What Should You Look for in the ANOC?
Your ANOC compares your current year’s plan to the same plan for next year. It includes changes to your plan such as your premium, service area, and benefits covered. It is really important to look through the ANOC, as there might be significant changes to your current plan. These changes, even if they seem small at first glance, can amount to large expenses when cumulated over a year-long period. There is also potential for increase in benefits on plans that will be outlined in the ANOC.
When reading through your ANOC, consider the following:
- Are your medications still included in the same tiers?
- Have out of pocket maximums changed?
- Will copays or coinsurance change?
- Did the monthly premium increase?
- Has the deductible for the drug plan increased?
- Are there coverage changes to my prescriptions?
- Are your doctors, hospitals, and pharmacies in network?
- Does your current plan still fit your needs?
Why Care about the ANOC?
Changes in plan coverage can make a big difference in the cost of a plan.
Oftentimes, the coverage most affected by policy changes is prescription drug coverage. If you take medications daily, changes to deductibles, copayments, and annual maximum limits can significantly increase healthcare costs. If these changes occur, it may make sense to look at your options and possibly find a different plan with benefits and costs that closer meet your needs.
Even if you see no significant changes in a plan’s ANOC, you might still benefit from comparing the plan you have to other options available on the market. There are many options available, and prices sometimes vary greatly for coverage which is nearly identical. This is why it’s worth checking to see if you can get the same or increased health benefits at a lower cost with a different plan.
Do You Need to Take Action?
If you look over your ANOC and are having difficulty understanding what the changes signify, connecting with an experienced professional might be the best thing to do to make the best decision for the upcoming year. The changes shown in your ANOC may seem complicated and can have a significant impact on the cost of your health care.
Even if you do understand the changes in your ANOC, an expert can help you compare available options so that you have the best coverage for the upcoming year. Connect with the Guided Medicare team for personalized and unbiased service that can help you navigate Medicare.