Sort through your mail and email if you have a Medicare Advantage plan or a Part D prescription medication coverage. Your insurance provider must give you a Medicare Plan Annual Notice of Change (ANOC) letter in September.
You should read it attentively even though it may appear like just another dull piece of mail because it is more significant than you might realize. Reading your ANOC letter could result in financial savings and the protection of the care components of a plan that are most essential to you.
Understanding your Medicare Plan Annual Notice of Change
Informational resources are available from your Medicare Advantage or Medicare Part D prescription drug plan (ANOC). During the annual enrollment period, it may help you decide whether to keep your existing plan or look for a new one.
Here are some things to check for and some queries to ask to help you comprehend plan adjustments and what they might imply for you when you receive your ANOC.
Changes to coverage
- What new features have you included in your plan?
- Are there any more changes affecting the services you use?
- Has your health changed in any way that might influence the services you require or how frequently you need them?
- Will your plan benefits cover the additional care you may need if your health has changed?
Provider network changes:
- Who has been added to or withdrawn from your network of providers?
- Are the doctors you now see in the network?
- What about medical facilities, other potential service providers, or specialists?
- Are you ready to switch to another provider if your current ones are not in the network?
Drug list and pharmacy network changes:
- What medicines have been added to or taken out of the plan’s list of approved medications (formulary)?
- Are the medications you presently take included in the formulary?
- Have any of your prescription drugs been moved to a different formulary tier? (This could raise the price.)
- Does the plan’s network include your pharmacy? Does the plan’s best pricing come from a “preferred pharmacy”?
Price Changes
- Is the cost of the plan increasing, decreasing, or remaining the same?
- Are there any additional charges, like deductibles, co-pays, or co-insurance, changing?
- What is your maximum out-of-pocket amount if you have a Medicare Advantage plan?
- How will price changes impact your overall out-of-pocket expenses for any necessary services and prescription medications?
If there is anything in the ANOC that you don’t understand or if you didn’t receive an ANOC letter, check with your plan.
The specifics of your Medicare plan could change each year. To better serve plan members, Medicare Advantage and Medicare prescription drug plan insurance providers evaluate their plan specifics every year, therefore it’s crucial to review your ANOC.
Your next move
If you decide you want to make changes, is to select a different insurance plan during the annual enrollment period, which is from October 15 to December 7. Your plan’s changes will then take effect on January 1st.
Of course, it can be difficult to navigate all of this on your own. Speak with one of our authorized insurance agents who can explain all of your options. Call us at 503-928-6918. Our assistance is at no cost to you.
*By completing this form, you agree that an authorized representative or licensed insurance agent may contact you by phone,email,text, mail or face to face to answer your questions or provide additional information about your Medicare plan options. Not affiliated or endorsed by Medicare or any state or federal governmental agency.
