September in Nebraska

For most of us in Nebraska, September is the month that marks the beginning of another Husker football or volleyball season. For those of us in the health insurance industry, it is the final month of preparation before enrollment season begins. Read on to find out what YOU need to do in September. First, let’s do a little quiz:

What is an ANOC?

a) An ancient guardian of a harem.

b) A kind of dad joke followed by “Who’s there?”

c) The Annual Notice of Change document sent by all insurance companies providing Medicare Part C and Part D plans to notify their members of upcoming changes to their plans in the upcoming calendar year.

If you chose B, let’s hang out some time. If you chose C, you are correct. Why does it matter, especially for the 2025 Medicare plan year?

The Inflation Reduction Act (IRA) passed in 2022 began impacting Part D prescription drug plans already in 2023. The biggest change for 2025 plans is that Medicare enrollees will pay no more than $2,000 during the calendar year for all of their prescriptions.

For some people this is a huge win. For the majority of Part D enrollees, it will have other ramifications.

When the ANOC letters arrive this month, OPEN IT, and you will notice: 1. Change in premium. This may reflect an increase of up to $35/month from the 2024 premium for the same plan. 2. Change in formulary. This means that the plan may be reducing the number prescriptions it covers for 2025. 3. Pharmacy network changes. These alignments change annually, and it is always good to know that your pharmacy and your plan will work together. 4. Description of the M3P or Medicare Prescription Payment Program. Check this space next month for further information.

The Part D program is still undergoing congressional review, and more changes are anticipated in the upcoming weeks–public access to 2025 plans begins October 1, and enrollment begins October 15.

Get ready to review, or help the seniors in your life review, your stand-alone Part D coverage or Part D coverage in their Medicare Advantage plan. The licensed agents at On Point Insurance Agency are here to help.

Knock, knock. Who’s there? Time-to-knock. Time-to-knock who? Time to knock open your ANOC!