Every year, Medicare beneficiaries are faced with important decisions regarding their healthcare coverage. Amongst the many questions that arise, one common query is: “Does my Medicare Advantage plan renew automatically?” Understanding the renewal process for Medicare Advantage plans is crucial to ensure continuous and appropriate healthcare coverage.
Medicare Advantage Automatic Renewal: What You Need To Know
Typically, Medicare Advantage plans are set to renew automatically each year unless you decide to make a change or the plan cancels their contract with Medicare. This means that if you agree with your current plan, you don’t have to take any action during the Open Enrollment Period (OEP), which runs from October 15th to December 7th every year.
However, keep in mind that while your enrollment may continue seamlessly into the new year, other aspects of your plan—such as premiums, benefits, drug coverage, or provider networks—may change.
Stay Informed of Changes
Medicare Advantage plans are offered by private insurance companies approved by Medicare, and these companies can make changes to the plan annually.
As a beneficiary, you will receive an “Annual Notice of Change” (ANOC) and “Evidence of Coverage” (EOC) from your plan provider.
These documents are typically sent out in September, well before the OEP begins. It’s essential to review these notices carefully to understand any adjustments to the plan that may affect your healthcare in the upcoming year.
When Automatic Renewal Doesn’t Apply
There are certain situations when automatic renewal of your Medicare Advantage plan might not occur:
- Plan Non-Renewal: If your Medicare Advantage plan decides not to renew its contract with Medicare for the coming year, you will be notified by mail. In such cases, you will need to select a new plan.
- Service Area Changes: If you move out of your MA plan’s service area, or if your plan reduces its coverage area and you are no longer within it, the plan will not automatically renew.
- Provider Network Changes: If key providers or facilities leave your plan’s network, while not affecting your enrollment, this may be reason enough for you to consider changing plans for more convenient or preferred access to healthcare services.
Need Help Making Sense of Medicare Advantage? Mint Insurance Agency Is Here To Help
We are an insurance agency dedicated to becoming a lifetime partner for your Medicare needs.
If you need assistance or want to learn more about the alternatives at your disposal, contact our licensed agents today or call 1.888.225.MINT (6468). Our team stands ready to answer all your questions.
