If you’re new to the Medicare world, you’re probably still getting used to all the terminology, important dates, and other important information regarding your coverage.
One of the things that you’ll need to do every fall is review your current coverage to determine if that’s the plan you’ll continue with, or if you’ll switch to a different plan that’s better suited to your changing needs and budget. You’ll particularly need to (and want to) do this come September when you receive an Annual Notice of Change (ANOC).
Your Plan Will Send You an ANOC Every September
When you receive an ANOC, it will outline important changes to the plan’s coverage, costs, or benefits that will take effect in the upcoming plan year.
Here are some key things you need to know about the ANOC:
Timing
Medicare plans are required to send the ANOC to their members by September 30th each year. This allows members to review the changes and make informed decisions about their coverage during the Annual Enrollment Period (AEP), which runs from October 15th to December 7th every year.
Changes to Coverage
The ANOC will detail any changes to the plan’s coverage, including benefits, network providers, prescription drugs covered, and costs. This could include changes to copayments, coinsurance, deductibles, and premiums.
Disenrollment Options
If you are not satisfied with the changes outlined in the ANOC, you have the option to disenroll from your current plan and switch to a different Medicare plan during the AEP.
Review Carefully
It’s important to review the ANOC carefully and make note of any changes that may impact your healthcare costs or access to services. If you have any questions or concerns about the changes, you should contact your plan’s customer service department for clarification.
Keep a Copy
Make sure to keep a copy of your ANOC for your records. This can be helpful if you need to reference the changes throughout the plan year.
Your Plan May Change Every Year
Medicare plans change every year due to several factors. One reason is that healthcare costs are constantly rising, which means that insurance companies have to adjust their plans to stay profitable. In addition, advancements in medical technology and treatments may necessitate changes in coverage or benefits. The government also plays a role in shaping Medicare plans as legislation and regulations can impact what services are covered and how much patients have to pay. Lastly, insurance companies may need to respond to changing demographics or health trends among their members, leading to alterations in their plans. Overall, these various factors contribute to the annual changes in Medicare plans to ensure that they remain relevant and affordable for beneficiaries. No matter how little or big the change, your plan must inform you.
Want or Need to Change Your Medicare Coverage?
As mentioned above, changing your Medicare coverage can be done during the AEP, which runs from October 15 to December 7 each year. You can switch from Original Medicare to a Medicare Advantage plan, or vice versa, as well as change your prescription drug coverage or switch to a different Medicare Advantage plan. To make changes, you can do so online through the Medicare website, by calling the Medicare helpline, or by contacting a Medicare counselor who can help you understand your options and navigate the enrollment process. It’s important to review your current coverage, consider any changes in your healthcare needs, and compare different plans to ensure you’re getting the best coverage for your circumstances.
An ANOC Provides Valuable Information
Overall, the Annual Notice of Change is an important document that provides valuable information about any changes to your Medicare plan every September. By reviewing the ANOC carefully and understanding the implications of the changes, you can make informed decisions about your healthcare coverage for the upcoming year. If you decide your plan is no longer meeting your needs or your circumstances change, you can switch Medicare plans during the AEP.
Emily Trevino, Senior Managing Partner at Wise Insurance, leverages her extensive background in biology and business finance to master Medicare, health insurance, and retirement planning. With over a decade in the field, Emily has co-authored “Medicare Breakdown – The Alphabet Soup of Medicare,” marking her as a pivotal figure in insurance education. Her commitment extends through active participation in the National Association of Benefits and Insurance Professionals (NABIP) and speaking at major industry events. Emily’s drive for community service and personal resilience shines through her adventurous pursuits and dedication to societal well-being. Connect with Emily on LinkedIn to explore the future of informed insurance decisions.
