The deadline to switch or abandon your Medicare Advantage Plan is approaching. Here's what you need to know.

• The window to make a change opened Jan. 1 and closes March 31.
• You can choose a different Advantage Plan or drop it altogether.
• Either way, be aware of some limitations that come with the move.

Occasionally, Medicare beneficiaries choose an Advantage Plan that does not fulfill their expectations.

If you're in that situation this year, you still have a few weeks to take action.

From January 1 to March 31, you have the option to switch to a different Advantage Plan or opt for basic Medicare, which includes Part A hospital coverage and Part B outpatient care coverage.

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According to Danielle Roberts, co-founder of insurance firm Boomer Benefits, the most common reason people make a change is because they discover that something on their plan has changed that they dislike.

Perhaps they have learned that a doctor they prefer is no longer in their insurance network or a medication they rely on is no longer covered.

Approximately 26.9 million Medicare beneficiaries are enrolled in Advantage Plans, which provide comprehensive coverage for Parts A and B, as well as prescription drug coverage and additional benefits such as dental and vision. However, these plans have their own cost-sharing structures and drug coverage lists, which vary from plan to plan.

Medicare's annual fall enrollment ended weeks ago, and now there is an opportunity to change or drop your Advantage Plan.

In contrast, this Advantage Plan-related window comes with restrictions.

Once you switch to a different Advantage Plan or drop it for basic Medicare, the change is typically final.

Elizabeth Gavino, founder of Lewin & Gavino and an independent broker and general agent for Medicare plans, stated that once your election is made, you will be part of the plan for the rest of the year.

You cannot switch from one standalone Part D prescription drug plan to another within a three-month window.

If you enrolled in a Part D plan during the fall open enrollment period with incorrect or misleading information, you can contact 1-800-Medicare to determine if you are eligible to make any changes.

If you choose to drop an Advantage Plan and opt for basic Medicare, you may lose drug coverage and need to enroll in a separate Part D plan.

If you go 63 days without drug coverage, you could face a penalty that adds 1% of the national base premium ($33.37 for 2022) to your monthly premiums for each full month you're late.

If you switch back to original Medicare and want to purchase a supplemental policy, be aware that you may not be eligible for guaranteed coverage. These policies cover some aspects of parts A and B, such as deductibles, copays, and coinsurance, but they have their own enrollment rules.

"To ensure approval for a Medigap plan, it is recommended to apply for it first before canceling the Advantage Plan."

During the period from January 1 to March 31, if you missed your initial Medicare enrollment and do not qualify for an exception, you can sign up. However, coverage will not begin until July 1.