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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 standardised 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 standardised.  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 make 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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Medicare Supplement Plan N Review

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Whether you are just turning 65 and enrolling in Medicare, or are over 70 and looking to keep your health insurance cost down, seniors in Florida and across the country continue to search for the best value in Medicare Supplement coverage.  Medicare Supplement Plan N should be among the top three Medigap Plans to consider.  This Medicare  Supplement Plan N review explains why.

Watch a 12-minute video on Plan-N now

or continue reading….

In a previous blog we wrote of Medicare Plan F High Deductible as often the best value for seniors in Florida who are in generally good health. While Plan F-HD makes sense for most from a pure numbers perspective, many seniors prefer to have greater coverage, but balk at the high cost of a Plan F or realize that with Plans F and C being discontinued as of 2020, they do not want to be stuck in those specific Medicare Plans when no new younger seniors are allowed entry and the rising medical cost per aging beneficiary push premiums to prohibitive levels.

Enter Plan N, one of the most popular Medicare Supplement plans in the country because it covers all the most significant potential medical expenses, but at a cost much lower than a Plan F.  In fact, the premiums for Plan N are often 30% to 35% less than Plan F.   Plan N is one of the most popular Medicare Supplement plans in the state of Florida, as well as many other states across the country because of the cost to benefit features that make it one of the best values in Medicare Supplement plans.

Here is how to compare a Plan N to other Medicare Supplement Plans —

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