Special Edition: Unhappy with Your Medicare Advantage Plan? Today is the Last Day to Make Changes or Go Back to Original Medicare!

Medicare Advantage enrollees who are dissatisfied with their plan have until today to switch into another plan or to go back to Original Medicare and, if needed, buy a prescription drug plan.

The Medicare Advantage Open Enrollment period ends today, March 31. It offers a do-over for people who might have signed up for Medicare Advantage during the fall open enrollment period, only to discover they’re not quite happy with their coverage. Keep in mind that if you’re already enrolled in Original Medicare, you can’t make any changes to your coverage at this time.

Medicare Advantage vs. Original Medicare

About a third of Medicare beneficiaries opt for Medicare Advantage instead of Original Medicare. Also known as Part C, this coverage is managed by private health insurers that contract with the government to provide Parts A and B. A downside to these plans, however, is that many have restricted doctor networks. About two-thirds of Medicare Advantage enrollees are in HMO plans, according to the Kaiser Family Foundation. That means that in order to have your care fully covered, you have to stick with participating doctors and hospitals. This could be limiting for snowbirds, who spend part of the year in a different state, and also for people who want to see a specialist who is out of their network.

With Original Medicare, by contrast, you can visit any doctor or hospital in the country that takes Medicare.

An Important Caveat to Keep in Mind

But keep this important caveat in mind: if you go back to Original Medicare now, you may not be able to buy a Medicare Supplement Insurance (Medigap) policy. Outside of the six-month window when you first sign up for Medicare, Medigap insurers can generally use medical underwriting to charge you more or even deny you coverage based on your health status. A serious cancer diagnosis would likely limit your choices, for example. Since Original Medicare alone covers only about 80% of your medical bills, the inability to buy a Medigap plan could leave you exposed to high out-of-pocket costs.

You can shop for and enroll in plans through the Medicare Plan Finder.