Medicare Supplement and Part D Drug Plans Pt 2

Medicare Supplement and Part D Drug Plans Pt 2

The good news is that if you find supplementary plans A through N a bit hard to understand, at least you only need to understand them once, because every letter plan from one insurance company to the next must be exactly the same.

The same applies to Part D Drug Plans. Each vendor offers a choice of three Part D drug plans, sometimes called “good, better and best,” but the federal government also demands that each of these plans be exactly the same from one vendor to another.

How To Choose The Right Medicare Supplement And Drug Plan

Since every specific plan must be exactly the same from one provider to another, your first step is to choose the best Medicare supplement plan (A-N) and the best Medicare Part D drug plan for your specific needs and situation.

While the definition of each plan (A-N) goes beyond the scope of this article, I will make some suggestions as to what to look for. Also keep in mind that although each plan may change from year to year, one constant is that if Plan A comes from one insurance firm, Plan A must be exactly the same from another firm.

For example, last year, I chose Medicare Supplement Plan F and a $ 310.00 deductible plan for medicine. Since you can only change your plans in a small time window, which is this year from November 15 to December 31, it is important to choose the right plans right from the start. So far, so good with both. In fact, my plan F has covered the full 20% and my medication plan looks like it is the right choice, especially after I’ve provided my deductible. But before that, my medication plan gave me discount rates for non-generic prescription drugs.

So, to repeat, if every single plan from one company to another is exactly the same, how do you choose the right insurance company?

First, learn everything you need to know about each individual plan from your independent health insurance agent, which makes choosing the right health insurance agent your first priority. You need a licensed, experienced agent who takes the time to explain the various plans.

Next, customer service will vary from company to company, so word of mouth, good or bad, can help you decide. Since the past is the best predictor of future results, you should consider previous experience with the Claims Department or the Customer Service Department, by either you or someone you know, with one of the major insurance companies.

And finally, now that you know that all the plans from one company to another must be exactly the same, why not go with the company that offers the lowest monthly premiums, assuming, of course, that it is a national brand that you are aware of?

In other words, if company A, which sends you a mailing every other day for three months before you become 65, three months later demands much more than company B for exactly the same coverage, then why not go with company B?