Medicare’s Annual Notice of Change
Fall has arrived, and with it, the upcoming Annual Enrollment Period. This can be a time of chaos and confusion in the Medicare world, and we want to do our best to ensure you are prepared for it.
If you haven’t received it already, you should soon be finding an Annual Notice of Change (ANOC) in your mailbox. This is a document that your current insurance carrier must send out every year by the end of September. In it, you’ll find upcoming changes to your current policies.
What is Medicare’s Annual Notice of Change?
Just as it sounds, the ANOC is a letter that notifies you have any changes that will be made to your Medicare Advantage (Part C) or Prescription Drug Plan (Part D).
These plans can and do change every year. The carrier who holds your plan is required to inform you of these changes by sending you an ANOC no later than September 30 of the current year.
The ANOC will give you a breakdown of changes to your premium, deductible, copayments, and coinsurance. It will also let you know if there has been any changes to your overall coverage or the plan’s service area. It’s especially important to note any prescription coverage changes in your Part D plan.
Along with the ANOC, you will also receive a document called the Evidence of Coverage (EOC).
What is the Evidence of Coverage?
Again, just as the name implies, the EOC holds all the coverage information about your plan. Having this document along with your ANOC will help you compare how your plan is not to how your plan will be changing.
You should keep your EOC somewhere safe as it is a great document to reference throughout the year as you have questions about your coverage.
If you don’t receive your ANOC and EOC within the first week of October, you need to call your insurance carrier and request these documents. On that note, be sure to update your address anytime there is a change – both with your private insurance carrier and the Medicare program.
What do I do with these documents?
While they may not be that entertaining, it’s important that you read these documents. Your plan may not be changing at all, but oftentimes, there are significant changes you need to be aware of. If you don’t know about these changes and fail to address them, it could cost you hundreds or thousands of dollars throughout the upcoming year.
The good news is you don’t have to wade through these documents alone! Our agents at Sunflower Insurance Solutions can help you decipher the changes and decide if your needs will still be met. If the plan has changes that won’t help support your healthcare needs, we’ll find a plan that does.
Call our office today to make an appointment. The Annual Election Period runs from October 15 to December 7, and our books are filling up quickly! You do not want to miss this opportunity to review your plans.
