Now that you have turned 65 and are eligible for Medicare, you will likely purchase a Medicare Supplement plan as well. You will be getting all kinds of mail from insurance companies trying to get you to purchase their plan over someone else’s. One very good idea is to carefully look over all the plans you possibly can prior to purchasing one. Although each and every one of them are identical, there are currently 10 plans to choose from, they all cost different amounts. The plans, A-N, are regulated by the Federal Government and must provide the exact same coverage. However, the companies providing them can charge whatever they want. In order to obtain a Medicare supplement plan, you must have both Medicare parts A and B. Persons still on their employers medical plans cannot get a Medicare supplement plan until they retire.
Once you have chosen a plan, you must use it until the open enrollment rolls around at the end of the calendar year before you can switch to another. At that time you will have 90 days in which you can switch plans or switch to another company. As stated earlier, all companies do not charge the same thing for the same plan. This is when you need to begin checking around for better pricing for the plan you have, or even switch plans.
You may not find a severe cost savings between your current plan and another company or plan, but $20 per month amounts to $240 a year, and what can you do with $240? So as the yearly open enrollment comes around every year, you may very well be able to save some serious money by shopping around for a new company to administer your plan. Not to mention that the prices are allowed to change annually.