Is Your MAPD Plan Being Terminated?

If a Medicare beneficiary does not “join” or “switch” to another MAPD plan, they will automatically be switched back to Original Medicare. Hopefully they are speaking with someone who can deliver the bad news in a palatable way and explore all available options.

Is Your MAPD Plan Being Terminated? (This could be GOOD News!)

If your Medicare Advantage Prescription Drug (MAPD) plan is being terminated, you might be worried about what this means for your coverage. However, there’s a silver lining: a terminated MAPD
plan can open the door to new options, giving you the opportunity to find a better fit for your healthcare needs. Here’s what you need to know.

If a Medicare beneficiary does not “join” or “switch” to another MAPD plan, they will automatically be switched back to Original Medicare.

Hopefully the Medicare beneficiary understands they will need to also sign up for a Part D plan or they will face a “late enrollment penalty” in the future if/when they sign back up for a Medicare Advantage Prescription Drug plan or Part D prescription. It is ridiculous to expect Medicare beneficiaries to be aware of the tiny details when it comes to their MAPD plan being terminated.

Another solution is to go back on Original Medicare Part A & Part B and enroll in a standalone Part D drug plan, which leaves the Medicare beneficiary exposed to 20% coinsurance with no maximum out of pocket ceiling. Hopefully they are speaking with someone who can deliver the bad news in a palatable way and explore all available options.

According to this Medicare author, redundancy is no-fundancy:
  • What if there is no “other” Medicare Advantage Plan or Medicare drug plan
    they can “join?”
  • What if the options to “switch” is not available because Medicare Advantage Plan no longer exists in that zip code?

The downside is Medicare supplements typically have a monthly premium and not everyone can afford them. Additionally, Medicare beneficiaries have to enroll in a Part D prescription drug plan or face future lifetime penalties when/if they do. Typically, Medicare supplement premiums are cheap compared to health insurance premiums before they enrolled into Original Medicare.

It is important to speak with a licensed insurance agent who specializes in Medicare. Agents who help people enroll into Original Medicare all year long will likely know the plans more in depth than someone who only works during the annual election period (Oct 15th – Dec 7th). If you need to go back to the basics, check out “Book of Medicare” filed with the Centers for Medicare and Medicaid Services under MULTIPLAN_PACIFIC_BOM_M.

You Ready for Some Good News? We’re Here to Help.

If your Medicare Advantage Plan is being terminated in the upcoming year and some website you’re doing research on is starting to feel too redundant, give Pacific Insurance Group a call at 425-246-4222 and we will take out the redundancy and make it fun-dancy.

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