Last week’s post regarding the Annual Election Period raised some important questions. One of those questions had to do with the Medicare Annual Notice of Change or ANOC.
The Medicare Annual Notice of Change is a document or letter that lists any plan changes such as service area, premiums, deductibles, or any other costs associated with either a Medicare Advantage Plan or a Medicare Prescription Drug Plan.
The ANOC (Medicare Annual Notice of Change) is required to go to any Medicare beneficiary that has either a Medicare Advantage Plan or a Medicare Prescription Drug Plan. The insurance company that has the Medicare plan sends this document to you directly and has to do so by September 30, 2018 or 15 days prior to the Annual Election Period. The Annual Election Period begins on October 15th and goes through December 7th.
If for some reason you do not receive this notice, it is important to call your insurance company and ask for it. The contact information for the plan is on the back of your plan membership card.
The purpose of this document is to go over changes that will begin on January 1, 2019 as well as to make sure the plan still fits your specific needs.
The document will contain information such as:
1. The insurance company that has the plan may change the name of the plan.
2. The plan may change the service area. If the plan is no longer in your area, you will have to change plans. Service areas go by zip codes and counties.
3. Changes such as premiums, deductibles, co-payments and/or co-insurance will be shared with you. Prescriptions you take may be put into a different tier making your medication costs higher or lower depending on the medications.
4. The plan may change the formulary. A formulary is a list of medications that the plan covers. If the medications you take aren’t on the formulary, they may not be covered and leave you covering the entire cost of the medication.
Going over this document may raise additional questions as to whether or not the plan you currently have with still meet your health care needs. Balanced Care is happy to assist you in going over the changes, educating you on how the changes will affect you, and if it is necessary, talk to you about other plans that may be a better fit.
Either way, it is better to ask questions and know that you are in a plan that will best serve you. As I always say, this is your health and your health plan.
When your Annual Notice of Change comes, don’t be afraid to reach out. We are here to make sure to protect your most valuable asset – your health and well being.
Terri Trepanier is the owner of Balanced Care Health and Supplemental Insurance and a licensed insurance consultant and broker with Associated Brokers. Licensed in both Maine and NH, her specialty is working with small businesses, individuals, and families with their health and life insurance needs. She is certified to offer health plans both on and off the exchange and is contracted with every health insurance company that offers plans in both New Hampshire and Maine. Her other passion is assisting Medicare beneficiaries with their Medicare Supplemental, Medicare Part D Prescription Drug Plans, and Medicare Advantage plans. Terri has seen firsthand the importance of insurance products and how they help families. Her goal with Balanced Care is to “Insure Security and Peace of Mind One Family at a Time”.