Florida Seniors: Which Medicare Supplement Plan do you find to have the best coverage for the money?
Question:
Answers:
It is very confusing and intimidating trying to find the right plan. I would suggest visiting an independent agent that works in senior markets for help. If you can find one that has a certified senior advisor (CSA) designation you may get better answers. You can find one for her area here http://www.society-csa.com/
There are two types of "supplements". I'll give you the basics here but know I'm just skimming the surface.
The first type is a traditional supplement, also known as a Medigap policy. The premium for someone 65 starts out at around $120 - $150 per month. These plans are generally better for people who see a doctor several times per month and go to the hospital several times per year. One tip: get three quotes for each company. One for her age now, one for 5 years older and one for 10 years older. Many companies will have a lower "teaser" rate to get you on the plan and increase the premiums substantially over the years. If she has any major medical problems while on one of these plans it can be very difficult to change to another company.
None of the supplements have prescription coverage, so she'll need a stand-alone Part D plan. The average cost for these plans across the nation is around $27 per month. It is easy to switch companies and plans (within federal guidelines) if you need to.
The second type is Medicare Part C, also known as a Medicare Advantage plan. You can get these plans as an HMO, PPO, and PFFS (the agent can explain the differences). Many of these plans have a premium as low as $0 per month, the average is around $26 per month. The premium is the same no matter what your age. Many also include Part D. There are small co-pays when you seek medical care. It is easy to switch companies (again within federal guidelines) if you need to.
With any plan covering prescriptions do an analysis of the co-pays. There can be several thousand dollars difference in what she pays between plans over a years time. Make sure any medications she is taking is covered on the formulary if possible. It is easy to switch companies (again within federal guidelines) if you need to.
Which company is best can't be determined here. The plan that is best for one person may not be the best for their spouse or neighbor because each person is different and has different needs. This is why you need an independent agent to help. The agent can compare the plans to find the best one for her situation.
More Questions & Answers...