Each fall, your Medicare plan will send you your Plan Annual Notice of Change (ANOC). It details all changes your insurance provider is making for coverage, costs and other plan details. Based on that information, you can decide whether your current plan provides the coverage you need at the best available price in your area. If you are not satisfied with the changes, it’s time to look for a new plan, and the Medicare experts at Magellan Healthcare can help you find a Medicare plan that suits your needs.
Plan Annual Notice of Change (ANOC)
The Plan Annual Notice of Change comes in September. If you have a Medicare Advantage plan or Medicare Part D prescription drug plan, your insurance provider can make changes to the plan but must update you with this notice. The reason these notices come out in September is because your Annual Enrollment begins October 15. Notices help Medicare beneficiaries to stay informed and make the best decisions for their coverage needs.
Part D prescription drug plans sometimes have reason to make changes to your coverage in the middle of the year, due to the release of a new drug, a drug being pulled off the shelves, or a change in price of a drug, to name a few examples. If any of those changes affect a drug you are currently taking, your Medicare plan will give you advance notice of the change. When you go to fill the drug that’s price has been increased, you should be able to receive one month of the prescription at the previous rate. Contact your plan with any specific questions about your coverage.
If you chose to stick with Original Medicare and do not have one of those additional plans, you can review changes to Medicare’s coverage in yearly updates from Medicare. You can find those updates summarized in this year’s edition of the Medicare & You Handbook. This year, for example, it explains changes in coverage related to the COVID-19 pandemic, assessments for cognitive impairment, and a few other items.
When you receive the Plan Annual Notice of Change, you need to review the changes.
What To Do If Your Medicare Plan Is Changing
You can expect slight price increases each year, but changes in coverage can be initially alarming. It’s good practice to review your coverage each fall to make sure you have the best coverage for your money. When you work with Magellan Healthcare, our team will make comparison shopping a breeze and eliminate the stress of searching for a Medicare plan. To team up with one of our Medicare experts, book an appointment today.
