To be eligible for Medicare Advantage, you must be enrolled in or eligible for Original Medicare (Part A and B). If you are enrolled in Original Medicare and ever drop your Part B coverage, you will, in fact, lose your Medicare Advantage plan.
If you want to opt for a Medicare Advantage plan, there are several enrollment periods you will need to take note of:
- Initial Enrollment Period: This period begins three months before you turn 65 and ends three months after turning 65. If you are under 65 but receive Social Security disability benefits, you will qualify for Medicare once you reach the 25th month of receiving these benefits. If this is the case for you, you have the option to enroll in a Medicare Advantage plan three months before your eligibility starts.
- Annual Enrollment Period: Starting on October 15 and ending December 7, you can enroll, add, change, or drop your current coverage. This means if you are enrolled in Original Medicare, you can change your coverage and enroll in a Medicare Advantage plan.
- Special Enrollment Period: The Special Enrollment period allows people to sign up for Medicare or choose a new Medicare Advantage plan or plan provider depending on some special circumstances, such as moving outside of your plan’s service area.
Some Medicare Advantage plans have a $0 premium rate, but you still have to pay your Medicare Part B premium. However, the average Medicare Advantage premium in 2021 is expected to be $21 per month. Medicare Advantage also has a maximum out-of-pocket limit of $7,550.
