Do you carefully read everything you get in the mail from your insurance company? Be honest! 

According to new research published by eHealth, only 48% of Medicare beneficiaries can answer “Yes” to that question.  

Even more concerning, only 36% of Medicare beneficiaries say they find the information in their plan’s Annual Notice of Change letter easily understandable.  

Failing to read the fine print, could prove costly for beneficiaries come September as insurance companies notify their Medicare Advantage and Medicare Part D enrollees of important changes in costs and benefits in their plans. 

These findings illustrate the importance of doing your research ahead of this fall’s Annual Enrollment Period (AEP), when more plans than usual are expected to announce significant changes to costs and benefits for 2025. 

Read eHealth’s full report. 

“Changes to coverage can have a profound impact on beneficiaries’ quality of life and financial wellbeing,” said eHealth CEO Mr. Soistman. “This year, Medicare Advantage and Part D plan enrollees could see reductions in supplemental benefits, increases in Part D premiums, product withdrawals and market exits by some insurers, and other core benefit changes.”  

Here are some quick tips to help Medicare beneficiaries prepare early for AEP: 

• Keep an eye out for your Annual Notice of Change letter: These are typically mailed out to Medicare Advantage and Part D plan enrollees in September. Many people expect a big shake-up in the Medicare market this AEP and your Annual Notice of Change letter will provide you with important information about your coverage. 

• Ask a licensed agent for help if you don’t understand it: If you have questions or concerns about the changes described in your Annual Notice of Change letter, talk to your insurance company or to a licensed health insurance agent to make sure you understand how these changes will impact you. 

• Think about how your coverage needs may have changed: Beyond changes to your Medicare plan, ask yourself whether your personal finances or personal medical needs have changed in the past year. Are you taking new drugs? Did you get a new diagnosis or start seeing a new doctor? If so, you may want to compare your options this AEP. 

“It is important for beneficiaries to understand they have options when faced with significant changes to their benefits,” Mr. Soistman continued. “Licensed agents and brokers like eHealth can provide invaluable assistance at no additional cost to help beneficiaries review their options and enroll in a plan that meets their needs for 2025.”