There are millions of people online and on the phones now with their Medicare Part D prescription drug providers. Consumers are shopping around and asking questions of their pharmacists and doctors. These consumers are doing this because they are well aware of what is approaching. They know they are approaching the Annual Enrollment Period (AEP) for their Medicare Part D prescription drug plans.
Annual Enrollment Period and What it Actually Is
There are a few times a year that most Americans can sign up for prescription drug plan coverage or change the coverage they have had. The biggest time of the year for those changes is during the Annual Enrollment Period. This period of time will allow people to change their prescription drug plan provider to a different provider for any reason for the upcoming year. This is important for many reasons and to millions of Medicare beneficiaries.
AEP begins on October 15th and ends December 7th. During this span of several weeks, millions of people around the country are expected to change their plans from one provider to a different provider for a multitude of reasons. But there are things that have to be done before a good move can be made.
Annual Notice of Change Mailers
Before a change is made, most Medicare beneficiaries take some time to look at what they are being offered by their current Medicare Part D providers. They look at a huge packet of information they are sent called an Annual Notice of Change or ANOC. This Annual Notice of Change is something that participants are sent every year. This huge packet of information tells of the changes that will happen to their insurance plan for the upcoming year.
As Medicare beneficiaries begin looking at these changes, there are specific things they look at. Most beneficiaries look at:
· The premium prices (increasing or decreasing)
· The copays (increasing or decreasing)
· The formulary (will their medications be covered without stipulations)
These things are some of the biggest things that should be taken into consideration. Every Medicare beneficiary has grown used to a certain level of care and any changes that will be made to their medication insurance should be stated before the changes are effective.
When a participant looks at their Annual Notice of Change, they should know what will be changing and how those changes will effect their medications and ability to get their prescriptions. If there is something that will make getting medications harder, beneficiaries should take note of those changes and begin looking for a plan that will allow them to be comfortable and able to get their medications.
There is a lot of information available now to those that are looking to change their prescription drug plans. Anyone that is interested in changing their prescription drug plan can have information mailed to them or they can go online to compare the hundreds of plans available to them. For those that don’t have the patience to speak with company representatives or search online, CMS is available to speak about all the plans available in any area. The choice of a Medicare Part D provider is serious and should be made with great care and consideration.