] add it if you don’t already have it.

[0:00:55] But what if you need to switch outside of those two periods?

[0:00:59] Medicare offers Special Enrollment Periods, or SEPs, that allow you to

[0:01:04] switch any time for specific reasons.

[0:01:07] Those include losing your employer or union coverage, moving in or out of

[0:01:12] a nursing home, your plan closing in your area, or moving to a new address

[0:01:18] that’s not in your plan’s service.

[0:01:20] Here’s an example of how that works.

[0:01:22] Say your 87-year-old mom, who lives in Arizona, takes a bad fall. So

[0:01:28] you decide to permanently move her closer to you in Virginia for extra

[0:01:32] help during her recovery and beyond.

[0:01:34] Once she moves, you discover that your mom’s Medicare Advantage plan doesn’t

[0:01:38] operate in your state. And let’s assume it’s summer, so it’s outside

[0:01:43] the standard enrollment windows.

[0:01:45] Here’s the good news.

[0:01:46] Since your mom permanently moved outside of her coverage area, she

[0:01:50] doesn’t have to wait for the regular Medicare enrollment period in the fall.

[0:01:54] Instead, she’s granted a Special Enrollment Period, typically two

[0:01:59] months, where she can switch to a new Medicare Advantage plan in her

[0:02:03] new state or enroll in original Medicare and add a Part D plan.

[0:02:08] So you see, there are always options, which allows you to focus on your

[0:02:13] mom’s healing instead of worrying that her medical care won’t be covered.

[0:02:17] If you have a question about switching Medicare plans that we didn’t cover

[0:02:20] in this video, you can find more information by visiting aarp.org/medicare.