Medicare’s Annual Enrollment: Don’t Get Stuck Paying More
With Medicare’s Annual Enrollment Period (October 15–December 7) right around the corner, it’s worth taking a moment to clear up some common misunderstandings. Whether you’re already on Medicare or about to enroll, a little clarity can save you real money and headaches.
1. Medicare Supplements Don’t Change During AEP
Annual Enrollment has nothing to do with your Medicare Supplement (Medigap) plan. These policies stay the same year after year. That said, it’s smart to review them every four or five years. Carriers adjust premiums differently, and switching—if you can pass medical underwriting—can often save $1,000 to $2,000 annually. Many people miss this opportunity, assuming their Supplement “just is what it is.”
2. The ANOC Matters More Than You Think
Every fall, your Part D prescription drug plan (or Medicare Advantage plan) will send you an Annual Notice of Change (ANOC). It’s not junk. It’s the roadmap showing how your plan will look next year—premiums, deductibles, formularies, pharmacy networks. Ignore it, and you might find out in January that your drug moved to a higher tier or your preferred pharmacy is suddenly out-of-network.
3. Prescription Drug Costs Can Surprise You
Here’s where many new Medicare beneficiaries get blindsided: drug pricing under Part D looks very different than under employer coverage. Generic medications are usually inexpensive, often just a few dollars. But brand-name drugs can be another story—take Eliquis, for example, which might cost $47 per month on one plan but $400 on another. The good news? Starting in 2025, you’ll never pay more than $2,000 out-of-pocket annually for prescriptions. During AEP, reviewing your specific drug list against available plans is important, as the least expensive plan premium may cost you the most over a year.
Putting It Together
The bottom line is that Medicare Supplements provide stable coverage but should still be revisited every few years. Part D or Advantage plans, on the other hand, require attention every AEP. The ANOC is your warning label, and your medication list determines what you’ll really spend.
Medicare can be overwhelming, but it doesn’t have to be confusing. A little awareness—knowing which pieces change, which don’t, and where the landmines are—goes a long way. And as always, if you’re unsure, get help from someone who spends their fall combing through these changes every day.
Thigpen Group Reserved Parking
We’re happy to share that our new Reserved Client Parking sign is now in place! Reserved Spot #5 is clearly marked with the Thigpen Group sign, making it easy to find on your next visit. This spot is reserved exclusively for you— just a small way we hope to make your time with us a little more comfortable and stress-free.
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