Note: if you are on a Medicare Supplement plan you are able to switch to another Supplement any time throughout the year but you do have to go through Medical Underwriting.
Typically the Insurance Companies will send out their Annual Notice of Changes (ANOC) towards the middle of September. This lengthy document explains the details of your plan's benefits for the upcoming year beginning January 1st. You must read the ANOC in it's entirety to make sure there are no surprises with your plan. The main benefits you want to make sure you look at are:
- Monthly Premium
- RX Cost
- RX Formulary
- Provider Network
If you are happy with the changes (or lack thereof) and want to stay on your current plan, you don't have to do anything. Your current plan will automatically renew for the following year and you will receive a new ID card in the mail. The new card should arrive sometime in December and go effective January 1st.
If for any reason you are unhappy with your plan's benefits for the upcoming year, the Open Enrollment Period is the time where you can "shop around" to see what else is available in your area. You will undoubtedly be seeing product offers from all types of companies through the the mail, TV, internet and other media outlets. You will likely feel overwhelmed with all the information. This is a great time to contact your Local Brokers at The Legacy Council to help you sort out and navigate all the different plans and information. The TLC licensed experts spend many hours each year certifying with all the different insurance companies to be able to offer expert advice to our clients. Based on your specific situation we can help you find the plan that best suits your individual needs. Since we represent most Major Carriers in the area we can provide a non-biased consultation on all the different plans available to you.
If you don't currently work with a broker, The Legacy Council would be happy to help by providing a no-obligation meeting during the Open Enrollment Period or any time throughout the year. Just give us a call at (513) 442-2000. We'd love to welcome you into our TLC family as one of our valued clients.