It may not be the news you wanted to hear, but all isn’t lost.
If you’re enrolled in a Medicare Advantage plan, generally, at some point in September or October, you’ll receive a notice from your plan administrator informing you of changes to your coverage for the upcoming year. Those changes could relate to your out-of-pocket costs or the scope of the coverage you’re entitled to. You may also learn that some of the providers you see on a regular basis are going out of network or that new providers are being added.
But what if you receive a notice that your Medicare Advantage plan is going away entirely? It’s a situation Medicare enrollees unfortunately have to grapple with all the time. But if that’s the scenario you’re in, don’t panic. Instead, do these things.
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1. Explore your options for a new Medicare Advantage plan
When you’re used to a specific Medicare Advantage plan, switching to a new one can seem like a hassle. And the mere process of finding a new one might seem daunting.
The good news is that Medicare makes it fairly easy to find available Advantage plans in your area. All you have to do is go to Medicare’s website and use its Plan Finder to see what choices you have. You’ll be asked to enter your zip code, and from there, you’ll be given a list of choices to review.
One thing you may want to look at — aside from factors like costs and benefits — is each plan’s star rating. A four- or five-star rating tells you enrollees are generally pretty happy with the Medicare Advantage plan in question. A rating below three stars, however, should raise a red flag.
2. See if it makes sense to get on original Medicare
Even if you’ve been enrolled in a Medicare Advantage plan for years, you don’t have to stick to one for 2025. Instead, you could exercise the option to switch over to original Medicare. In that case, you’ll need to find yourself a Part D drug plan.
There can be benefits to moving from Medicare Advantage to original Medicare. First, you may find that you have access to a wider network of providers. And in some cases, your costs might be lower overall.
But do remember that unlike Medicare Advantage plans, original Medicare does not put a cap on your annual out-of-pocket spending. Also, if you move over to original Medicare, you might struggle to find affordable Medigap coverage, which is supplemental insurance that covers costs like deductibles and coinsurance.
If you’ve been happy with your Medicare Advantage plan, hearing that it’s going away could be enough to throw you for a loop. But try not to stress too much. At this point, there’s still almost another full month before Medicare’s fall open enrollment period wraps up on Dec. 7. If you start exploring your options now, you may find that you have plenty of time to put new coverage in place that’s comparable to the Medicare Advantage plan you’re saying goodbye to.
