Medicare alert: Miss today’s deadline and you could face months of higher costs

The deadline for the Medicare Advantage Open Enrollment ends today, March 31, and missing it could mean months of higher health costs. This enrollment period runs every year from January 1 to March 31 for people already in Medicare Advantage plans. During this time, users can switch to another Medicare Advantage plan or go back to Original Medicare.

People who return to Original Medicare can also add a separate Part D prescription drug plan. Any change made by March 31 will start from April 1, as reported by Newsweek. If users miss today’s deadline, they usually must wait until October 15 to make changes. Experts warn missing the deadline can lock people into plans that don’t fit their needs. Being stuck in the wrong plan could lead to higher medical costs through spring and summer.

How to switch plans fast

People can switch plans online using Medicare’s Plan Finder tool. They can also call 1-800-MEDICARE to make changes. Anyone leaving Medicare Advantage should check Medigap availability in their state first. Medigap helps cover costs that Original Medicare doesn’t pay. Some insurers may refuse Medigap coverage or charge higher premiums outside special periods. Insurers may also require medical checks or apply waiting periods for existing conditions.

Free help for Medicare users

Reviewing options early can help avoid surprise medical bills later in the year. Free help is available through State Health Insurance Assistance Programs. These SHIPs programs offer one-on-one Medicare counseling. SHIPs operate in all 50 states and U.S. territories, as stated by Newsweek. Experts say waiting too long means fewer plan options and higher costs. People with chronic or complex medical conditions face the biggest risk.

Who could pay more

Frequent doctor visits and expensive medicines can raise coinsurance costs. Seniors taking multiple prescription drugs may see higher out-of-pocket costs. Some plans now use percentage-based coinsurance instead of fixed copays. Patients whose doctors leave plan networks may face out-of-network charges. Many people only realize network changes after seeking care.

Low-income seniors most at risk

Lower-income seniors are also at higher financial risk. Even small increases in deductibles or cost-sharing can hurt fixed incomes. Many people chose Medicare Advantage for low or $0 premiums but could still face higher costs, as cited by Newsweek. Missing today’s deadline could leave users stuck paying more until October. Experts stress acting before March 31 is key to avoiding months of higher healthcare costs.

FAQs

Q1. What happens if I miss the March 31 Medicare deadline?

You may be stuck in your current plan and could pay higher medical costs until the next enrollment period in October, according to Newsweek.

Q2. How can I change my Medicare Advantage plan before the deadline?

You can switch using Medicare’s online Plan Finder or by calling 1-800-MEDICARE before March 31.