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Medicare is a dynamic program that requires beneficiaries to actively manage their benefits to meet their evolving healthcare needs.

In September of each year, plan beneficiaries will receive an Annual Notice of Change (ANOC) from their Part D or Part C insurer, stipulating changes to deductibles, copayments, formularies, physician directories, and ancillary benefits that will take effect on January 1st of the upcoming year. At this time, beneficiaries should assess their health needs, review any changes announced to their current plan, and review other plan options available. They are permitted to make changes to their plans each year between October 15 and December 7 for an effective date of Jan 1 of the following year.

Too often, beneficiaries fail to review their plans and experience higher costs and less access to care in the subsequent year. Another common mistake is to conclude that your plan costs and access to care are not changing and therefore you will continue to be in the best-fit plan. However, as all companies change their plans and many new plans come to market each year, it would be a mistake to not review the offerings, costs, and benefits that other insurance providers are offering.