Although Open Enrollment has just ended, this does not mean that you have run out of time. The Annual Disenrollment Period exists for those who want to drop their Medicare Advantage and/or Part D plans. The industry joke is that beneficiaries have until Valentine’s Day to break their current plans.

While confusing since open enrollment has just ended, the purpose of the disenrollment period is to give beneficiaries the opportunity to drop Part C and/or D entirely, while open enrollment allows beneficiaries to change plans and provider once a year. You can also leave during Open Enrollment, but January 1 through February 14 gives you one more chance to say goodbye to Part C and/or Part D.

There are three scenarios where you can change: The first is for those who have an Advantage plan that includes a drug plan. These people may decide to buy a be unique Part D plan or just improvise with Original Medicare (I don’t support the latter). The second scenario is for those who have private fee-for-service plans (these do not include prescription coverage). If this is the case for you, unfortunately you won’t be able to buy Part D until next October; however, you can return to Original Medicare. Now, let’s say you only have a Part D policy, like in the above scenario, you won’t be able to change providers/plans until next year; however, you can say goodbye to Part D if you want to. In a nutshell, you can cancel your enrollment in Part C and D and return to Original Medicare.

You may be wondering, well, what happens after I cancel my enrollment? Fortunately, you can stick with Original Medicare or do the smart thing and buy a Medicare supplement policy. Please note that before you disenroll, you will want to make sure you are medically eligible for a Medicare Supplement. You can talk to a Medicare supplement agent about whether or not you qualify.

For those who have a Medicare Supplement and want to change plans/careers, you don’t have to wait for any “special” period! One of the reasons Medicare Supplements are flexible. If you’re not happy with your plan/provider and you’re medically eligible (no major conditions, ailments, or pending surgeries), you can switch any day of the year! There are no deadlines regarding this Medigap coverage. Many people are surprised when I first tell them, “Well, actually, you can apply after December 7, there is no Medigap enrollment deadline.”

The only Medicare supplemental coverage that contains restrictions is Parts C and D; Beneficiaries of these plans must comply with open enrollment and disenrollment restrictions.

If you’re tired of unexpected Medicare Advantage costs, make the switch this January! Give your Part C the good old “It’s me, not you” and move on!