Once I Choose a Medicare Part D Plan, Can I Change It?
Understanding Medicare and Medicaid rules, regulations and structure is a difficult feat. This is because they have a large number of these and therefore prove to be quite difficult to understand. The newly added Medicare Part D Plan is one of the aspects of this healthcare program that can prove to be difficult to understand.
If you have chosen a Medicare Part D Plan, why would you want to change it?
Medicare Part D Plan was enforced in 2006 to provide cover for prescription drugs for those under the Medicare program. Those who opted in found a number of benefits as well as shortcomings. One of the criticisms surrounding Medicare Part D Plan includes conflict in interests of the plan and the health care providers. This also includes the fact that pharmaceutical companies can dictate the prices they will charge for drugs. These as well as other factors have led to some wondering, once I choose a Medicare Part D Plan, Can I change it?
The Annual Coordinated Election Period
This is possible, but not at any which time you may choose. There are certain rules that govern changes to Medicare plans and these are generally known as lock in rules. These rules stipulate that changes to ones plans can only be made at certain times of the year. The first window is between November 15 and December 31 of every year. This is known as the Annual Coordinated Election Period. Changes to ones Medicare Part D Plan can be made during this period.
Open Enrollment Period
This, however, must not be confused with the Open Enrollment Period that runs from January 1 to March 31. Switches may be made during this period EXCEPT for Medicare Part D Plan. Once you choose a Medicare Part D Plan, make sure you fully understand the full implications just in case you need to change it at some point.