The Medicare annual election period is quickly approaching, and you don't want to miss out on your opportunity to review your Medicare Advantage or Prescription Drug Plan. Even if you're happy and nothing has changed on your end, your plan may be changing on you for 2025. Every year we see big changes in the marketplace. Plans exit, new plans enter. Plan members get rolled over into another plan without realizing it because the plan they have is going away. How do you stay aware of the changes and make sure your plan will work for you next year?
1. WATCH YOUR EMAIL… You will be receiving emails from us asking you to update our team with your current prescription medications (things you fill here in the U.S. with your drug plan –and not with a discount card) and your current doctors (if you have a Medicare Advantage plan). Please click the link we provide and update us so our research team can begin working on a recommendation once the new plan data is released on October 1st. To make sure you don't miss our important emails- add judi@americanretire.com to your contacts.
2. READ YOUR ANOC (Annual Notice of Change) that your insurance company sends out each year. This document is very important and will outline the changes to your plan (premiums, copays, benefits, etc.).
Recommendations will be emailed out by the week of October 28th. Watch your email. If everything looks good on our end, we will recommend you stay with your current plan. If we recommend a change, follow the instructions on the email to request an appointment.
If you're unhappy with your current plan, regardless of our recommendation, call us NOW and schedule a review so we can go over options for change.
The choice to make a change is ALWAYS up to you. We are here to make your Medicare (and retirement) journey 123Easy.
Call us anytime 877-220-1089.
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 watching for those plan changes. Here's what most people are surprised to learn: during the Medicare Open Enrollment Period (October 15 through December 7, 2024), you can switch between Original Medicare with a Medicare Supplement plan and Medicare Advantage plans, or change your Medicare Part D prescription drug coverage. The Centers for Medicare & Medicaid Services releases all the new plan details on October 1st, which is why that date matters so much.
One question that comes up all the time is "what's the difference between my Annual Notice of Change and the Evidence of Coverage?" Your ANOC tells you what's changing, but your full Evidence of Coverage document shows all your benefits, provider networks, and covered medications for the new year. If your current Medicare Advantage plan or Part D plan isn't meeting your needs, or if your doctors are no longer in-network, Open Enrollment is your main chance to make changes that take effect January 1st.
The good news is that you don't have to figure this out alone. Once you see how the process works, it's actually pretty straightforward.