Each year, millions of Medicare beneficiaries receive an important document in their mailboxes: the Medicare Annual Notice of Change (ANOC). While it may seem like just another piece of paperwork, the ANOC is important for anyone enrolled in Medicare Advantage (Part C) or Medicare Prescription Drug Plans (Part D).
In this blog post, we’ll explain what the ANOC is, why it matters, and how to use it to make informed decisions about your Medicare coverage.
What is the Medicare Annual Notice of Change (ANOC)?
The Medicare Annual Notice of Change (ANOC) is a document sent out by insurance companies to individuals who are enrolled in a Medicare Advantage or Medicare Prescription Drug Plan. The ANOC details any changes to your current plan for the upcoming year, including changes to benefits, costs, drug coverage, and provider networks.
You typically receive the ANOC by September 30th each year, giving you plenty of time to review the changes before the Medicare Annual Enrollment Period (AEP), which runs from October 15 to December 7.
Why is the ANOC Important?
What is the Medicare Annual Notice of Change (ANOC)?
- Premiums: Monthly plan costs can increase or decrease.
- Deductibles: The amount you need to pay before coverage kicks in may change.
- Copayments or Coinsurance: Your share of costs for doctor visits or prescriptions may shift.
- Provider Network: Your plan’s list of in-network doctors and hospitals may expand or shrink.
- Drug Formulary: The list of covered prescription drugs can change, with medications being added, removed, or moved to different pricing tiers. Failing to review your ANOC could result in unexpected costs or the loss of coverage for a service or medication you depend on.
Key Sections to Pay Attention to
The ANOC might seem overwhelming, but there are key areas you need to focus on to ensure you understand the most critical changes:
- Premiums and Out-of-Pocket Costs: Check whether your monthly premiums, deductibles, or copayments have changed for the coming year. This will help you understand how much more (or less) you'll be paying for your coverage.
- Changes to Covered Services: Review any modifications to the services your plan covers. For example, certain medical procedures, therapies, or preventive care might be newly covered, or they may no longer be included.
- Drug Coverage Changes: If you’re enrolled in a plan with prescription drug coverage (Part D), check the drug formulary. Look for any changes to your current medications, such as shifts between pricing tiers, new prior authorization requirements, or drugs being dropped from the list altogether.
- Provider Network Changes: Medicare Advantage plans have a network of doctors and hospitals you can visit. Make sure your preferred providers are still in-network, as going out-of-network can increase your costs significantly.
What to Do After Receiving Your ANOC
Once you’ve received and reviewed your ANOC, it’s time to decide whether your current plan still meets your needs for the coming year. Here are some steps you can take:
- Compare Your Current Plan to the Changes: Ask yourself if the changes in your plan will impact your healthcare or budget. Are you satisfied with the updated costs and coverage?
- Explore Other Medicare Plans: If your ANOC reveals significant increases in costs or reductions in coverage, it might be time to explore other options. During the Annual Enrollment Period (AEP), you can switch from one Medicare Advantage or Prescription Drug Plan to another or return to Original Medicare (Part A and Part B).
- Speak with a Medicare Advisor or Broker: If you’re unsure how the changes affect you or whether you should switch plans, consider reaching out to a licensed Medicare broker at URL Insurance Group. They can help you compare plans and guide you toward the best option based on your specific healthcare needs.
- Make a Decision During the AEP: If you decide to make changes, remember that the Annual Enrollment Period (October 15 – December 7) is your opportunity to switch plans. If you don’t take action during this window, you’ll be locked into your current plan for the following year unless you qualify for a special enrollment period.
How to Avoid Surprises: Be Proactive
Medicare plans can change in subtle ways, and failing to review your ANOC can result in unwelcome surprises, like higher out-of-pocket costs or losing access to your preferred doctor. Being proactive about your health coverage means carefully reviewing your ANOC each year and acting if the changes don’t align with your needs.
If you’d like help evaluating your options, the team at URL Insurance Group is here to help. We look at your current network of doctors, your medications, and the benefits that are most important to you and find plans that match your needs. Please don’t hesitate to call us at 717-323-2000.
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Navigating Medicare: When to Enroll and Why It Matters
Turning 65? You may have a lot of questions about Medicare. The good news: you're not alone. The Initial Enrollment Period (IEP), starting three months before and three months after your 65th birthday, is your time to join Original Medicare (Parts A and B) without penalty.
If you have employer-sponsored health insurance with more than 20 employees, you can delay Medicare enrollment, potentially avoiding penalties. But just because you can, doesn't mean you should. Carefully compare your current plan's coverage, costs, and network with those of Medicare. Premiums, co-pays, deductibles, and doctor access all play a role in deciding what's best for you.
Unsure if you can delay? Worried you might miss the IEP deadline? Reach out to our Medicare team from URL Insurance and they can help you navigate the complex world of Medicare, compare your options, and ensure you choose the coverage that best suits your needs and budget. They'll analyze your current doctor network, medications, and priorities to find plans that fit.
