Did you miss your Annual Notice of Change (ANOC) from your insurance company? If so, you're not alone. In fact, new research shows that only 48% of Medicare beneficiaries read every piece of mail sent by their insurance company. Of those that do read their Annual Notice of Change from their insurance company, only 36% of Medicare beneficiaries say they find the information in their plan's letter easy to understand.
Unfortunately, failing to read the fine print could be a costly mistake for Medicare beneficiaries come September as insurance companies notify their Medicare Advantage and Medicare Part D enrollees of important changes in both costs and benefits affecting their plans.
The Importance of Being Prepared
It's crucial to do your research ahead of this fall's Annual Enrollment Period (AEP), which takes place October 15th to December 7th each year. During AEP, you can update your Medicare Advantage or Medicare D prescription drug coverage. During this time, more plans than usual are expected to announce significant changes to both costs and benefits for 2026.
Getting the Most Out of This Year's AEP
Any Medicare Insurance Plans that you enroll in during AEP will cover you for the upcoming year, so it's important to be informed in your decisions.
If you're a Medicare enrollee and are looking to ensure you're covered with the best Medicare Advantage Plan to meet your needs for 2026, here are some quick tips to help you prepare early this AEP:
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Keep an eye out for your Annual Notice of Change letter: These are typically mailed out to Medicare Advantage and Part D enrollees in September. Many people expect a big shake-up in the Medicare market this AEP and your Annual Notice of Change letter will provide you with important information about any changes to your coverage.
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Ask a licensed insurance agent for help if you don’t understand it: If you have questions or concerns about the changes described in your Annual Notice of Change letter, talk to your insurance company or to a licensed insurance agent to make sure you understand how these changes will impact you.
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Think about how your coverage needs may have changed: Beyond changes to your Medicare plan, ask yourself whether your personal finances or personal medical needs have changed in the past year. Are you taking new prescription drugs? Did you get a new diagnosis or start seeing a new doctor? If so, you may want to compare your Medicare plan options during this AEP.
As a Medicare beneficiary, it's important to understand that you have options when it comes to your Medicare insurance coverage, and you should pay close attention to any changes to your current plan from your insurance carrier.
Licensed agents and brokers like eHealth*, a licensed insurance agency, can provide invaluable assistance at no additional cost to help beneficiaries review their options and enroll in a Medicare Advantage plan that meets their needs for the upcoming year. eHealth's licensed insurance agents only have one incentive, and that's knowing they have helped you get the best insurance plan for you.
*eHealth is an insurance agency offering plans from many insurance companies and is not affiliated with the government. The insurance offered is not NCUA/NCUSIF/FDIC insured, is not a deposit of any financial institution, is not federally insured and is not sold or guaranteed by American Heritage Credit Union.
