You may choose your Medicare Part D drug coverage at the same time you first enroll in Medicare. However, you may change your drug coverage during an open enrollment period (usually October 15 through December 7). We encourage all of our clients to reevaluate their drug coverage each year. This ensures you have the best prescription plan.
Plan F covers 100% of what Medicare does not pay in full. It is the most comprehensive plan available. Also, it is the most expensive premium wise.
Plan G is currently the most popular plan with our clients. It offers the most value out of the three most popular plans (F, G & N). G is exactly the same as Plan F, the ONLY difference is the Part B deductible is not covered on Plan G.
Premium difference between F and G more than covers the benefit difference of $226.
Plan F was phased out in 2020. If you have a Plan F you can keep it, but individuals new to Medicare in 2020 and after will not have Plan F as an option.
Plan N is the 3rd most popular supplemental plan. Plan N is similar to plan G as it has the $226 annual deductible. Also, N has an office copay up to $20, $50 E.R. copay (waived if admitted), and Part B excess charges are not covered. (Excess charges can be easily avoided if you make sure the doctor is set up with “Medicare assignment”).
Plan N can be a great option for someone who doesn’t mind the office copays and wants to enjoy a lower premium than F or G.
You can change your Medicare Supplement ANYTIME during the year. If you get a letter that your plan is having a rate increase, give us a call! We will shop rates for you to see if any other Medicare supplement company has lower rates for you. Here is an overview on those guidelines: Medicare Supplements
If you are still working when you turn 65 and your group insurance plan has 20 or more employees, you may not need Medicare Part B. The reason you would not want to enroll is because your group policy would be your primary insurance for coverage.
Medicare Part D offers prescription drug benefits to Medicare recipients. Many insurance companies offer Part D programs which are purchased through insurance agents in each state. Each Part D company creates its own formulary of which drugs it will cover and at what cost.
Because many states like Mississippi offer multiple Part D options, new plan enrollees find it difficult to choose which plan is right for them. Choosing a reputable, knowledgeable insurance agent (like us) to assist in that choice can make choosing the right plan for your needs less confusing.
While participation in the program is voluntary, seniors who do not enroll when they are first eligible may encounter late penalties and wait times when they do choose to enroll. Medicare beneficiaries who wait to enroll are responsible for paying the full cost of their medications until they are eligible to enroll unless they have other coverage such as through an employer or the VA.
Insurance representatives (like us) can’t solicit you about Medicare Part D plans. So, you’ll need to contact us to get the ball rolling. You can make that simple contact by filling in the form at the bottom of this page or by calling us directly at 662-454-9800 or 662-269-8833 for Medicare questions.