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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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Ten Things You Need To Know To Get The Best Medigap Plan

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Whether you are new to Medicare and want to be sure you make the right choices from the start, or you have been with Medicare for years and simply want to be certain that you are getting the best coverage and value for your money, this article is for you.   In this article, I will go over the ten things you need to know to get the best Medigap plan coverage at the best price and value available to you.  

ONE

Free Government Resources

There are free resources available to you that will help you better understand your Medicare coverage and make better decisions.  The two publications that every person on or shopping for Medicare should have are the current Medicare & You guide and the guide Choosing A Medigap Policy.

The Medicare & You guide includes details on what is covered by Medicare, how and when to enrol and information about your Medicare rights.  A new Medicare & You guidebook is published each year with information to help you understand Medicare Part A, Part B, Part C (aka Medicare Advantage plans) and Part D.  If you are new to Medicare, you can access an online copy from the links provided and order a hard copy from Medicare.gov. 

Choosing A Medigap Policy is also an important publication and one most forgotten by Medicare beneficiaries.  This publication goes into detail about Medigap (aka Medicare Supplement) policies that is not found in the Medicare & You guidebook. 

Lastly, the Medicare.gov and Social Security websites are great resources full of information you need.  In fact, the Medicare.gov website offers the only tool allowed to compare and shop for the best Part D prescription plan.

Want to learn more?  Visit our index of links and articles for more resources.

Two

Standardised vs. Regulated Medicare plans

Medicare supplement plans are standardised, Medicare Advantage plans are not. 

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Is Medigap Plan F the Best Supplement?

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Seniors-CoupleAIs Medigap Plan F the Best Supplement? For most Medicare beneficiaries the selection of Medigap Plan F over other choices appeared to be a no-brainer.  With Plan F, a Medicare beneficiary could expect that all covered Medicare services and procedures will be paid for by either Medicare or the Supplemental insurance company.  Other than the plan premiums,Medigap Plan F there should be no other out-of-pocket expenses.   Most sales reps were happy to oblige and even today sell Plan F when asked because it’s the easy thing to do.  Of course, it doesn’t hurt that the comprehensive coverage of Medigap Plan F means higher premiums which equate to higher commissions for the salesperson.  As a result, Medicare Supplement Plan F is by far the most popular Medigap Plan used by seniors in the United States.  In fact, a survey conducted in 2010 showed that 40% of all Medigap Plans held were Plan F. While the Medigap Plan F coverage is comprehensive, price wise Plan F is not always the best value.

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Medicare Supplement Plan G

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Medicare Supplement QuotesShopping for the right Medicare Supplement plan is not complicated. But if we were to ask seniors why Medicare Supplement Plan G is the better value, many would give us a blank stare. For most seniors, shopping for a Medigap plan consists of a quick study of the table below (from page 93 of the 2015 Medicare & You handbook) showing that Medigap Plan F offers the most comprehensive coverage. From there, it’s simply a matter of getting a Medicare Supplement quote to find which company offers Plan F at the lowest price in your area, and the deal is done. Some seniors and agents never look closely at the features of each plan to see if they are really worth the extra money. They never re-shop their plan as the years go by and persistent rate increases have pushed their monthly premium well beyond what they were originally paying. As a result, many seniors are overpaying for their Medicare Supplement coverage by hundreds and sometimes thousands of dollars per year.

What we will show in this article is how Medicare beneficiaries can save hundreds of dollars per year in insurance premiums by considering Medicare Supplement Plan G, which can be a much better value for your insurance dollars. That value stems from the fact that insurance companies can use minor benefits to bolster their profits. It’s also important to note that historical price increases in Plan G have been historically lower than Plan F, creating a price differential to the benefit of Plan G policy holders. 

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