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Health insurance is something that we all know about and need, but it can seem like the details are often confusing and ever-changing. Medicare especially incites many different opinions about its plans and coverage. One person might say they have the most comprehensive coverage, whereas another person might insist they have the most affordable coverage. Let’s take a look at different myths that are commonly circulated when discussing Medicare.

Firstly, some people might assume that all medicare advantage plans are the same. The truth is that Medicare Advantage plans are often distinctly different from each other. You can see the differences in prescription drug coverage, premiums, and coverage details. Medicare Advantage also provides additional benefits that Original Medicare does not. They include fitness programs like Silver Sneakers, dental, vision, hearing, and even transportation to doctor visits. People also tend to think that their Medicare Advantage plan will stay the same. Sometimes this is true, but Medicare Advantage Plans can change things such as deductibles, copayments, provider networks, and more each year. The good news is that if changes being made to your plan, you will receive an Annual Notice of Change in September.

It’s easy to think that if your Medicare Advantage plan stays the same, that your cost will remain the same. This can be the case, but not always. Sometimes things like copayments, deductibles, premiums, and coinsurance don’t change, but your health might. If that happens, you have to be ready for a change in costs. Make sure to think about costs you might encounter for specialist visits, emergency care, and more before considering a medicare Advantage plan. You also do not have to stick with your Medicare Advantage plan. If you are happy with your coverage and would like to keep it, you are more than welcome to, and it will automatically renew. However, if you would like to join a new plan or switch to a different one, you are able to do so.

That being said, it is commonly thought that you are able to change your Medicare Advantage plan whenever you want. Plans are only able to be modified during the Open Enrollment period. From January 1st to March 31st, 2021, you can switch or drop your coverage. The only stipulation is that you can switch from Medicare Advantage to Original Medicare during this time period, but not vice versa.