What To Expect From Your Annual Notice Of Change
Millions of Americans are currently enrolled in Prescription Drug Plans or Medicare Advantage Plans. One of the top questions AMAC’s Medicare team receives is how your Medicare plan will change in the coming year. Luckily, insurance companies make it easy for you to prepare for these changes by sending you an Annual Notice of Change (or ANOC).
This notice of change is typically sent out in the month of September. But don’t make the mistake of tossing it in the trash as many people do!
“What Is The Annual Notice Of Change (ANOC)?”
The Annual Notice of Change is a summary of plan changes and costs that you can expect to see in the following year.
You should also receive a Summary of Benefits which gives you a more detailed description of your plan’s covered benefits, and what you will pay for certain services.
It’s important to review these documents when you receive them to determine if your current plan will continue to be beneficial to you.
“What Kind Of Changes Can I Expect?”
You may see changes to your premium, copays, or coinsurance. You may also see changes to the doctors, or pharmacy networks that are available. The covered drugs, or drug tiers, may also change as well. In some cases, you may even find that your plan has been discontinued and you will have to find a replacement for the following year.
“What Can I Do If These Changes Don’t Meet My Needs?”
If you are not satisfied with the upcoming changes in your Annual Notice of Change or decide that you want to compare options, the Annual Enrollment Period (or AEP) is just around the corner. This window begins October 15th and ends December 7th and allows you to drop, change, or enroll into a Medicare Advantage plan or Prescription Drug plan for the following year.
That’s why knowing what changes you are facing with your current coverage is so important. It will allow you to better compare the new options when AEP arrives.
Fortunately, you won’t have to sort through all that information alone! AMAC’s team of licensed Medicare Advisors can help you research plans, including doctor networks, drug coverage and costs, to find a plan that will meet your unique situation and needs.
For help with this and any questions you may have about Medicare, contact AMAC’s Medicare Advisory Service at 1-855-611-4856 or visit our site.