Medicare Advantage and Prescription Drug plans change from year to year. Your insurance provider is responsible for updating you on any changes made to the plan for the upcoming year in the Annual Notice of Change (ANOC). You should receive your ANOC before September 30 each year. If you do not, contact your insurance company.
It’s important to review this document to ensure that your current plan still meets your needs. Even small changes can greatly increase costs. For example, if you take a specific drug that will no longer be covered under your plan, you might want to consider switching to a new one.
Medicare Advantage plans have become more stable from year to year. In 2019, the government increased funding to Medicare plans, resulting in more benefits being covered by the majority of plans. Even as stability for Medicare plans increases, it’s still important to review your plan and any changes annually to ensure it is still the best plan for you.
Here are steps you should take regarding your ANOC.
1. Make sure you receive your ANOC
You should receive your ANOC every year by the end of September or 15 days before the beginning of the Annual Enrollment Period. If you do not receive it by this time, reach out to your insurance company to request one.
2. Review your ANOC
Look for any changes to the benefits you know you use or prescription drugs you take. Also be sure to note changes to the monthly premium, maximum out-of-pocket expenses, copays, and formulary. For more information about why it is important to review your plan annually, check out this article.
3. Contact Medicare Choice Group
If you are not already using Medicare Choice Group, contact us and we can help you review your ANOC. If you don’t already have the best plan available for you, we can help you select the right plan and switch during the Annual Enrollment Period.
Medicare Choice Group not only helps you today, but also tomorrow. If you have worked with Medicare Choice Group in the past, we are already reviewing any changes to your plan and will help you select a new one as needed.