Yes, this is the time of year to make sure that you have the most appropriate Medicare program for the coming year.
If you've been a client for several months or even a couple of decades, you already know that each and every year, we reach out to all of our clients to make sure that the insurance companies don't do a little 'switchy switchy' when you're not looking.
The federally mandated annual notice of change (ANOC) documents have already been sent to you if you haven't already noticed. The documents are specific to stand-alone prescription drug plans, and Medicare Advantage plans that include a Part D prescription drug benefit. Most plans are likely to change, so you need to review your documents to avoid plan surprises next year.
Remember, even if you haven't changed anything, your plans can change on YOU!
If you are a current client, we sent a REQUEST FOR INFORMATION email to you (and in some cases multiple times) to allow you to provide us with an update on your prescription drugs, and if you have an advantage plan your prescription drugs and your doctors. Without your response, we cannot research for you or make recommendations for next year.
So if you haven't already submitted the information we requested, please respond as soon as possible. Our recommendations on whether you should stay on your current plan or go to a different plan will be emailed during the annual election period, leaving plenty of time to make a change if necessary.
Take advantage of this once-a-year opportunity to optimize your plan for the next year.
By David Schaeffer
Founder of American Retirement Advisors, David has spent decades helping retirees and pre-retirees build secure financial futures. His straightforward approach to retirement planning has guided hundreds of families toward confident, well-prepared retirements.
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Easy Eddie's Take
David's absolutely right about those plan changes catching people off guard. Let's take a look at this together. The Medicare Annual Open Enrollment Period runs from October 15 through December 7 each year, and that's your window to switch between Original Medicare and Medicare Advantage plans, or change your Part D prescription drug coverage. Most people are surprised when they learn that Medicare Advantage plans can change their covered doctors, prescription formularies, and even their service areas from year to year without your permission.
Here's the good news: if you stay on top of those Annual Notice of Change documents that arrive each fall, you can spot problems before they affect your care. Think of it this way - your Medicare Supplement Insurance (Medigap) policies have much more stable benefits year to year, while Medicare Advantage plans through companies like Humana, UnitedHealthcare, and Anthem can shift significantly. The Centers for Medicare & Medicaid Services requires all these notices to reach you by September 30, giving you time to compare during the open enrollment window.
One question that comes up all the time is whether you can get help comparing all these options without any sales pressure. That's exactly what Medicare advisors like the team at ARA do - they'll run the numbers on your specific medications and doctors to find your best fit. A little preparation today can make a big difference tomorrow.