Every year, changes in Medicare Part D drug plans and Medicare Advantage plans create a ripple effect, impacting millions of individuals across the nation. For example, more than 1.3 million beneficiaries are currently enrolled in a 2023 Medicare Advantage or Part D plan which is set to be discontinued in 2024. At HRLTCP, we've diligently sent out notices to every facility, alerting them to the alterations in plan availability. However, this may not be the case for every pharmacy provider.

Throughout late September and October, you should’ve received your Annual Notice of Change (ANOC) letter from your Medicare plan. This document serves as a vital source of information, detailing whether your Medicare Part D or Medicare Advantage plan will continue to be offered in the coming year. If you didn’t receive your ANOC please make sure to contact your Medicare plan by calling the toll-free number that you can find on your Member ID card and request for a copy to be sent to you.

For plans still offered, before deciding to stick with your current plan, it's imperative to comprehend the modifications slated for the next year. Medicare Part D or Medicare Advantage plans undergo various changes, including fluctuations in monthly plan premiums, increased initial deductibles, alterations in coverage limits, modifications to the list of covered prescription drugs, and adjustments in Donut Hole coverage.

For those enrolled in a Medicare Advantage or Part D plan that won't be available next year, there are important considerations. If you aren't automatically transferred to another plan, you risk being without coverage starting January 1st.

Two key opportunities exist for enrolling in another Medicare plan:

Annual Open Enrollment Period (AEP): From October 15th through December 7th, you can join a new Medicare Part D or Medicare Advantage plan. Your coverage will commence on January 1st.

Service Area Reduction Special Enrollment Period (SEP SAR): If you miss the AEP, a Special Enrollment Period (SEP) is granted from December 8th through the end of February, allowing you to enroll in a Medicare Part D or Medicare Advantage plan.

Understanding the changes in your Medicare plan and seizing the right opportunities for enrollment ensures that individuals can navigate discontinuations with informed decisions about their healthcare coverage. Stay proactive, stay informed, and make the choices that align with your healthcare needs.