By Tonya Aiken with Louisiana Senior Advisors, LLC
If you’re on a Part D Drug or Medicare Advantage Plan, you’re probably familiar with the fact that these plans can change from year to year. This year is no exception. It is shaping up to be a year of disruption in several markets across the country. What will your plan look like in the coming year? That’s where the Annual Notice of Change (ANOC) comes in. This is a document you get every September, and it’s super important because it tells you exactly what’s changing with your plan for the upcoming year.
The ANOC, for short, gives you the lowdown on changes to things like premiums, copays, deductibles, and co-insurance. It will also let you know if there are any tweaks to your prescription drug formulary. Certain drugs may not be covered from one year to the next. That can be a big deal if you rely on certain medications to manage any ongoing illnesses. Make sure you are aware of any formulary changes.
It’s crucial that you take some time to carefully go through the ANOC when you get it. Even if you’re happy with your plan now, those changes might affect your coverage or out-of-pocket costs for the next year. If you find out that your plan isn’t going to work as well for you anymore, don’t worry—you’ve got options. The Medicare Open Enrollment Period runs from October 15th to December 7th, giving you a chance to switch to a different Medicare Advantage Plan, go back to Original Medicare and a drug plan, or pick up a separate Part D drug plan even if you haven’t done so already.
If you’re not much on reading every detail of your Annual Notice of Change catalog, take heart. Any changes are clearly marked in the first few pages of your booklet making it easy to focus on exactly what you need to know for the upcoming year.
In a nutshell, the Annual Notice of Change is your heads-up on what’s coming down the line. Make sure to review it so you can stay on top of your healthcare and make any necessary adjustments before the new year kicks in.
As always, you may also call Louisiana Senior Advisors at (985) 370-9167 if you have any questions or visit our website at www.louisianasenioradvisors.com to request a consultation. We’re always here to help!
