Medicare requires the insurance carriers for stand-alone drug plans and for Medicare Advantage/HMO plans to provide their current members in September with information on their plan benefits for the upcoming year.
Medicare drug plans and Medicare Advantage/HMO plans can change every year…..sometimes a little, sometimes a lot. It is important that you review the information sent to you by your current Medicare stand-alone drug plan or Medicare Advantage/HMO carrier so that you can decide whether or not you should consider making a change in your plan coverage during Medicare’s Annual Enrollment, which begins on October 15 and ends on December 7. Please remember that if you do select to make a change, it will not be effective until January 1, 2016.
If you are happy with what you see when you read the plan materials from the carrier for the upcoming year, you don’t have to do anything. Your stand-alone drug plan or Medicare Advantage/HMO will then automatically renew for 2016.
*NOTE: Medicare Supplement/Medigap policies do not change. They are defined by Medicare but can be offered by different insurance carriers at different premiums.