Updated Sept. 22, 2021
If you are currently enrolled in a Medicare Advantage plan, you will receive an Annual Notice of Change (ANOC) letter from your insurance company around the end of September describing any changes to the plan benefits, premiums or service areas. You will want to review this letter carefully and maintain a copy for your records.
After you receive an ANOC and review the changes, you have two options. If you wish to remain with your current Medicare Advantage Plan (also known as Medicare Part C) or prescription drug plan (Part D), there is nothing more for you to do. Your policy will remain in place for the upcoming year.
If you want to make changes or have questions about the changes, you’ll want to get in touch with your Medicare Insurance Agent at VibrantUSA.
You’ll make these changes during the Annual Enrollment Period starting October 15. Until this enrollment period ends December 7. The last application submitted by December 7 will provide coverage effective for January 1, 2022.
How can my Medicare coverage change?
So what kinds of changes can you expect to see in your ANOC? In some cases, you may not see any changes at all. The changes you do see will usually be associated with copays and coinsurance, doctor networks, and prescription drug costs. Here are some potential changes you should be aware of, but is not meant to be an exhaustive list:
- Cost Sharing: These are the out-of-pocket costs you pay as you receive care. Generally speaking, this includes deductibles, coinsurance, copays, and other fees. This will not cover changes of non-network health care providers or non-covered services. As for your medications, the formulary may change meaning your prescriptions may no longer be covered or were moved to a different tier at a different cost to you.
- Changes to your premiums: It’s safe to say that premiums for your insurance plans will go up from year to year, although occasionally they will stay the same or go down.
- Network Changes: This could include your doctor or health care professional retiring or otherwise leaving your network. Pharmacy networks can also change year to year.
- Added Benefits: The ANOC isn’t always about how costs will affect your plans. There could be changes as to the extra benefits a plan includes, such as dental, vision, hearing, alternative care, and gym memberships.
If you are on a Medicare Supplement plan you will not receive an ANOC. While changes to Medicare Advantage Plans, or prescription coverage may be outlined, supplemental plans act independently. However, your insurance carrier should notify you of any changes throughout the year.
Work with experienced professionals
If you want to make a change or consider other plans, call VibrantUSA. We represent nearly all plans available in the state of Washington and will be pleased to assist you. As an independent agency, we have access to more than 50 different plans from more than 30 different insurance carriers.
Whether you’re new to Medicare or have been a beneficiary for years, we pride ourselves on being able to provide unbiased information and finding the best plans for you. We aren’t limited to just a handful of options, so we can truly get the coverage that best fits your needs at the right price. Visit our online quote and enrollment center or call us to request a personalized quote