Time to Review Your Medicare Coverage
By now, you should have received the Annual Notice of Change (ANOC) from your Medicare Advantage or Prescription Drug Plan. This notice outlines updates to your coverage for the coming year, and it’s important to review it carefully as your plan may have changed.
Some people may instead receive a Service Area Reduction notice. If you receive this notice, it means your current plan will not be available next year and you’ll need to take action and enroll in a new plan. If your current plan is not renewing, you will have the Annual Enrollment Period, as well as a Special Enrollment Period, that will allow you to enroll in a new plan between October 15 – December 31 to begin January 1.
If you are enrolled in a stand-alone Prescription Drug Plan, you may receive notice that your plan has changed, and you may be automatically moved (cross-walked) into a new plan offered through the same insurance company. It is important to review the details.
Thanks to the Inflation Reduction Act of 2022, there is no longer a Part D coverage gap (donut hole). In 2026, the Part D annual cap on out-of-pocket drug costs will increase to $2,100. Depending on your plan and the medications you take, you may spend less than this amount. It remains important to check that your prescriptions are covered on the plan’s formulary and review the deductibles and cost-sharing details. Most plans are making changes to their deductibles and shifting from copays to coinsurance for next year.
If you expect to reach the $2,100 cap early in the year, you may want to enroll in the Medicare Prescription Payment Plan. This program was designed to spread your costs evenly throughout the year. Your insurance company can provide information and help you enroll if it’s a good fit.
There are a lot of changes with Medicare Advantage plans for next year and you will most likely discover that many plans are reducing the number of benefits and services above and beyond Original Medicare. If your plan is going to be available next year, you will have between October 15 – December 7 to make a change during Annual Enrollment of if you are enrolled in a Medicare Advantage plan, you will also have the ability to make a one-time change during the Medicare Advantage Open Enrollment that runs January 1 – March 31.
As an experienced health insurance professional, I make it my job to understand the latest rules and updates. I represent most plans offered in Oregon, giving you access to a broad range of choices. My goal is always to help you Select Wisely. Please give us a call to schedule a time to review your Medicare options. We look forward to hearing from you!
Medicare Disclaimer: We do not offer every plan available in your area. Currently we represent ten organizations which offer fifty-nine products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.
