“Annual Notice of Change” (ANOC) and “Evidence of Coverage” (EOC)
If you are enrolled in a Medicare Advantage or Part D drug plan, you
will receive two important documents by September 30th each year: the “Annual Notice of Change” (ANOC) and “Evidence of Coverage” (EOC). These documents provide detailed information about changes to your plan for the upcoming year, including updates to coverage, costs (such as deductibles, copays, and coinsurance), provider and pharmacy networks, and drug formularies. They also indicate whether your current plan will be offered again in 2025. Since these changes will take effect in January, it is crucial to review these notices carefully. If you do not receive your ANOC or EOC by September 30th, contact us to request a copy.
Medicare Open Enrollment Starts October 15th
Medicare’s Open Enrollment period, which runs from October 15 to December 7 each year, is your opportunity to review these changes and decide whether your current plan still meets your needs. Because Medicare plans can change significantly yearly, this period allows you to compare your current plan against other options to ensure your coverage and costs align with your healthcare needs.
New Benefits Under The Inflation Reduction Act
Reviewing your ANOC and EOC this year is particularly important due to a new benefit introduced under the Inflation Reduction Act. Starting January 1, 2025, a significant change will take effect: a $2,000 out-of-pocket cap on prescription drugs covered by Medicare Part D. This cap protects Medicare beneficiaries with high prescription drug costs, ensuring that no one spends more than $2,000 annually on covered medications. However, to offset the increased costs of this benefit, insurance companies offering Part D and Medicare Advantage Prescription Drug (MA-PD) plans may adjust by raising premiums, deductibles, or copays. The average monthly premium for stand-alone Part D plans is approximately $43, but this could change as plans adapt to the new cost structure.
If you need assistance understanding your ANOC and EOC or comparing your plan options, please contact us. You have questions? We have answers!