10 Top Tips For Choosing The Medicare Supplement Plan That You Feel Suits You Best

Rules can vary by state, so the below tips are for Florida.

  1. Understand that a Medicare Supplement insurance plan, is just that. It only “supplements" original Medicare (Part A & Part B). Also keep in mind that original Medicare doesn’t cover everything.

  2. Most prescription drugs are not included with a Medicare Supplement. (Only a very limited drugs are covered under Part A or Part B.) So if you also want prescription drug coverage, you will need to purchase a stand-alone prescription drug plan (also known as Part D) in addition to a Medicare Supplement Plan. 

  3. Medicare’s Annual Enrollment Period is from October 15 through December 7. Although you can add a Medicare Supplement anytime during the year, if you are currently on original Medicare and can qualify. However if you have a Medicare Advantage Plan and want to switch to a Medicare Supplement, then you will need to do that during Annual Enrollment Period October 15 through December 7 or possibly during Medicare Open Enrollment Period January 1 to March 31 when some different rules may apply.)

  4. Medicare Supplement Insurance plans (also know as Medigap plans) can help pay for some of your out of pocket costs not covered by original Medicare (Part A & Part B).

  5. Choosing the right Medicare insurance plan for yourself depends on what you feel suits you the best and at the same time you can afford along with being with a financially stable insurance company.

  6. Applicants qualify for Medicare Supplement Open Enrollment during the first six months they are enrolled in Medicare Part B. During Medicare Supplement open enrollment, you cannot be denied coverage, regardless of your medical history. So it is important you don’t miss that deadline. Unless you qualify for guaranteed issue later on, if you don’t enroll during this Medicare Supplement open enrollment period you will need to go through underwriting for approval and some people may not qualify due to the insurance company’s underwriting guidelines.

  7. Medicare Supplement Insurance plans only cover one person per policy. So if your spouse wants coverage, he/she will also need to purchase a separate policy.

  8. Medicare Supplement Insurance plans (A through N) are standardized, which means each plan with the same letter will offer the same coverage. (Exceptions are Minnesota, Wisconsin and Massachusetts.)

  9. Since Medicare Supplement Insurance plans with the same letter offer the same coverage, it is important to know that premiums can vary widely from one insurance company to another, even though they offer the same exact coverage. So you basically want to find the lowest premium through a reliable insurance company.

  10. Another thing to keep in mind is try to find out the annual increase history of the insurance company you pick for your Medicare Supplement plan insurance. You don’t want to purchase a plan that has historically had large annual increases, since if that happens in the future years you may not qualify (due underwriting guidelines) to switch to another insurance company’s Medicare Supplement later on down the road.

Note: Medicare Insurance information can be overwhelming and confusing to many people. As an independent licensed agent I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose and enroll in a plan that you feel fits your needs.

By the way, it doesn’t cost you any more if you enroll in a Medicare Insurance plan through me as an independent agent versus directly with an insurance company either over the phone or via the Internet, since I get paid by the insurance companies for your enrollment. Plus you will have personalized service by a local agent. If you would like my assistance, please call me at 941-404-5334.

By calling this number, I understand I will be directed to a licensed insurance sales agent.

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