Medicare Supplement Plan Shoppers - 6 Tips for the Annual Enrollment Period

Tip #1 - If you currently have a Medicare Advantage Plan

, it will be in your best interest to switch to original Medicare with supplemental insurance. Over $132 million in government funding for the Medicare Advantage program has been cut leaving these plans in limbo. Most companies will be raising prices and cutting benefits in order to remain profitable. Furthermore, many doctors and hospitals have stopped accepting these plans altogether, which means quality of care may be an issue in the future.

Tip #2 - Consider Medicare Supplement Plan N. This Medicare Supplement Plan is very similar to Medicare Advantage Plans, where you have a small annual deductible accompanied by $20 co-payments for doctor visits and $50 co-payments for Emergency Room visits. However, this plan is a Medicare Supplemental Insurance plan, which means you can visit any doctor, hospital, or specialist who accepts original Medicare. Furthermore, Plan N is one of the most affordable Medicare options available.

Tip #3 - If you are looking for the best coverage, purchase Plan F. Medicare Supplement Plan F is the most popular and the most comprehensive plan available. Seniors who purchase this plan rarely have any out of pocket costs except their monthly premium. In addition, nearly every insurance company offers this plan, which means it can be cheaper than other plans that offer fewer benefits.

Tip #4 - Get Medicare Supplement Quotes from every company. The Center for Medicare Services has standardized Medicare Supplement Plans A through N. This means every insurance company must offer the same plans with the same benefits. They cannot change the benefits, nor can they add additional benefits. Keep in mind there can be huge differences in the monthly premium different insurance companies charge for exactly the same benefits.

Tip #5 - Contact a specialist for Medicare Supplement Quotes. There are many ways to shop, but the most effective method is to contact a national Medicare Supplement insurance broker who carries every company and offers every plan. They will give you an honest opinions and may provide insight into company specific issues and upcoming changes. Calling every insurance company is very time consuming, and your local agent likely does not carry every company.

Tip #6 - When getting Medicare Supplement Quotes, don't forget about your prescription drug plan. Prescription Drug Plans change drastically every year. The monthly premiums change, the drug plan formulary changes, and the co-payments for different prescriptions change. It is extremely important to compare every prescription drug plan every November to ensure you have the most cost effective plan for the new year.

Medicare Supplement Plan Shoppers - 6 Tips for the Annual Enrollment Period

By: Tyra Phillips

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