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Know Your Insurance Options When It Comes to Medicare

With many Medicare beneficiaries facing tighter wallets in 2009, it may be worthwhile to review your insurance options when it comes to supplementing Medicare.   If you have a Medicare Supplement, remember that these are standardized plans – meaning that all insurance companies offer the same supplement plans (typically plans A-J).  With this in mind, you always want to be with the best “A” Rated or better insurance company for the lowest price.  It is also important to ask about their rate history as you don’t want to be with an insurance company that has history of raising rates faster than an average between 5-10%.    Determine your usage and look closely at the premium differences among different insurance carriers with the optional Medicare Supplement Plans.

If you are on a Medicare Cost Plan, such as Rocky Mountain HMO, or a Medicare Advantage Plan; the Open enrollment period is now over and you are now locked in till the end of 2009.  Annual election for 2010 will not open up on November 15^th, 2009; but this year it may be more important than ever to review your options.  With the Obama administration cutting millions of dollars from these plans we are expecting significant cost increases or decreases in benefits in these plans beginning in 2010.  Look for information on these plans to be released on Medicare.gov around October 15^th.  Remember, insurance companies change their rates and/or benefits annually and it is worthwhile to keep on top of it.