The Window to Change Your Medicare Advantage Plan Is Quickly Closing. Here's What You Need to Know.

A lot of people choose to enroll in a Medicare Advantage plan over original Medicare. And it's easy to see why.

With Medicare Advantage, you often get supplemental benefits that original Medicare doesn't offer. That could mean access to more services and having fewer services to pay for completely on your own.

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Plus, Medicare Advantage plans put a cap on annual out-of-pocket spending. Many Medicare enrollees live on a fixed income that's mostly Social Security benefits. So being able to better plan for healthcare costs is huge.

But that doesn't mean Medicare Advantage is perfect. There are some general issues with Medicare Advantage plans, and your plan in particular may not be working out as well as you would have liked.

The good news is that you still have time to make changes to your Medicare Advantage plan this year. But the window to do so is rapidly closing.

Don't wait to make a change

Each year, Medicare Advantage runs an open enrollment period from Jan. 31 through March 31. At this point, you don't have a lot of time to switch Medicare Advantage plans if yours isn't cutting it. So if you've been putting off that decision, now's the time to get moving.

It could pay to get a new Medicare Advantage plan if you're struggling to find providers you like. One downside of Medicare Advantage is that you're generally limited to a specific provider network, whereas with original Medicare, you can see any doctor in the U.S. who accepts Medicare as insurance.

If you have certain health conditions that require ongoing care, it's very important to have access to the right specialists. If you've been struggling to find providers to manage your health, that could be reason enough to make a switch.

It may also be that your costs as a Medicare Advantage enrollee have been coming in higher than expected. It could be that there's another plan out there that offers better coverage for the medications you take and lower cost-sharing for the services you tend to utilize the most.

Choose your new plan carefully

While you still have a little time to drop your current Medicare Advantage plan and pick a new one, make sure to choose your new plan carefully. In addition to premium costs, pay attention to factors like copays, deductibles, and out-of-pocket maximums. Also review the benefits each plan offers, as they can differ from one to another.

Finally, know that if you don't find a suitable replacement Medicare Advantage plan, you can always move over to original Medicare. That may be a good choice if you want access to more doctors and don't want the restrictions that often come with being on a Medicare Advantage plan.

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