The Medicare Supplement Decision Made Easy
We want to help you understand Medicare Supplement Policies so that you will feel comfortable with your decision as to which one to select. People have a tendency to over complicate the decision when actually the plans are easy to understand with a little help.
Federal Law mandates that Companies selling Medicare Supplement Insurance can only sell the Approved Policies lettered Plans “A” through “J”. The benefits provided by these policies will be identical regardless of which insurance company you select.
Medicare Supplemental Insurance in Florida
There are only three factors that you have to consider when making your decision on what Florida Medicare Supplement Plan is best for you.
The First Decision will be “Which” Medicare Supplemental plan suits my needs. Medicare Supplemental plans range in how much coverage each provides. Plan “A” has the least amount of coverage . The further you go up the alphabet; the more coverage provides. The most popular Medicare Supplemental plan is “Plan F”.
The Second Decision will be to determine which company has the best price for the Medicare Supplemental plan that you selected. Once you select a “Plan”; remember the coverage is going to be the same with all companies, so you are now going to shop the same plan with several major companies.
The Third Decision will be determining which companies that have the best prices, also have Strong Financial Ratings (at least A rated) and also have a good record of Claims Payment. Well – – there you have it…
How Much Coverage do I Need and Which Medicare Supplemental Plan Suits My Needs?
Which Company has the best price for the Medicare Supplemental plan I selected?
What are the Financial Ratings and Claims Payment record of the companies offering the best price?
Now You Need to Compare Medicare Supplemental Plan Benefits and Prices of the Plans
There are a number of important factors to consider when choosing the best Medicare Part D company to meet your needs:
Are the drugs you need covered by Medicare Part D?
Drug choices can vary from Medicare plan to plan, so be sure to review each plan’s formulary information. If a drug you are currently using is not available through a particular company, you may want to consider switching your prescription to an equivalent drug.
How do you know if you’re getting the best value?
You can visit the government medicare website but it is very difficult to navigate and has outdated information. Your best strategy is to speak with an independent insurance agent who specializes in medicare supplement and stand-alone drug plans.
How can you be sure that your plan offers pharmacies that are convenient?
You can learn which pharmacies are “in-network” for each Medicare Supplemental plan — offering the best prices for medications and the lowest cost sharing rates — over the Internet. If the “in-network” pharmacies available in a Medicare Supplemental plan are not local, you may find that a mail-order pharmacy to obtain medications may be the most cost-effective option. Of course, you may choose to eliminate local pharmacy fulfillment altogether and use the mail-order pharmacy option from the beginning as the most convenient and cost-effective one.