Changes to Many Advantage and Prescription Drug Plans
It’s the time of year when you receive 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.
Many people may instead receive a Service Area Reduction notice. If you receive this letter, it means your current plan will not be available next year, and you will need to 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 and December 31 for new coverage to begin January 1.
There are a lot of changes with Medicare Advantage plans for next year, and you will most likely discover that some plans are reducing or eliminating the extra benefits and services that were above and beyond Original Medicare. There may also be changes to the cost-sharing and provider networks. If your plan is going to be available next year, you will have between October 15 and December 7 to make a change during the Annual Enrollment Period, or if you are enrolled in a Medicare Advantage plan as of January 1, you will also have the ability to make a one-time change during the Medicare Advantage Open Enrollment between January 1 and March 31.
In 2027, the annual limit on out-of-pocket costs for Part D prescription drugs will increase to $2,400, although you may spend less depending on your plan and medications. Review your plan’s formulary (drug list) to confirm that your prescriptions are covered and check the deductible and cost-sharing amounts. The Annual Enrollment Period may be your only opportunity to switch to a different stand-alone Prescription Drug Plan (PDP). To compare and enroll in a plan, you can use the ‘Find Health & Drug Plans’ tool at Medicare.gov.
As an experienced health insurance professional, I make it my job to stay current on Medicare updates and plan options, including provider networks. 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!
We do not offer every plan available in your area. Currently we represent eight organizations which offer forty-five 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.
