Medicare basics: Plan annual notice of changes

It’s surprising how many Medicare beneficiaries don’t read the ANOC’s and don’t realize the major changes to their plan until the new-year when they’re already “locked-in.”

For example, if a client has a “give back” plan—which means the plan they chose gives back a portion of or all of their Medicare Part B premium in the form of a premium reduction in their social security check—and receives back $96.40 this year, it’s important to review their ANOC for next year’s premium reduction changes.

Often times, this premium reduction is the main reason why the client has chosen this plan and if they don’t review their ANOC, they may not be aware of changes that will impact this until they receive their deflated monthly Social Security check in the new year.

At that point, it’s too late to choose another plan that offers the $96.40 they were counting on each month which can lead to financial complications.

Other changes to consider include:

• Changes in co-payments.

• Changes to their RX drug formulary.

• Provider directory.

Change is always a great opportunity for you as a licensed agent to get in front of new customers so take advantage of it!

Our clients’ health and wealth go hand-in-hand; if their health declines, their wealth will surely follow, so it’s up to us we to make sure they are positioned with the appropriate Medicare plan for their particular needs.