3 Reasons to Consider Switching Your Medicare Advantage Plan Before March 31

We're a month into the Medicare Advantage Open Enrollment Period, but don't worry if you haven't had a chance to look over the details of your plan just yet. You still have until March 31 to make changes for 2025.

This open enrollment period is only for those who are already on Medicare Advantage plans. You can keep your existing plan, switch to a new one, or return to Original Medicare if you prefer. Here are three signs you could benefit from switching your plan this year.

Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free »

Image source: Getty Images.

3 signs you may want to switch your Medicare Advantage plan for 2025

Consider switching to a new Medicare Advantage plan if any of the following apply to you:

1. You weren't happy with your plan last year

It seems obvious, but if you weren't happy with your current plan's coverage last year, chances are you won't be this year, either. It doesn't hurt to look over the changes to your current plan for 2025, but if these changes don't address the issues you had with the plan in 2024, it's probably not right for you.

2. Your plan's costs have gone up significantly

Medicare Advantage plans cover the same things as Original Medicare, but they can include extra services, too. This means they're usually more expensive than Original Medicare, and costs vary by plan. If your plan's costs have risen significantly, it doesn't hurt to check around to see if there's something more affordable.

3. Your health status has changed

Even if your current Medicare Advantage plan served you well last year, it might not be the right choice for you this year. If your health has declined or you require new medications you didn't take in years past, another plan could provide better coverage than your current one.

How to choose the right Medicare Advantage plan for you

Choosing the right Medicare Advantage plan for you starts with getting clear about your top priorities. Ask yourself the following questions:

• How often do I expect to go to the doctor this year?
• How much can I afford to spend on monthly premiums?
• How much can I afford to pay for my out-of-pocket expenses?
• What kind(s) of medication(s) will I need this year?
• What kind(s) of medical treatment(s) will I need this year?

Take your responses to these questions and compare them to the Medicare Advantage plans available to you. Look for any plans that clearly don't fit your needs and rule them out. For example, if you need coverage for a certain prescription, you can ignore any plans that don't cover that drug.

Then, you'll need to do some digging into your remaining options. Compare their costs, coverage options, and provider networks to find the one that checks most of your boxes. This step can take some time. You'll need to read through the plan terms, and you may have to make some tough decisions about which factor to prioritize over another. For example, you may decide it's worth paying a little more than you originally planned to enjoy greater coverage.

Cost is a significant factor for most seniors, but it's not always immediately clear which plan will be more affordable for you. If you don't visit the doctor often, a plan with a higher deductible will likely suit you better because higher deductibles lower premiums. But if you expect to be at the hospital often, a high-deductible plan could lead to greater out-of-pocket costs. So a plan with a lower deductible and higher premiums might make more sense.

If you have questions about a plan's coverage or how it compares to your current plan, contact the insurer for clarification. This takes a little time, but it's safer than making an assumption that could be incorrect.

Once you've selected a new Medicare Advantage plan, it will take effect in the month following your request to change. For example, if you select a new plan in February, you will remain on your existing plan throughout that month and switch over to the new plan on March 1.

It takes some time to compare your options, so it's best not to wait much longer. If you don't make a change before the end of March, you'll likely have to wait until next year's open enrollment period to do so.

The $22,924 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

View the "Social Security secrets" »

The Motley Fool has a disclosure policy.