Yes, you can elect to switch to traditional Medicare from your Medicare Advantage plan during the Medicare Open Enrollment period, which runs from October 15 to December 7 each year. Your coverage under traditional Medicare will begin January 1 of the following year. You can also make this change during the Medicare Advantage Open Enrollment period, which runs from January 1 through March 31. If you make this change and you want drug coverage, be sure to sign up for a Medicare stand-alone prescription drug plan (PDP), unless you have creditable drug coverage from another source. If you do not, and you decide to sign up for Part D coverage later on, you may face a penalty for late enrollment.
You may also want to consider purchasing a Medicare supplemental insurance policy, known as Medigap. Medigap policies help to pay your cost-sharing requirements under traditional Medicare. However, since you have been enrolled in Medicare Advantage for several years, Medigap insurers are not required to sell you a policy if you don’t meet the medical underwriting requirements. You may want to contact a few Medigap insurers directly to see if you will be able to purchase a Medigap policy when you switch to traditional Medicare.