How long has it been since you’ve reviewed your Medicare policy?It’s very important to stay informed about how your plan may change from year to year. During the month of September, Medicare Advantage and Part D you will receive a document called the Annual Notice of Change (or ANOC for short) from your Medicare provider(s). It will outline any changes to your coverage or costs for the upcoming year. With open enrollment fast approaching, there are a few questions you may want to ask yourself before you renew, add, drop, or switch coverage.
1.) Have you switched doctors, or is your doctor no longer accepting your current plan?
Verify that your healthcare providers are still included in your network.
2.) Have your prescription drug needs changed?
Make sure that your medications are still covered and check for changes to coverage tiers that could affect your copay.
3.) Maybe you’re paying too much for your coverage and need to make adjustments.
Check if your monthly premiums will be increasing and look for changes to your copayments and deductibles as these can affect your out-of-pocket costs.
If you’ve reviewed your Medicare plan and realized you don’t quite have the coverage that you want, you can make changes during the fall open enrollment period.FromOctober 15 - December 7, 2024, you can add, drop, or switch Medicare plans. Any changes will be effective on January 1, 2025, as long as any changes are submitted by the deadline (Medicare.Gov, 2024).
Reviewing your Medicare coverage is an important part of your financial and insurance strategy. If you have any questions or need help navigating this process, our Insurance Specialist,Miles Fleming, is happy to help.