The Medicare Advantage enrollment period is currently open, allowing Americans to reassess their healthcare coverage. Whether switching plans or exiting Medicare Advantage altogether, beneficiaries can make changes reflecting their healthcare needs up until March.

Yahoo Finance Columnist Kerry Hannon breaks down the enrollment details, providing insights into restrictions within Medicare Advantage that may prevent the insured from receiving adequate care.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Angel Smith

Video Transcript

[AUDIO LOGO]

AKIKO FUJITA: If you're enrolled in a Medicare Advantage plan, it is time to decide if you want to make a change to your coverage. Medicare Advantage enrollees can switch plans or transfer to traditional Medicare during the open enrollment period ending in March. Here with the details on what you need to know is Yahoo Finance's Kerry Hannon. Kerry, walk us through the checklist.

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KERRY HANNON: Oh, hi, Akiko. Yeah, this is important. It's not just cranky people who are switching plans. You know, studies have shown, a recent one I looked at, that more than 50% of people tend to change plans within five years after they sign up, generally going to another Medicare Advantage plan. And I should note that 51% of the Medicare population, those 65 and over, now are in these Medicare Advantage plans.

You know, and the incentive there is that they have no or low premiums, and they offer kinds of extras that you don't get from traditional Medicare, like vision, dental, maybe a gym membership. But what's happening is as people get older-- when you first sign up for your Medicare Advantage plan, there's a set of providers that you can go to. And so this is the issue. People are switching because they're looking for their doctors. And you're restricted in what doctors are in your network. So the ones you initially sign up for are not necessarily still there or the ones you need as the years go on. As you get older,

You might need a specialist. You might need some more doctors. You might develop chronic illnesses, in some way. And those providers, you have to get special authorization. And that can take forever or it can be rejected.

So the people I talk to often feel they're trapped. So this is your opportunity to say, OK, I can look around. And I can see if the doctors I need to go to are in a new plan, Medicare Advantage plan. Or you can go back to traditional Medicare right now.

And again, that is terrific in the sense that you have no restrictions on your medical and health care providers. But there are some extra costs involved there that you need a Medigap policy, it's called. And here's the caveat that makes that a little tricky, is that a Medigap policy, when you first enroll in Medicare, they have to approve you for this extra coverage regardless if you have a pre-existing condition.