Watch your mailboxes and email inboxes in September for an Annual Notice of Change letter that explains the changes to your Medicare Advantage or Prescription Drug Plan for 2025. Do not disregard the letter because many Part D stand-alone prescription drug plan members experienced a costly surprise by ignoring their carrier letters last year. By ignoring their ANOC letter (and our requests for information), they were involuntarily moved by their insurance company. They went from a low-cost plan to a high-cost plan (more than tripling their premium) when the insurance company decided to condense their plan offerings for the year.
Unfortunately, you cannot just set it and forget it! You must actively review your ANOC letter and the changes to your plan. If you don't like what you see, let us know so we can help you find something more appropriate during Medicare's Annual Election Period, which runs from Oct. 15 - Dec. 7, 2024. You should also receive email requests from our research team to provide us with your updated doctor and medication lists – Please fill those out when you receive them. If you do that, we can help you avoid those plan pitfalls.
Even though we do the research for you, we still want you to read your ANOC letters. We want you to be informed about your plan and understand the changes to your benefits for the upcoming year. If you haven't received your ANOC by the end of September, call the member services phone number on your ID card and request they send another copy. We are always here to make things 123Easy, so don't hesitate to reach out to us at 602-281-3898.
By American Retirement Advisors
American Retirement Advisors helps retirees and pre-retirees navigate Medicare, estate planning, and retirement income — so you can enjoy the retirement you've earned.
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Easy Eddie's Take
This is absolutely right about not ignoring those ANOC letters. Here's something most people don't realize: Medicare Advantage plans and Medicare Part D prescription drug plans can change their formularies, provider networks, and costs every single year. The Centers for Medicare & Medicaid Services requires them to send you these Annual Notice of Change letters by September 30th each year, but they're counting on you not reading them carefully.
A lot of people ask me, "What exactly should I be looking for in my ANOC?" Watch for changes to your prescription drug coverage (they might drop your medication or move it to a higher tier), changes to your doctor network, and any increases to premiums, deductibles, or copays. The Medicare Annual Open Enrollment Period from October 15 through December 7 is your chance to switch to a different Medicare Advantage plan, switch from Medicare Advantage back to Original Medicare, or change your Part D prescription drug plan.
The good news is that once you know what to look for, reviewing your ANOC becomes much easier. And remember, you're not stuck with a bad plan change, you have options every fall to make it better.