Is your Medicare Plan Changing?
When you find a Medicare plan that works well for you, it can be tempting to assume that everything will stay the same year after year. However, Medicare plan benefits, costs, provider networks, and coverage details can change from one year to the next.
As Annual Enrollment approaches, it’s important to take some time to review your current coverage and make sure it will continue to meet your needs in the coming year.
Medicare Plans Can Change Each Year
Medicare Advantage and Part D prescription drug plans can make changes to their coverage and costs for the upcoming year. These changes may affect things such as monthly premiums, deductibles, copayments, coinsurance, covered services, provider networks, and prescription drug coverage.
This doesn’t necessarily mean your current plan is no longer a good choice. It simply means that it’s worth reviewing the changes before deciding to stay with your plan for another year.
What Is the Annual Notice of Change?
Each fall, Medicare Advantage and Part D plans send members an Annual Notice of Change (ANOC). This document explains changes to your plan that will take effect in January. Medicare.gov states that these notices are generally sent in September.
Your plan may also send an Evidence of Coverage (EOC), which provides more detailed information about what the plan covers and what you’ll pay.
When you receive these documents, don't simply set them aside. They can provide important information about how your coverage may change.
What Should You Review?
Before deciding to keep your current plan, consider reviewing:
Your monthly costs: Has your plan's premium changed? Are your deductibles, copayments, or coinsurance different?
Your prescriptions: Are all of your current medications still covered? Have any moved to a different cost tier?
Your doctors and specialists: Are your preferred healthcare providers still participating in your plan's network?
Your pharmacy: Is your preferred pharmacy still in the plan's network, and will your prescription costs change?
Your benefits: Have dental, vision, hearing, transportation, or other supplemental benefits changed?
Your out-of-pocket costs: Look beyond the monthly premium and consider how your overall healthcare expenses could be affected.
Medicare notes that plan costs and drug coverage can vary based on the plan you choose, your prescriptions, the pharmacy you use, and other factors.
Why Reviewing Your Plan Matters
A plan that was a great fit this year may not be the best fit for you next year. Your healthcare needs may have changed, you may take different medications, or your preferred doctors and pharmacies may have changed.
Even if nothing about your healthcare has changed, the plan itself may have.
Reviewing your coverage gives you an opportunity to compare your current plan with other available options and determine whether your coverage still fits your needs and budget.
Annual Enrollment Is the Perfect Time to Review
Medicare's Annual Enrollment Period runs from October 15 through December 7 each year. During this period, Medicare beneficiaries can review their options and make certain changes to their Medicare coverage for the following year.
If you receive your Annual Notice of Change in the fall, use it as a starting point for your yearly review. Compare your current coverage with your healthcare needs, prescriptions, providers, and expected costs.
You don't necessarily need to change plans every year—but you should make sure you understand what you're staying with.
A Little Review Can Make a Big Difference
Your Medicare coverage should continue to work for your healthcare needs, not simply because it worked well last year.
As Annual Enrollment approaches, take the time to review your plan, understand any upcoming changes, and consider whether your current coverage remains the right fit.
Have questions about your Medicare options? Evolve Insurance Group is here to help you understand your choices and navigate the Medicare process with confidence.