What is the Annual Notice of Change and Why Does it Matter?

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When it comes to being savvy about Medicare, one of the best things you can do is review the Annual Notice of Change (ANOC) because this document explains any changes coming to your plan for the upcoming year. Here’s what you should know about your ANOC.

Who sends the ANOC?

Starting in September, your insurance company sends you the ANOC, per government rules. Individuals who receive this document are typically either on a Medicare Advantage plan or a Prescription Drug plan.

What is the ANOC?

The ANOC is a formal document that outlines any changes to your Medicare Advantage or Prescription Drug plan that will take effect the following year. The plan benefits for both the current and following year are compared side-by-side to make it easier to see the differences. Changes can include things like:

•    Monthly premium: the amount you pay each month for your plan can go up or down from year to year.
•    Out-of-pocket maximum: the limit on your out-of-pocket medical costs can change each year.
•    Plan benefits

How will you receive the ANOC?

You will receive your ANOC in the mail or by email, depending on your insurance company.

When will your ANOC arrive?

Insurance companies begin sending out their ANOCs in the early part of September. The government requires that individuals enrolled in Medicare Advantage or Prescription Drug plans receive their ANOC no later than Sept. 30. 

If you have not received your ANOC by Sept. 30, we recommend you contact your insurance company directly or visit your insurance company’s website to see if an electronic version is available.

What to Do Once You Get Your ANOC

It’s very important that you pay attention to your ANOC and review the “Summary of Important Costs” section carefully. Otherwise, you may be caught off guard by changes such as the cost of prescriptions or an increase in the maximum out-of-pocket limit, which can result in unexpected health expenses.

Have questions?

If you have questions about your ANOC, give our team of client advisors a call at 866.557.1313 or schedule a call and we’d be happy to help. Please make sure you have your current list of doctors and medications available.

If you’re not currently a RetireMed client and have questions about Medicare or individual health insurance, we’re here to help! Schedule a call or contact 844.388.6565.