Annual Election Period is the time of year you are allowed to switch Medicare Insurance plans, without having to qualify for a “Special Election Period.”
Medicare Advantage (or Medicare Part D prescription drug) plan Annual Notice Of Change (ANOC) provides important information you should review each year. It can help you decide whether to keep your current plan or look for a new plan during the Annual Enrollment Period.
Below is what to look for when you get your ANOC, along with some questions to help you understand plan changes and what they may mean for you.
Coverage changes:
- What new benefits have been added to your Medicare insurance plan?
- Are there any other changes that may affect the services you use?
- Have there been any changes in your health recently that may affect what services you may need or how often you may need those services in the upcoming year?
- If your health has changed recently, will your current Medicare insurance plan benefits cover the additional care you may need in the upcoming year?
Provider network changes:
- If you can, try to find out what providers have been added to or possibly removed from the plan network?
- Are all your current doctors that are in your current plan, still going to be in the network for the upcoming year?
- What about hospitals or other providers or specialists that you may need?
- If your preferred providers are not in your plan’s network for the upcoming year, are you willing to switch to other providers that are in-network?
- Check for any prescription drug list (formulary) changes, and for any pharmacy network changes for your plan for the upcoming year. Also be sure to check the drugs you are currently taking to see if they are still listed in the formulary as well as if the tier levels have changed for the upcoming year?
- Is your pharmacy in your Medicare insurance plan's network? Is it a "preferred pharmacy" that offers the plan's best pricing?
Cost changes:
- Are any other costs that are changing, such as deductibles, co-pays, co-insurance, annual out of pocket maximum?
- If you have a Medicare Advantage plan, understand what your maximum out-of-pocket limit is. (Both In-Network and Out Of Network)
- How will cost changes affect your total out-of-pocket spending for the services and prescription drugs you may need?
Note: If you did not receive an ANOC letter by the beginning of October, call your Medicare Advantage plan or Stand Alone Prescription Drug plan member services phone number on the back of your member card.
Note: Medicare Insurance information can be overwhelming and confusing to many people. As an independent licensed agent I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose and enroll in a plan that you feel fits your needs.
By the way, it doesn’t cost you any more if you enroll in a Medicare Insurance plan through me as an independent agent versus directly with an insurance company either over the phone or via the Internet, since I get paid by the insurance companies for your enrollment. Plus you will have personalized service by a local agent. If you would like my assistance, please call me at 941-404-5334.
By calling this number, I understand I will be directed to a licensed insurance sales agent.