Are you wondering “Should I switch Medicare plans?” or “Is it too late to change Medicare plans?” The answer is “it depends.” It’s a good idea to review Medicare your coverage every year and evaluate whether it’s the right mix of coverage, convenience, and cost. You should also be aware of when you have the opportunity to make the changes you want.

When can you enroll in or change Medicare plans?

The Medicare Open Enrollment Period (OEP), also referred to as the Annual Election Period (AEP) that occurs Oct. 15 through Dec. 7, is the time each year to review coverage and make changes to Medicare plans. During this time the following is possible:

• Change from Medicare Parts A and B (original Medicare) to a Part C (private Medicare Advantage) plan
• Change from Medicare Advantage back to original Medicare
• Join, drop, or switch a Part D prescription drug plan
• Switch Medicare Advantage plans

If you're enrolled in a Medicare Advantage plan, there are additional opportunities to re-evaluate coverage during the Medicare Advantage Open Enrollment Periods (MA OEP). The first is the annual period from Jan. 1 – March 31, when anyone with a Medicare Advantage plan can change plans during this time. The other is an individualized Medicare Advantage Open Enrollment Period that’s limited to new Medicare beneficiaries who enroll in an MA plan during the first three months they have Medicare. The MA OEP offers a three-month window to switch plans. During these times, you can:

• Switch to a different Medicare Advantage plan
• Switch from a Medicare Advantage plan to original Medicare and a standalone Part D plan

When should I enroll in a Medicare Advantage plan?

“Medicare Advantage plans are the alternative to receiving their Medicare through original Medicare,” Ryan Ramsey, NCOA’s Associate Director of Health Coverage and Benefits, told Medical News Today. “These plans are offered by Medicare-approved private companies that must follow rules set by Medicare and provide Medicare Part A (hospital insurance) and Part B (medical insurance) coverage, as well including drug coverage (Part D) in most cases, all under one plan.”

Are Medicare Advantage plans worth it? There are pros and cons you’ll want to carefully consider before you make a decision. "In most cases, you'll need to use health care providers who participate in the plan's network; however, some plans offer non-emergency coverage out-of-network, but typically at a higher cost," Ramsey explained. "These plans may also offer additional extra benefits like vision, dental, or fitness and wellness benefits that are not covered by Medicare."

Once you’ve decided to enroll in a Medicare Part C plan, make note of the specific times it can be done:

• If you're new to Medicare, you can make changes during the Initial Enrollment Period (IEP). This is the 7-month period when you're first eligible for Medicare. After you enroll in Parts A and B, you can enroll in a Medicare Advantage plan.
• If you're already enrolled in Medicare Parts A and B, you can make changes during the Annual Election/Open Enrollment Period (OEP). Each year between Oct. 15 and Dec. 7, this period allows you to switch from original Medicare to a Medicare Advantage plan, or vice versa.

Be aware that if you have original Medicare with a Medigap(supplemental) policy and you switch to Medicare Advantage, you most likely will not be able to get a Medigap policy again if you switch back.

The date coverage starts depends on the period of enrollment. Do not drop your existing coverage, if any, until your coverage with Medicare Advantage plan has started.

Can I delay enrolling in Medicare Part B?

Can you decline Medicare coverage? If you’re enrolled in health coverage through an employer or an actively working spouse, it is possible to delay enrollment in Medicare Part B until later. If Medicare hasn’t started yet, there are two ways to drop Part B:

• If you're automatically enrolled in both Part A and Part B and you've received a Medicare card, follow the instructions that come with the card and send the card back. If you keep the card, you will remain enrolled in Part B  and you will still be responsible for paying your Part B premiums.
• If you're enrolled in Medicare through Social Security, contact Social Security directly.

Take the time to look at your options

If you're thinking about switching Medicare plans, it's best not to make any hasty decisions. Take your time and consider the different beenfits, costs, and restrictions of each plan. By comparing plans side by side, you can make sure you're choosing coverage that meets both your health needs and your budget.

"My best recommendation is to start early, get your comparison nice and early. That way you can take your time with looking at that," Ramsey told Scripps News.