What to Know If Your Medicare Advantage Plan Is Exiting for 2025
Nationwide, more than 1.3 million people are affected by Medicare Advantage plan exits this year. If your plan is leaving the market, you still have time to make a change.
When a Medicare Advantage plan exits, a special enrollment period begins. Many people call it the 123-day rule. Here is what that means:
• You have 60 days from the date you receive the notice that your plan is ending.
• You also have 63 days after December 31.
• This special enrollment period ends on March 4.
Because of this rule, you do not have to switch plans by December 7 if your plan is exiting. You have additional time through late December and into early 2025 to review your options and enroll in a new plan.
Many beneficiaries will not realize their plan has exited until they try to use their coverage in January or February. If that happens, you can still enroll in a new Medicare Advantage or Part D plan during your special enrollment period.
What This Means For You
• You have time to review your choices without rushing.
• You can avoid gaps in care or prescriptions by choosing a new plan as soon as possible.
• You may have guaranteed issue opportunities if you want to return to Original Medicare with certain Medigap options.
• Agents must follow CMS rules about when assistance can be provided and when compensation is allowed.
If you are unsure whether your plan is affected or you need help understanding your timeline, I can help you review your options in a clear and compliant way.
