Medicare Prescription Drug Plans are issued on a yearly basis and when you sign up for the plan you are making a yearlong commitment to the plan. If you decide you want to drop the plan or switch plans you will need to wait until the Open Enrollment Period that occurs each fall.
Times When You Can Drop Your Medicare Drug Plan
You can drop your Medicare Drug Plan yearly during the Open Enrollment. Simply send a letter into your old plan telling them that you want to drop your coverage after the end of your current policy. If you are switching plans there is no need to contact the plan, you will be disenrolled automatically from the old plan when your new coverage starts.
There are also certain exceptions that will allow you to disenroll from Medicare at any time. Basically any change in
life circumstances that would affect your insurance coverage will allow you to drop your drug coverage or switch to a new plan during any time of the year. For example, if you switch out of your plans service area you will be allowed to sign up for a new plan. Should the company discontinue the plan or go bankrupt you would also be able to enroll in a new plan at any time.
Some additional exceptions will allow you to switch or drop your Medicare drug coverage outside of the standard yearly times. Anyone who qualifies for Extra Help can drop their coverage at any time and anyone who is living in an institution can drop their coverage at anytime. Institutions include places such as hospitals, jails and long-term nursing facilities.
Auntie Lou says, "Jail is a pretty extreme way to drop your Medicare drug coverage!"