August is upon us, with high temperatures in most parts of the country, and the bittersweet transition back to school for students and their families. This month we have a few special topics to consider as you think about your Medicare insurance: annual change notices from Medicare Advantage plans, hearing aid coverage, and working with your insurance agent. Let’s jump right in.
Your ANOC Is Coming: Don’t Throw This Medicare Letter Away!
Every fall, if you’re enrolled in a Medicare Advantage or Part D plan, you’ll receive an Annual Notice of Change, or ANOC. It’s easy to assume this is routine paperwork, but it’s worth your full attention.
Your ANOC previews what’s changing starting January 1. Plans must mail it by September 30, ahead of Medicare’s Annual Enrollment Period, which runs October 15 through December 7. Inside, you’ll find details on premiums, drug coverage, copays, provider networks, and other benefit changes.
Even if you’ve been happy with your plan, costs and coverage can shift from year to year. A medication may move to a higher tier, a doctor may leave the network, or your premium may change. These changes don’t require your permission, and can significantly impact your coverage. The ANOC provides an important early alert if there’s something that requires your attention during annual enrollment.
Be sure to review these four things:
- Your premium
- Your medications
- The providers you see most often
- The benefits you use or expect to use
If anything concerns you, that’s your cue to compare other options. Starting October 1, we can help you weigh plans that better fit your needs. Don’t let this important letter sit unopened.
Does Medicare Cover Hearing Aids? Your Options Explained
Here’s what many people don’t expect: Original Medicare doesn’t cover hearing aids or the exams, and Medigap plans don’t help either.
Medicare does cover diagnostic hearing exams ordered by a doctor, one audiologist visit per year, and cochlear implants when medically necessary.
If hearing aid coverage matters to you, here are your main paths:
- Medicare Advantage: Many plans add a hearing benefit covering exams, fittings, and an allowance toward hearing aids. Benefits vary widely by plan and location, allowances usually don’t roll over, and you’ll pay the difference if aids cost more than the allowance.
- Over-the-counter hearing aids: For adults with mild to moderate hearing loss, OTC devices are available without a prescription or exam, often starting around a couple hundred dollars, far less than traditional devices. They’re not right for everyone, especially sudden, severe, or one-sided hearing loss, which is worth having evaluated by a professional.
- Other help: Medicaid (if dual-eligible), VA benefits for qualifying veterans, and HSA or FSA funds can all help offset costs. Once you’re enrolled in Medicare, you can no longer contribute to an HSA, though you can still use existing HSA funds to help pay for expenses like hearing devices.
The right path depends on your degree of hearing loss, budget, and the plans available in your area. We’re happy to help you sort through your options.
Why Working With a Licensed Medicare Insurance Agent Still Matters
A licensed agent offers something a search engine can’t: personalized guidance based on your actual health, family, budget, and goals, plus the ability to compare options across multiple carriers.
That value doesn’t stop once your policy is in place — if you ever need to file a claim, having someone who understands the process makes a stressful moment easier to navigate. And because life changes, a new job, a growing family, a move, retirement, an agent can revisit your coverage over time to help make sure it still fits.
