What to Know About Medicare Plan Renewals

What to Know About Medicare Plan Renewals

November 15, 20244 min read

Welcome to Bourgeois Insurance Agency, LLC, your trusted local Medicare insurance agency in Thibodaux, Louisiana. Understanding the ins and outs of Medicare can seem daunting, especially when it comes to renewing your plan every year. Our goal is to provide you with clear, concise information on Medicare Plan renewals, ensuring you make informed decisions for your healthcare needs. If you have any questions or need further assistance, feel free to call us at (985) 803-8999.

Understanding Medicare Renewal

Medicare renewal is an essential process for anyone enrolled in Medicare. Whether you're considering a Medicare Advantage Plan or staying with Original Medicare, it’s crucial to know that each year your plan may change. This guide will help you understand how Medicare Plan renewals work and what you need to do to maintain your coverage.

Annual Notice of Change

Each year, you will receive an Annual Notice of Change (ANOC) from your current Medicare Plan provider. This document outlines any changes in your plan's costs, benefits, and rules that will take effect in the upcoming year. It’s crucial to review this notice to ensure your plan still meets your needs.

Medicare Enrollment Periods

Medicare enrollment periods are specific times when you can sign up for a new plan, switch plans, or make changes to your current Medicare coverage. These periods are critical for managing your healthcare needs effectively.

  • Annual Enrollment Period (AEP): October 15 to December 7. During this time, you can join, switch, or drop a Medicare Advantage Plan or a Part D Plan.

  • Medicare Advantage Open Enrollment Period: January 1 to March 31. If you're in a Medicare Advantage Plan, you can switch to another plan or return to Original Medicare.

Medicare Plan Renewals

Medicare Plan renewals typically occur at the end of each year. Most plans will automatically renew every year, but it’s important to review your plan options to ensure they continue to meet your healthcare needs. Here are some key points to consider:

  • Check if your current plan will automatically renew each year.

  • Review any changes in your plan's Annual Notice of Change.

  • Consider your healthcare needs for the upcoming year.

Medicare Advantage Plan

Medicare Advantage Plans, also known as Part C, are an alternative to Original Medicare. These plans are offered by private companies that contract with Medicare. If you decide to switch to a Medicare Advantage Plan, it’s important to compare plan options and understand how they might affect your healthcare coverage.

Medicare Coverage Every Year

Your Medicare coverage needs can change every year. Whether you're enrolled in Original Medicare or a Medicare Advantage Plan, it’s important to assess your healthcare requirements annually and adjust your coverage accordingly. Consider factors like:

  • Changes in your health conditions.

  • New medications or treatments you may need.

  • Potential changes in your healthcare provider network.

Do You Need to Renew Medicare Every Year?

While many Medicare Plans will automatically renew every year, it’s essential to confirm your plan's status and review any changes. If you're satisfied with your current plan, it may automatically renew, but if any changes don't align with your needs, you might need to explore new Medicare Plan options.

Review Your Medicare Plan Each Year

Reviewing your Medicare Plan each year ensures that you have the best coverage for your needs. Here’s a quick checklist to help you:

  • Read your Annual Notice of Change carefully.

  • Evaluate any changes in costs, coverage, or benefits.

  • Consider your healthcare needs for the coming year.

Medicare Open Enrollment

The Medicare Open Enrollment period is a critical time to make changes to your Medicare Plan. Whether you want to switch plans, add a Part D Plan, or explore new Medicare Advantage Plan options, this period provides the opportunity to ensure your healthcare coverage aligns with your needs.

New Medicare Advantage Plan

If you're considering switching to a new Medicare Advantage Plan, it's important to research and compare the available plans. Look at factors such as:

  • Coverage options and benefits.

  • Costs, including premiums and out-of-pocket expenses.

  • Provider networks and available healthcare services.

We're Here to Help

Understanding Medicare Plan renewals and making informed decisions about your healthcare coverage is crucial. At Bourgeois Insurance Agency, LLC, we are here to help you every step of the way. If you have any questions or need assistance with your Medicare Plan, please don't hesitate to call us at (985) 803-8999. Our dedicated team is ready to help you navigate your Medicare options and ensure you have the best coverage for your needs.

Price Started in the insurance industry over 20 years ago. Working for several well known large corporations over the years but found he could serve his clients and community better as an Independent Agency offering Medicare Supplements (Medigap), Medicare Advantage Plans, Prescription Drug Plans (PDP), and Retirement Planning Services.

Price has spent years building one of the top agencies in the Thibodaux, Louisiana. Dedicated to finding the best solutions and staying up to date on insurance trends and products.

Price Bourgeois

Price Started in the insurance industry over 20 years ago. Working for several well known large corporations over the years but found he could serve his clients and community better as an Independent Agency offering Medicare Supplements (Medigap), Medicare Advantage Plans, Prescription Drug Plans (PDP), and Retirement Planning Services. Price has spent years building one of the top agencies in the Thibodaux, Louisiana. Dedicated to finding the best solutions and staying up to date on insurance trends and products.

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