Your Medicare Annual Notice of Change letter is arriving end of September and it needs urgent attention.
Your Medicare plan mails out a document known as the Annual Notice of Change every September (ANOC). Your current Medicare Advantage (MA) plan or Part D medication plan will change for the upcoming year, according to your Plan ANOC.
Yes, Medicare drug plans and MA plans have the authority to alter your coverage, including the premium, the deductible or copay amount, the list of medications covered by the plan, and more.
Even if you enjoyed your Medicare plan this year, it doesn’t guarantee you’ll enjoy it the following one.
The following information will help you understand how to interpret your ANOC, what you can do if your plan changes, and how to make sure you have excellent Medicare coverage for the upcoming year.
What exactly is an ANOC letter?
Your Medicare plan will send you an annual notice of change, or ANOC letter, each September. Any modifications to the network, prices, or coverage that will become effective on January 1st of the following year are described in the ANOC.
Only Medicare Advantage and Part D medication plans are covered by the ANOC letter.
Because the government standardizes the covered benefits, which means Medigap benefits don’t change annually, Medicare Supplements, often known as Medigap policies, are not included in the ANOC.
Important timing for ANOC
Sometime in September, the ANOC letter will be delivered. During the autumn enrollment season, which runs from October 15 through December 7, you are permitted to make changes to your Part D plan or Medicare Advantage plan. The following year’s first of January sees the implementation of those adjustments.
Understanding this timing is critical because here’s what often happens – we get a call from a frustrated individual in January. They say that the price of their medication has increased from $4 to $25 at the pharmacy.
It’s too late to revise the plan at that moment.
Medicare Part D drug plans cannot be changed until the autumn enrollment period (October 15-December 7).
In conclusion, pay attention to your ANOC and make sure you are aware of any changes coming to your plan for the upcoming year. It’s time to adjust your plans if you don’t like the modifications, and you must do it between October 15 and December 7.
How Do I Handle My ANOC Letter?
Your ANOC will be delivered to you sometime in September. Don’t discard or throw it away!
You’ll get it through your Medicare plan. For instance, if SilverScript provides your Part D drug coverage, SilverScript will provide it. It will come from Aetna if your Medicare Advantage coverage is with them.
Read through your ANOC and ensure you understand all the changes. If you don’t, give us a call right away so we can explain how your plan will change the next year.
The following are some alterations that could occur:
- Premiums rise
- Deductible growth
- An illustration of what you might read on your Annual Notice of Changes (ANOC) letter from your Part D or Medicare Advantage plan, which you may receive in September (if you have one).
- Increase in copay
- Coinsurance goes up
- Your pharmacy or doctor is no longer part of your network or a preferred provider as a result of network changes.
- Your prescriptions won’t be covered as long or may be more expensive to buy at the pharmacy due to changes to the formulary.
- Prior authorizations have changed, and you must now obtain specific permission in order to fill some prescriptions.
- The referral process has changed, and managed care organizations may now require you to attempt less expensive treatment options before seeing specialists, even if your primary care physician (PCP) doesn’t recommend them.
Prescription plans frequently are discontinued or changed, which can trigger a company’s automatic enrollment into a different drug plan. Many customers experienced this last year, and as a result, their $20 premium plans were upgraded to $55 premium plans.
Additionally, medicine formularies frequently change, so a medication that costs $5 this year can cost $25 the following.
You must thoroughly read your ANOC and be aware of how the modifications to your plan will impact you.
It doesn’t necessarily follow that you’ll enjoy your plan next year, even if you loved it this year.
At EliteHealth we are all about YOU and we are here to support you.
Starting the first week of October, we will offer educational workshops to answer all your questions regarding your Annual Notice of Change and help you better understand your options.