Are You Getting the Most Out of Your Medicare Advantage Plan? (sponsored content)
Submitted by admin on Tue, 10/16/2018 - 12:42pm
The Medicare Annual Enrollment Period (Oct. 15 through Dec. 7) is here and if you are currently enrolled in a Medicare Advantage plan or a Prescription Drug plan, then you will be familiar with the Annual Notice of Change document (ANOC). It is extremely important to review this document as it will help insure you are getting the most out of your Medicare Advantage Plan. The ANOC was mailed to plan members no later than Oct. 1 and it details any changes in coverage that will take effect in January 2019.
Changes listed in the ANOC can range anywhere from how much you pay for the plan, to how much your copay is for doctor visits, or benefits added or removed from your plan, or how much your prescriptions will cost.
With the recent changes in CMS regulations, many Medicare Advantage plans are not sending out Provider Directories or Formularies as they have done in the past. It is very important to go online and check the 2019 Provider Directories to make sure that your Primary Care Physician (PCP) is still contracted with your plan. Doctors and facilities change contracting often and you may have to change to a new doctor if your current physician is no longer contracted with your plan!
Receiving an ANOC is more than an annual update of insurance coverage – it provides an opportunity for you to review your current plan and decide if you are getting the most out of your Medicare Advantage Plan. Questions to ask:
Have the costs increased? Your current insurance plan may have increased in cost, whether it be the copayments, coinsurance, premiums or deductibles.
Have your prescription benefits changed or increased? Not only may prescription drug charges increase, but restrictions may be affected, like quantities allowed or pre-authorization from your healthcare provider.
Speaking of prescriptions, review your plan’s formulary carefully. If your Medicare Advantage Plan offers Part D prescription drug coverage, you’ll also receive the formulary, which is a complete list of drugs covered. It is wise to review this to make sure the medications you are currently taking are still covered under the plan. While the drugs in the formulary can change throughout the year, the costs associated with each drug can only change on Jan. 1. You may have to go online or call to get a copy of the formulary.
Consider what your current plan doesn’t cover. Reviewing the ANOC is the perfect time to start thinking about which benefits you would prefer that isn’t offered by your existing coverage. Do you have access to a large network of providers that are conveniently located? Is it difficult to get an appointment with your primary care physician, resulting in a months-long wait? Are certain specialists that you need not included in the plan’s network of providers? These are just a few questions to ask yourself when deciding if it’s time to search for another Medicare Advantage Plan.
Is it time to make a switch to a new Medicare Advantage Plan? If you answered yes to any of the questions above, it is time to switch to a more comprehensive Medicare Advantage Plan that fits your health needs.
Remember, if you are a Medicare eligible senior or take care of a Medicare eligible senior, the Annual Enrollment Period begins on Oct. 15 and goes through Dec. 7, 2018. During this period, you can enroll in Medicare or Medicare Part D, switch from traditional Medicare to a Medicare Advantage Plan, or switch Medicare Prescription Drug Plans. As mentioned before, receipt of the ANOC is a prime opportunity to review your current Medicare Advantage Plan and decide if you are getting the most out of your current insurance company and insurance coverage.
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CJ Bawden is Sales and Marketing Manager for Senior Care Plus, a Medicare Advantage Plan from Hometown Health. For more information on Senior Care Plus, please visit SeniorCarePlus.com or call 775-982-3112.
This column is sponsored by Senior Care Plus.
