One of the most important things you can do when you have Medicare is make sure that you thoroughly read your Medicare Annual Notice of Change (ANoC) letter. This letter will tell you about all of the changes that will happen concerning your healthcare coverage in the next year.
What is a Medicare Annual Notice of Change?
The Medicare Annual Notice of Change is a document that is mailed to you every year in late September. It outlines all of the changes that will happen in the coming year. It will give you important information about medications that will be dropped as well as doctors and other providers that will no longer be covered by your plan’s network.
Who Gets a Medicare Annual Notice of Change?
You receive a Medicare Annual Notice of Change if you are covered by a Medicare Advantage Plan or a Medicare Part D drug plan. If you only receive coverage from a Medigap plan, you will not receive a Medicare Annual Notice of Change. This is because Medigap Plans have standardized coverage and it does not change annually the way that Medicare Advantage Plans do.
When Do Changes Take Effect?
Any changes that are made will go into effect at the beginning of the new year. Your coverage will remain the same, even after you have received your notice, until the end of the year. This is so you will have time to make changes if your plan is no longer working for you.
How to Use Your Medicare Annual Notice of Change
Start by thoroughly reading and reviewing the document. First, you should consider any pricing changes. If the price has changed so dramatically that you simply can no longer afford your current plan, you will need to make a change during the Medicare Annual Enrollment Period.
Next, check to make sure that none of the medications that you need are being dropped. If you find that one of your medications is not going to be covered, you will definitely want to shop for a new plan.
Here is what you should look for when you are considering the changes to your Plan D drug plan:
- Are your medications still all covered and do they have quantity restrictions?
- Will any of your medications need prior authorization?
- How much will you pay for prescriptions?
- Has your premium increased and by how much?
- Has your deductible increased and by how much?
If you have a Medicare Advantage Plan, here is what you should look for when you are considering the changes to your plan:
- Are your doctors and other medical providers still in the network?
- Have any “extra” benefits been added or removed?
- Has the out of pocket maximum increased since last year and by how much?
- Can you cover the out of pocket maximum?
- Have your copays increased and by how much?
- Is there now a deductible, or has it increased?
What If I Don’t Agree with the Changes to My Medicare?
If you are unhappy with the upcoming changes you have time to switch plans. This is exactly why you receive your Medicare Annual Notice of Change letter in early October before the Medicare Annual Open Enrollment Period begins on October 15th.
You have plenty of time to contact a Medicare Broker who can help you sort through all of your options and find a plan that will work for you.
Annual Enrollment Period for Medicare Advantage Plans
The Annual Enrollment Period for Medicare Advantage Plans and Plan D drug plans is from October 15th until December 7th, every year. This is when you can easily switch plans with no penalties. Just pick a new plan and your coverage begins with the new plan that you have chosen on January first of the new year.
Visit a Licensed Medicare Agent For Help
A Medicare Broker can help you sort through the different plans and options that are available to you and help you find the best one. If you are worried about changes to your plan or you just want a professional opinion to make sure you are getting it right, contact one of our Medicare Brokers today for help.
Medicare Fall Open Enrollment