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Question: When do we find out about our coverage for next year?
Answer: I cannot believe it is Insurance Season already! Those changes are announced October 1 for the upcoming 2027 year. The Centers for Medicare & Medicaid Services (CMS) requires insurance companies to notify you of any changes to your plan in the New Year's coverage by October 1.
During the next few weeks of September, you will be receiving mail from your Medicare Insurance company informing you about the 2027 coverage for your plan. These notifications are called the Annual Notice of Change (ANOC). The company that you currently have must inform you about the changes for the new year for YOUR plan before September 30. This ANOC is your opportunity to learn about how your insurance coverage may be changing. I do recommend keeping this notification and keep looking for other notifications if you have multiple insurance plans.
We are fast approaching my favorite time of year, the annual Open Enrollment Period for the Medicare insurance products. All individuals with Medicare in the coming weeks will be receiving the 2027 information packets. Medicare Advantage Plans, the Medicare Prescription Drug Plans, & the Medicare Supplements all have slightly different coverage pricing and benefits each year.
October 1 is the date that all the Medicare related insurance products release their information allowing individuals to compare their alternatives for the New Year. The www.medicare.gov website will have all of that information on October 1. But you get YOUR plans information earlier than that, so you have an opportunity to review your plan changes a little early.
Between October 1 and October 14, you can compare the other plans to your current plan and research some of the alternatives. This is a window of opportunity to research before the actual enrollment period begins.
Then on October 15 the Annual Open Enrollment Period actually begins. This is the date that you can first make a change to your insurance coverage that will begin 1-1-2027. From October 15 to December 7 every year, those enrolled in Medicare and the accompanying insurance products can review and change their insurance to a product that will work better for them in the New Year.
When you have Medicare, you'll notice a significant increase in the amount of mail (and maybe email, phone calls and texts) that you receive in the coming weeks. That mail includes important information about the insurance product you already have. That mail also includes information about many other products that are available to you.
You may have had very little change to your situation medically. You still need to evaluate your insurance decision. That evaluation always begins with your current coverage. Do you like it? Is it still available? Does the pricing structure stay pretty similar with regard to premium and co-pays for medical care and medications? Did it cover your medications easily and affordably and will it still be affordable next year?
When looking at those questions, if all the answers are "Yes" you can probably stay with your current coverage and let it roll over to 2027. In some years there are plans that are no longer offered, we will know soon about 2027. In previous years there have been plans that change names. Almost every year we have one or two new plans offered. Those are things to watch for. I am so excited!
I am just reminding you to not throw away everything that comes. Be sure to open the information from your current insurance company, this is important information about your coming year. The information will help you decide on whether to keep the same coverage or change it.
I can't wait to see what is new and exciting in 2027. I am hoping for other good news for most of us!
As I say every year, Happy Insurance Season! My favorite time of year!!
Janell Sluga is a Geriatric Care Manager helping seniors in our community access services and insurance. To reach her, please email editorial@post-journal.com.