Be Careful When Buying Medicare Supplements

As Medicare open-enrollment period nears, starting November 15th, it is time, once again, for seniors to look at their coverage and sift through the Medicare Supplement plans that are available.  In fact, as you are looking through all of the information to decide what you will be choosing for 2009, it will probably be somewhat, if not downright, confusing.

Since Medicare changed a few years ago and placed Medicare Supplemental policies in the hands of private insurers, there is a lot for people to consider.  First of all, you are probably getting calls from telemarketers representing a host of different insurance companies.  They are all competing for your hard earned dollars.  It is important that you know that these companies are not supposed to call you too early in the morning or too late in the evening, and if you want them to stop calling you, you can tell them to take you off of their list and they are required to do so.  If they continue calling after you have been asked to come off of their list, you can report them to the Insurance Commissioner in you state and they can be fined.

It is also important that you do not give them any personal information such as your Social Security number, date of birth or driver’s license number over the phone unless you definitely know who you are talking to.  In addition to the many annoying insurance telemarketers who call you, there are also scam artists who are phony and who will lie to you and say that they are with an insurance company so that they can get your information.  If you are unsure that the person calling is legitimate, give them no information and get a phone number to the insurance company so that you can call them with your questions.  If the telemarketer will not give you a phone number, don’t give them your information.

On top of all this, there are over 250 companies selling Medicare Supplement policies, though only 10 to 15 companies handle most of them.  It is important that you get information so that you can compare plans and determine what is best for you as far as coverage you need and premiums you can afford.  One way to do this if you have internet access is to go online to www.medicare.gov and click on medigap (which is the same as Medicare Supplements).  This can give you accurate information directly from Medicare.  You can also call an insurance agent or broker that you or someone you know trust, especially if they have worked with you in the past.

Regardless of your situation, you have several weeks to do research.  Take your time and check to see what will work for you.  Don’t let anyone push you into a policy that doesn’t seem right for you.  Choosing a Medicare Supplement is important.  Take the time to do it right.