If you have Medicare Advantage or a Medicare prescription drug plan, you may soon receive a piece of mail that looks like just another thick insurance document.
Don’t throw it away!
It’s called your Annual Notice of Change (ANOC), and it contains some of the most important information you’ll receive about your Medicare coverage for the upcoming year.
Your plan sends the ANOC each fall, usually in September. It explains changes to your plan’s costs, coverage, benefits and other details that will take effect in January.
And with Medicare Open Enrollment beginning October 15, this is exactly the information you should be reviewing.
What Is an Annual Notice of Change?
The Annual Notice of Change is a document from your current Medicare Advantage or Part D plan explaining what will be different about your coverage in the coming year.
Plans can change from year to year. That means the plan you chose because it worked well for you this year may not look exactly the same next year.
The ANOC can tell you about changes to things such as:
- Monthly premiums
- Deductibles
- Copayments and coinsurance
- Maximum out-of-pocket costs
- Prescription drug coverage
- Covered benefits
- Provider networks
- Pharmacy networks
- Service areas
- Other plan benefits and costs
Medicare specifically recommends reviewing your ANOC to determine whether your plan will continue to meet your needs in the upcoming year. (Medicare and You)
What Should You Look For?
You don’t have to read every page from front to back with a highlighter in hand. Start with the areas that could have the biggest impact on you.
1. Your doctors and hospitals
If you have a Medicare Advantage plan, check whether your doctors, specialists and preferred hospitals will still be in the plan’s network.
Your healthcare needs may not have changed, but the plan’s network can.
2. Your prescription drugs
This is a big one.
Check whether the medications you take are still covered and whether their costs or tiers have changed. Also look at the pharmacies in your plan’s network. Medicare notes that prescription costs can vary based on the drug, its tier, the pharmacy you use and other factors.
A plan that was a good fit for your prescriptions this year may not necessarily be the best fit next year.
3. Your out-of-pocket costs
Don’t focus only on the monthly premium.
Look at the bigger picture, including deductibles, copays, coinsurance and your maximum out-of-pocket amount.
A plan with a slightly higher premium could potentially save you money overall, while a plan with a very low premium could have higher costs when you actually use your coverage.
4. Your benefits
Medicare Advantage plans can offer additional benefits beyond Original Medicare, and those benefits can change.
Pay attention to anything you use regularly. If a benefit is being reduced, eliminated or changed, that could affect whether the plan continues to be a good fit.
“But My Plan Worked Fine This Year…”
That’s great!
And if you’ve reviewed the changes and you’re happy with your coverage, you may not need to make a change.
The point of reviewing your plan isn’t to convince you to switch. It’s to make sure you aren’t automatically carrying last year’s decision into a new year without knowing what’s changed.
Medicare plans can change their costs, benefits and other coverage details each year. (Your Yearly Medicare Review)
Think of it like renewing your car insurance. You wouldn’t necessarily change companies every year, but you probably wouldn’t want to renew without knowing what you’re paying and what you’re getting.
Medicare deserves the same review.
What If You Don’t Receive Your Notice?
If you’re enrolled in a Medicare plan and don’t receive your Annual Notice of Change, Medicare recommends contacting your plan.
You may also receive another important document called the Evidence of Coverage (EOC). It provides more detailed information about what your plan covers and what you’ll pay. Medicare says this is also sent each fall. (Medicare)
Keep both documents handy as you review your coverage.
Don’t Wait Until December
Medicare Open Enrollment runs from October 15 through December 7.
That gives you time to review your current coverage, compare your options and make changes if necessary. Any changes you make during this period generally take effect January 1.
But you don’t have to wait until October 15 to start thinking about it.
September is the time to start paying attention.
When that Annual Notice of Change arrives in your mailbox, don’t toss it in the recycling pile.
Open it.
Look it over.
And if you’re not sure what the changes mean for you, ask us for help.
A Little Review Now Can Prevent a Big Surprise Later
Medicare isn’t necessarily a “set it and forget it” decision.
Your health needs can change. Your prescriptions can change. Your doctors can change. And your Medicare plan can change, too.
That’s why taking a little time each fall to review your coverage can be well worth it.
We’d Love to Help
Not sure what’s changing with your Medicare plan for 2027? Let’s take a look together. At Oasis Insurance Group, we’ll help you review your coverage, understand your options, and make sure your plan still fits your needs for the year ahead.
Have questions? Reach out—we’re here to help make Medicare easier.
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