The Annual Enrollment Period begins October 15th, 2011, a full month earlier than the previous few years, and extends through December 7th, 2011. During this time consumers can enroll or dis-enroll from Medicare Advantage Plans and Prescription Drug Plans. As with the last few years, thousands of people are expected to drop their Medicare Advantage Plan in favor of Medicare Supplemental Insurance, which has much better coverage and does not limit the beneficiary to network physicians and hospitals. Below are five tips from Medicare Supplement Shop to help Medicare beneficiaries make a well-educated decision.

1. Determine your eligibility for guaranteed issue. Guaranteed Issue means you do not have to answer any health questions or disclose pre-existing conditions to qualify for coverage. Determining if you are eligible for guaranteed issue can greatly affect your decision to enroll in a certain type of plan. The majority of Medicare recipients who are outside their initial enrollment period will need to answer a series of health questions prior to being approved for coverage. However, if you qualify for guaranteed issue as determined by guidelines set forth by Medicare and State Law, you may have more options for greater coverage.

2. Compare plan benefits and purchase the plan that meets your needs. Medicare Supplement Plans are standardized by the Center for Medicare Services, which means every insurance company offers the same exact plans with the same benefits. The plans are defined by letters, A through N, and each has a slightly different benefit package. The most popular plan is undoubtedly Plan F, which is also the most comprehensive. However, there are a few other great options including Plans G, N, and C which have limited cost-sharing.

3. Get quotes from multiple companies, but focus on “A” rated companies. Every insurance company offers the same plans, which means the only differentiating factor is the price they charge for the insurance policy. Getting quotes from multiple companies will ensure you purchase the plan that best suits your needs for an affordable price. Keep in mind there are several insurance companies and fraternal organizations offering Medicare Supplement Insurance, and they aren’t all as well funded or well run as we would hope. Focusing your search on “A” rated companies that offer excellent customer service will limit your headaches down the road.

4. Don’t forget about your prescription drug plan. Most Medicare Advantage Plans include prescription drug coverage. However, no Medicare Supplement Plans offer a prescription drug benefit. All Medicare beneficiaries switching from advantage plans to supplement plans will need to purchase a stand-alone prescription drug plan if they would like their prescriptions covered in 2012. Luckily, there are several great options offered in 2012 including very inexpensive plans offered from Humana and Coventry.

5. Enroll sooner rather than later. As expected, insurance companies get bombarded with thousands of applications during the Annual Enrollment Period. In the past, people who enroll in plans during the last week of the Annual Enrollment Period have to wait weeks, or even months, before they receive their new policy and insurance cards. Smart shoppers will make a decision early and enroll during the first two weeks of the annual enrollment period to make sure they are approved and have their policy and insurance cards before the New Year.

About the author: Jill Roberson is CEO of Medicare Supplement Shop, an online provider of medicare supplemental insurance. Medicare Supplement Shop is licensed in 46 states and has been in the insurance industry for over 12 years.

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