IBM Medicare Advantage Regret? Undo it!

 If you enrolled in IBM's United HealthCare plan and now regret your choice, from January 1 to March 31, 2023, you have the ability to return to original Medicare.

This option has nothing to do with IBM.  It is a little known federal government (CMS) option to change your Medicare Advantage insurance during what is called "Medicare Advantage Open Enrollment".  Here is a link to the government website that describes it in the 3rd bullet:
  
https://www.medicare.gov/sign-up-change-plans/joining-a-health-or-drug-plan

If you find out the doctors you want to use won't take the IBM plan, or you found other information to confirm what I have been writing about for years regarding the exploitation of Medicare Advantage insurance companies, you might want to undo your IBM UHC enrollment.  I'll explain what I mean by "might".

The way to undo it, is to call Medicare (1-800-633-4227) and tell them you want to disenroll.  They will help you pick a prescription drug insurance plan, enroll you into it and effective the first of the next month, you will be back in original Medicare.  

The harder part is reinstating your Medicare Supplement plan and that's where "might" comes into play.  In some states (such as New York) it is easily done.  Call any insurance company that sells Medicare Supplement plans as they are obligated to sell you the type of policy you want to buy.  They cannot refuse you.  In some states, such as Florida, you must call back the company you used before making the switch and also buy the policy type you previously had because you are doing it in less than a year since you dropped it.

If this is the FIRST TIME you have enrolled in a Medicare Advantage plan, at the federal level you have 12 months to change your mind. Per this information on the Medicare website (and it will be important to reference this citation when you call Medicare and you medigap company if you decide you want to leave the IBM UHC plan) you will be able to go back to the medigap you previously had:

https://www.medicare.gov/supplements-other-insurance/when-can-i-buy-medigap/guaranteed-issue-rights

If this is not your first try of a Medicare Advantage plan, in some states, you might have to try a lot of companies to get a policy and there is a chance you won't find one so you've lost the ability to buy a Medicare Supplement plan in that state.  In that case, you can still use original Medicare, but you won't have an annual "maximum" for your part of doctor and hospital fees.

There are people who take the risk and bet they won't need to pay for a supplement insurance because it takes a whole lot of being sick for coinsurance costs to skyrocket. Instead, they pay themselves the "premium" every month and put it into a contingency fund to use in case they do get sick.   I write that because Medicare fee for service limits, particularly for doctor services, are quite low.  For example, twenty percent of a procedure such out-patient knee replacement, and physical therapy is about $2000. 

 However, it is a gamble.

Updated 1/9/2023

Here's another analysis of how Medicare Advantage plans can be really bad for your health:

https://www.nytimes.com/2020/02/21/business/medicare-advantage-retirement.html