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Office Urges Consumers Looking to Compare Prices for Medicare Supplement Policies to Search CHOICES

Friday, November 6, 2015   (0 Comments)
Posted by: Chad Faison
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Office Urges Consumers Looking to Compare Prices for Medicare Supplement Policies to Search CHOICES

TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation wants to remind consumers aged 65 or older who may be considering the purchase of a Medicare Supplement policy (also known as Medigap) during the current Medicare Advantage open enrollment period to search the CHOICES system at http://www.floir.com/choices.aspx. Medicare Supplement policies pay for medical charges and expenses such as deductibles and co-insurance costs that Medicare does not reimburse.

The Medicare Supplement tool within CHOICES allows consumers to select options and enter specific criteria for calculating sample annual premium amounts for participating health insurance companies offering these plans in any Florida county. A search includes entering information about a consumer’s age, gender, insurance type, county zip code and the type of plan.

The Office has recently incorporated revised rates into the CHOICES system for health insurance companies representing more than 80% of the Medicare Supplement market. The Office approved the rate filings as quickly as possible, but unfortunately some were received too late for approval by the start of Medicare Advantage open enrollment. Health insurance companies providing these plans are encouraged to file their rates approximately seven weeks prior to the start of open enrollment to give the Office adequate time for a review and analysis of the filing. Most importantly, it helps give consumers more time to evaluate all available options during the short timeframe they have to shop for these plans.

All rates provided in the CHOICES system are for illustrative purposes only and consumers are encouraged to contact either an insurance agent or the insurance company for a premium quote based on their individual circumstances.  The Medicare Advantage open enrollment period began on October 15, 2015 and runs through December 7, 2015. For more information, visit https://www.medicare.gov/publications/pubs/pdf/02110.pdf.

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