Looking for Medicare help? Our Medicare partner, URL Insurance can provide:
- Medicare 101 Seminars: Gain clarity on your Medicare options in a free, informative setting.
- Personalized guidance: Get one-on-one assistance for your unique situation.
- Peace of mind: Know you've chosen the coverage that best suits your needs with help from experienced professionals.
Don't hesitate to take control of your healthcare. Attend a seminar or call 717-323-2000, and discover the Medicare benefits you deserve. Remember, Medicare may offer advantages beyond your current employer plan, so don't miss out on exploring your options!
Medicare Open Enrollment Period: A Time for Change and Savings
Every year, a special season rolls around, not marked by changing leaves, but by an important decision-making process for millions of Americans. It’s the Medicare Open Enrollment Period, a crucial time for beneficiaries to re-evaluate their healthcare plans and ensure they are getting the best coverage at the most affordable price.
Why Re-shop Your Medicare Plan?
- Healthcare Needs Change: Just like the seasons, our healthcare needs can change over time. What worked for you last year might not be the best fit this year. New health concerns or changes in your current health can mean you need more or different coverage.
- Plans Evolve: Medicare plans are not static; they can change each year. This could mean changes in costs, coverage, or which providers and pharmacies are included. By not reviewing your plan annually, you might miss out on better benefits or lower costs.
- Financial Savings: The Open Enrollment Period is an opportunity to save money. You might find a new plan with lower out-of-pocket costs for doctor visits, prescriptions, and other medical services.
- Avoiding Penalties: If you miss your initial enrollment window, signing up later can result in penalties that stick with you for as long as you have Medicare. Re-shopping during the Open Enrollment Period can help you avoid these extra costs.
- Access to New Options: Each year, new Medicare Advantage and Part D plans might become available in your area. These new options could offer better coverage or more suitable benefits for your current situation.
Why Re-shop Your Medicare Plan?
The Open Enrollment Period runs from October 15th to December 7th each year. This is the time when you can make changes to your Medicare Advantage or Medicare prescription drug coverage for the following year.
How to Make the Most of It?
Call your dedicated team at URL Insurance at 717-323-2000. Each year, we take a close look at your current plan’s coverage and costs. Are you satisfied with your benefits? Are your preferred doctors and medications covered? The Medicare Open Enrollment Period is not just a formality; it’s a significant opportunity to take charge of your healthcare for the coming year. It’s a time to ensure that your Medicare plan aligns with your health needs and financial goals. So, mark your calendars, review your options, and let us help you make the choices that will keep you healthy and financially sound. Remember, this is your health, your plan, your choice. Make it count!
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What is the Medicare AEP and who is it for?
The Medicare Annual Enrollment Period (AEP) is when Medicare beneficiaries can add, change, or drop their Medicare Advantage Plan or Part D Prescription Drug Plan for the next year. If you already enrolled into a plan, typically around the last week of September you will receive an annual notice of change (ANOC) letter explaining how your current plan will change starting in January. This gives you enough information to start shopping and comparing plans.
The Medicare Annual Enrollment Period (AEP) is when Medicare beneficiaries can add, change, or drop their Medicare Advantage Plan or Part D Prescription Drug Plan for the next year. If you already enrolled into a plan, typically around the last week of September you will receive an annual notice of change (ANOC) letter explaining how your current plan will change starting in January. This gives you enough information to start shopping and comparing plans.
Top 5 items to review:
- Cost
- Drug costs/coverage
- Providers/networks
- Out-of-pocket estimate
- Star ratings for quality and customer service
Tip: Part D Prescription Drug coverage costs can be high on some medications. Remember that each state has extra help that you can apply for depending on your financial situation. Some manufacturers also have pharmacy assistance programs or cards that you can apply for. You could also use GoodRx. You should always carry this card with you, even if you only use it during the coverage gap.
If you are enrolled into a Medicare Supplement Insurance Plan, the AEP does not affect you. The private insurance carriers can adjust their rates at any time of the year, and you will be notified by letter. This may not occur every year. You can get a new quote for a less expensive rate at any time of the year, but it will require you to answer health underwriting questions for approval. Tip: If you consider yourself healthy and you’ve been on the same plan for over 7 years, it’s probably time to shop prices.
Most importantly, keep yourself organized by creating a mysocialsecurity.gov and mymedicare.gov account, or by using a paper folder. Having everything in one place makes it easier for an expert to assist you to the best of their ability.
If you’d like help evaluating your options, the team at URL Insurance Group is here to help. We look at your current network of doctors, your medications, and the benefits that are most important to you and find plans that match your needs. Please don’t hesitate to call us at 717-323-2000 and speak to Olivia Adkins or Eric Colello on our Medicare team to help you find the benefits you deserve.
