Every fall, millions of Medicare Advantage and Part D members receive a thick envelope that looks like routine insurance paperwork. Many people set it aside or throw it away without reading it. That can be a costly mistake. Inside is your Annual Notice of Change (ANOC), a document that explains exactly how your Medicare plan will change next year, including premiums, deductibles, prescription drug coverage, provider networks, and out-of-pocket costs.
According to Medicare, the Annual Notice of Change outlines “any changes in coverage, costs, and more that will be effective in January,” giving beneficiaries time to review their options before Medicare’s Annual Enrollment Period begins. And tossing it out or misplacing it can be a huge mistake. Here’s why.
