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Friday, November 19 2010

Texas Medicare Insurance Options

This time a year can be very hectic and overwhelming for individuals dealing with all their Medicare insurance options. Trying to understand which coverage is the best for your individual needs is a challenging task. This year has made efforts even more challenging with the release of the New Modernized Medicare Supplements, some Medicare Advantage Plans discontinuing coverage, and the release of new Prescription Part D Plans. With all the options available and changes that have been made, how does someone know where to begin?
 
This time of year is known as the Annual Election Period, and for 2010 it runs from November 15th – December 31st. If you are looking to change either your Medicare Advantage Plan or your Prescription Part D Plan, this is the time that the Federal Government and the Centers for Medicare and Medicaid Service has set aside for individuals to complete these changes and have an effective date of the new coverage on January 1, 2011. It is strongly recommended that if you have either one of these plans, that you spend this time of the year and review all of your options. This will not only insure that you have the most updated information, but should also confirm that you have the right coverage for the following year.
 
As for Medicare supplements or Medigap insurance plans, individuals are not required to wait until a specific time of year to change. There is a lot of misconception in regards to this, but with Medicare supplements you are allowed to switch anytime in the year. Changing from one Medicare supplement insurance plan to another may require approval through underwriting, so do not cancel your existing coverage until you have been accepted from the new insurance company.
 
Even though you may have more time in a year to make changes to your Medicare supplement coverage, we strongly recommend that if you have not been updated on the recent changes to Medicare supplement insurance plans, that you take the time to understand the changes and compare premium rates to make sure you are not paying too much for your coverage. Always keep in mind that all Medicare supplement insurance plans are “standardized” and identified by letters A through N. Each standardized Medicare supplement insurance plan must offer the same basic benefits, no matter which insurance company sells it. Cost is usually the only difference between Medicare supplement plans with the same letter sold by different insurance companies.
 
Even after reading this, there still may be confusion in regards to where to start. Having a licensed, independent agent on your side to help walk you through all the ins and outs and make sure that you are covered with the right plan is a good place to start. If you currently have a Texas Medicare Supplement or a Texas Medicare Advantage Plan, you have come to the right place. Here at Medigap Select of Texas, all of our consultative services are free of charge and there is never an obligation to purchase coverage from us. We will provide you with side by side comparison of Medicare Supplements in Texas, answer any questions you may have on Medicare Advantage Plans, and help you find the best overall cost for your prescription drug coverage. Give us a call today at 1-866-849-5465 or fill out our safe and secure Texas Medicare Supplement Quote Form for more information.
Posted by: Cameron Kirchoff AT 12:12 am   |  Permalink   |  0 Comments  |  Email
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