How Will I Know If My Medicare Coverage Changes?

Medicare plans can change each year, which can include changes in coverage or even changes in costs, such as premiums or deductibles. But, how will you know if your Medicare plan changes?

Fortunately, you won’t be left in the dark when these changes happen. You’ll always be notified!

Annual Notice of Change

If you are enrolled in Medicare Advantage or Medicare Part D, your provider is required by law to send an Annual Notice of Change to all plan enrollees. If there are changes to your Part C or Part D coverage, the changes will be outlined in the notice. Your provider must inform you about changes in the premium, benefits, coverage, and formulary of the plan you are enrolled in which will take effect on January 1 of the next year. After receiving the notice, you’ll then have to determine if the plan is cost effective or is no longer suitable for your healthcare needs. If you have reviewed your plan’s changes and decided it no longer meets your needs, you can make changes during the Annual Enrollment Period, which is from October 15 to December 7. If you decide the plan still meets your needs, you can ignore this period and your plan will renew automatically.

Apart from the annual changes, there are other changes that your provider may make. For example, there could be network changes. In-network providers could leave the plan while new ones could join. Your provider will send a written notice at least 30 days before a provider leaves the network. If you are enrolled in a drug plan, such as a Part D plan or Medicare Advantage Prescription Drug plan, there could be mid-year formulary changes. If the plan makes maintenance changes, they are required to give a 60-day notice.

Evidence of Coverage

Besides the Annual Notice of Change, there’s another notice you could receive in the mail if your plan has made changes. This is known as the Evidence of Coverage, or EOC, for short. It’s similar to the Annual Notice of Change as it will basically notify you of what your plan will cover, what the cost will be, and more. 

And, if you find that you are not satisfied with the changes made, you can always take advantage of the Annual Enrollment Period to enroll in a Medicare plan that does fit your needs.

At Medicare Sharks, we want you to get the best coverage possible. If you need help reviewing your Medicare plan or want to learn more about the changes you can make to your coverage during the Annual Enrollment Period, reach out to us today!