As an Independent Broker that specializes in Senior Insurance and Medigap – Medicare Supplement Insurance, I know first-hand how critical it is to have proper information while making insurance decisions. Learning about and comprehending your alternatives is essential to making an informed decision.

Many of my customers have told me that their quest for information resulted in an avalanche of calls and emails from hundreds of insurance brokers, leaving them dissatisfied and even more confused. This may become so daunting that many just quit up, losing out on the chance to learn about a solution that might improve their condition while also saving them money.

Fact 1: There Are Marketing Businesses That Will Sell Your Information To Other Parties

Whenever you look for information on the internet or fill out a form to join a contest, you may be providing your personal information to a lead generation business. They will sell your information to a large number of agents who will contact them in order to give them with the names and contact information of individuals who are looking for information about Medicare supplement plans. This is the event that triggers the avalanche!

Fact 2: Plans May Vary From Company To Company, The Benefits Are Always The Same

There are ten standardized Medicare Supplement Plans available at this time. The Centers for Medicare and Medicaid Services (CMS) has authorized the benefits included in each of these plans (CMS). All insurance companies who provide Medicare supplement plans are required to adhere to the authorized benefits for the Medicare Supplement Insurance Plans that they provide. Knowing this and taking the time to check costs might result in a savings of up to 30% on your Medicare Supplement. A few minutes of your time may actually help you save money.

Fact 3: You Are Not Bound Into It Until Open Enrollment

Medicare Supplement Plans are not subject to any yearly enrollment periods, as opposed to traditional Medicare. You have the option to modify your plans at any time of the year. Knowing this truth gives you the freedom to evaluate your plan alternatives and move to a new plan or business at any moment. If you discover that you can receive the same plan at a lower price from a different provider, you may switch and begin saving money right now.

Fact 4: You Are Tied Into Your Part D Prescription Plan Until The Next Open Enrollment Period

They differ in terms of the monthly premium, the deductible, and the co-pays they need. Each plan has a formulary that is distinct from the others. Essentially, a formulary is a list of pharmaceuticals that the plan covers, together with a description of where each individual prescription falls on the plan’s co-pay levels.

We looked at 27 various plans that were offered in Florida and made an informed decision. We utilized an example medicine list that had five pharmaceuticals, four of which were generic and one of which was a name brand. For the lowest-cost out-of-pocket plan, the anticipated yearly prescription cost varied from $734 to $2623, with the top plan costing $2623. Being in the incorrect PDP might have a significant effect on your bottom line.