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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. 

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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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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.

 Read this article or watch our updated article in video format!

 

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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