ANOC 2025
(Annual Notice of Change)
Many articles regarding the changes to Part D caused by the Inflation Reduction Act are buzzing about on the internet. Part D is a prescription drug coverage that can be purchased as a stand-alone prescription plan that is used with Original Medicare or can be embedded inside of a Medicare Advantage Plan. Companies have to navigate the changes and they will do this by various methods.
I have been through several certifications with big carriers and they are taking different approaches. Unfortunately, I can't discuss these until October 1st. However, I can tell you that generally, most Advantage plan carriers seem to be keeping benefits very close to what is being done this year. Some Medicare Advantage plans are reducing OTC and others are addressing the prescription portion by placing a deductible on Tier 3 medications where as before there was none. Stay tuned. The stand-alone Part D carriers are changing formularies, raising premiums and in some cases elimintating broker contracts which means they will no longer pay the very small commissions that they were paying.
Each of my clients will get an e-mail toward the middle of September that outlines some of the broad changes to Part D and how it may actually benefit some. This year it is particularly important to review your annual notice of change closely. As always, if you're ok with the changes, if any, and like your carrier and their service then nothing needs to be done and the plan will continue. BUT, if you don't like what you're seeing then by all means reach out to your broker to discuss.
I'm just glad that fall is in the air, a little at least, and football is back on the airwaves.
Warren Pitman