You may be on a retiree plan, and have been on that plan for a number of years. Each year you are provided with information on changes to the plan. These changes may be slight or perhaps the changes being made will affect your current needs both on coverage as well as cost.
Individuals on a retiree plan should evaluate their plan each year, comparing their cost and benefits to what is available to those without a retiree plan (i.e., a Medicare supplement/medigap and a stand-alone drug plan; or a Medicare Advantage plan).
If after comparing the retiree plan to one of the latter options you decide to leave the retiree plan, you are granted a special election period (meaning you don’t have to wait until Medicare’s Annual Enrollment period of 10/15 – 12/7) to make a change.
It is always a good idea to review insurance coverages on an annual basis to confirm for yourself that you are on the right plan for you /or/ to identify other coverage that will provide more complete coverage for you at a lower cost.