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The Best Medicare Plans for Florida Residents.

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     Every state is unique in how Medicare Supplement plans are priced and the quality of Medicare Advantage plans that are available.   In this article we will discuss which Medicare plans you should consider of you are researching the best Medicare Supplement Plans for Florida residents. 

Watch Our Video of This Article Here

When it comes to Medicare,

Florida is unique in three ways.

  1. Florida is one of just four states that require Medicare Supplement policies is be priced using “Issue Age” standards. That means that your Medicare Supplement cannot increase in price every year just because you are older.  However, it can still go up in price due to inflation.  Expect your policy to increase in cost by 3% to 4% per year in most cases.
  2. On average, across the country, only three out of ten seniors choose a Medicare Advantage plan over keeping their Original Medicare and adding a Supplement. However, that statistic is skewed by population concentrations and average income.  Most people who choose a Medicare Advantage plan do so because they are on a limited fixed income.   Florida is one of those states with a higher than average Medicare Advantage enrollment. Still, four out of ten Floridians choose Medicare Advantage over Original Medicare.  The reasons for this are simple.
    • Medicare Advantage plans do not offer as much insurance coverage as Original Medicare plus a Supplement. So those that can afford a Supplement get one because of the better insurance coverage and
    • Medicare Supplement plans are standardized to offer the exact same coverage from state to
      Medigap Buyers Guide state and insurance company to insurance company. You are not limited to a network, you can go to any doctor.  You are not required to have a Primary Care Physician that has to approve you seeing a specialist and your maximum financial risk can be limited to zero or just a few $100s.   Medicare Advantage plans are not standardized.  They are only regulated to provide a minimum coverage that approximated Medicare Part A & B without a supplement.  You will be limited to a network and you will have a higher co-pays and deductibles with a higher total financial risk (your maximum out-of-pocket expense) when you get ill and need medical services.  Still, when you compare the quality of Medicare Advantage plans across the country, Florida has some of the best available.
  1. The third point that makes Florida unique is that the pricing structure of Medicare Supplements is very different from any other state. It is almost as if Florida Medicare Supplement prices defy the laws of economics.  In short, the plans that are priced best is Florida are Medigap Plan F, Medigap Plan N and the Medigap Plan F-HD or High Deductible.  Everyone new to Medicare in Florida should understand and price at least those three plans.

   

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How To Choose A Medicare Plan-Part 2

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In Part 1 of How To Choose A Medicare Plan we explored the pros and cons of Original Medicare and Medicare Supplement plans.  In Part 2 we explore the other path, Medicare Advantage plans.  If you are new to Medicare, you must choose one of these two paths.  With these two articles, our intent is to give you enough information to decide for yourself which path is right for you.

Medicare Advantage Plans

Medicare Advantage plans are health insurance plans that replace your Medicare Part A and Medicare Part B with a private insurance policy from a private, for-profit insurer.  They come in many different forms but are usually either HMO’s or PPO’s.  They often include a Medicare Part D prescription drug plan as part of the Medicare Advantage package.  Medicare Advantage Plans are also referred to as Medicare Part C.

If you choose a Medicare Advantage plan you must still pay your Medicare Part B premium that is automaticallyMedicare Enrollment Maze deducted from your Social Security check.  However, instead of those funds going to Medicare, they are redirected to your Medicare Advantage insurer. 

Medicare Advantage plans are required to be actuarially equivalent to Medicare Part A plus Medicare Part B.  What that means is that over large groups of people the medical expenses of the population in total should be approximately equivalent to the medical expenses of those people with Original Medicare Part A & B.  Simply put, “actuarially equivalent” means very little to the individual as individual experiences will vary greatly depending on the plan and their medical needs.  In addition, Medicare Advantage is not equivalent to Original Medicare plus a Medigap plan.  Original Medicare plus a supplement (any supplement) offers more coverage and freedom of choice but comes with a higher premium.

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Do I Need An Insurance Agent For Medicare?

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With approximately 10,000 people turning 65 every day in the United States, there is a lot of interest in Medicare.  Every day people are searching the internet or opening the 150 page Medicare & You handbook to learn about the rules, the features, the benefits and the choices they have when it comes to Medicare.  One of the first questions people often ask of themselves is “Do I need an insurance agent for Medicare?”  Well, Medicare is not complicated, although the new terms can be confusing at first.  It does take time to learn, especially for those that do not work with insurance every day.  And it is easy to miss important information and to make wrong choices that cost thousands of dollars down the road.  The right insurance professional can help save you time, reduce confusion or the frustration of learning something new and can save you thousands of dollars in medical expenses that you may not be considering when wading knee-deep in Medicare regulation.  This guide to finding an insurance agent who will represent your best interest will help.

Help with MedicareWhat we have found in our many years of experience in the industry is that most people who choose not to seek the help of a professional agent do so because they fear being sold something.  It’s like how I feel when I walk into a car dealership.  I want a car, and I wouldn’t mind some honest help in considering what to purchase, but I don’t want to be sold a car.  I understand. 

A second reason for not seeking advice from a professional is the belief that you can get all the information you need on their own.  Well, that is true, the information is available. However, as a wise man once told me; “Knowledge is not wisdom, and wisdom is not experience.”  Anyone can get the knowledge they need from the Medicare & You handbook and the Choosing a Medigap Policy publication.  You can even call Medicare or other government services.  But, none of those sources can pass along what a good professional has learned from experience.

If you are concerned that an insurance professional will try to sell you something, this article is for you.  This is a guide to finding an insurance professional who will represent your best interest and will add value to your process in learning about Medicare and making the right choice in plans at the best price available.

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Lower Your Medigap Insurance Premium

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    Are your Medicare Supplement premiums increasing again?!  

     If you could lower your Medicare Supplement premiums by 25%, 30% or more without reducing or even changing your Medicare Supplement benefits, would you?

    According to recent statistics; nearly 8 in 10 seniors are overpaying for the Medicare Supplement plan by an average of between $400 and $1,000 per person.  The odds are you can lower your Medicare Supplement plan prices by your next monthly payment, and keep the same benefits you have now.  There is no waiting for Open Season like there is with Medicare Advantage plans.  It cost you nothing to find out how much you can save and how easy it is to lower your monthly premium right now.  Complete the quote request today and we will find the best price for your Medicare Supplement plan and email you back how much you can save!

We are 100% independent and offer ALL Medicare Supplement plans from ALL major carriers! 

Our service is free to consumers.

   

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