Understanding all of your choices when it comes to your Medicare insurance options can help you become a better consumer, at the same time could also save you thousands in over paying for coverage or being at risk from unknown and unwanted out of pocket expenses.

 

Here are 3 tips to help you obtain the best possible coverage at an affordable rate. If you have any other questions or concerns, please do not hesitate to contact an agent today at Medigap Select of Texas.

 

 

Myth # 1 - You can only change your Medicare supplement insurance plan at a certain time of the year.

 

Tip - The truth is, unlike Medicare Advantage Plans or Medicare Part D Prescription Plans, you do not have to wait until the Annual Election Period to change your insurance coverage. With Medicare supplement insurance plans you have the right to change your plan or company year round. You may be subject to underwriting requirements, but you do not have to keep paying a higher premium for your coverage if you find something more affordable.

 

Myth # 2 – Some Medicare supplement insurance companies offer better Medicare supplement insurance plans than others do.

 

Tip - The truth is, all Medicare supplement insurance plans are “standardized” by the federal and state governments. For your protection all plans are identified by letters A – N. There is no difference in basic benefits per lettered plan sold by different insurance companies. Meaning there is no difference in coverage from one insurance company’s Plan F compared to another insurance company’s Plan F. The only difference you will find is COST. So the question is, why pay more for the same benefits?

 

Myth # 3 – Medicare Advantage Plans are less expensive than Medicare supplement insurance plans.

 

Tip - The truth is, if all you are looking at is the monthly premium and not the overall risk of out of pocket expenses, then in most cases you are right. The problem is that if you have to use your Medicare Advantage Plan for a hospital stay or surgical procedure, you could actually have up to 3 times the out of pocket costs than you would on certain Medicare supplement insurance plans. Just make sure you fully understand whatever coverage you pick to supplement your Original Medicare.

 

Hopefully these tips have helped. At Medigap Select of Texas, we understand that trying to wade through all the ins and outs of Medicare insurance options can be a daunting task, especially to go at it alone. That is why Medigap Select of Texas is here to help. As a leader in the Medicare insurance industry and helping numerous Medicare beneficiaries find the right insurance coverage to protect them at an affordable rate, we will always have a licensed agent here to answer any questions or concerns you may have. Contact us today to see how we can help and receive your free, no-obligation, side-by-side comparison of affordable Medicare supplement insurance plans in Texas.