The ANOC is a 200+ page document that explains the changes that are coming to your Medicare Advantage or Prescription Drug plan in the following year. The plan benefits (including premium) for both the current and following year are compared side-by-side in an effort 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
Formulary: a detailed list of covered drugs and the tiers (price categories) these drugs are in
Starting in September, your insurance company sends you the ANOC, per government rules. Enrollees who receive these are typically either on a Medicare Advantage plan or a Prescription Drug plan. You will receive your ANOC in the mail or by email, depending on your insurance company.
Medicare’s Annual Enrollment Period (AEP) runs from October 15 through December 7, and it is your yearly opportunity to switch to a different Medicare plan if your current plan no longer meets your needs. The government requires your insurance company to mail the ANOC in advance of this period to make sure you have plenty of time to review changes to your plan and decide what action to take during the open enrollment period.
It is very important that you pay attention to your ANOC and review it carefully. Many people glance over this document and miss important details, like changes in the cost of prescriptions or increases in maximum out-of-pocket limits, that can result in unexpected health care expenses.
RetireMed offers support, one-on-one assistance, and plan comparison tools to help make your Medicare decisions easy and stress free.