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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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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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Medicare for Florida Snowbirds

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……tips and information on Medicare for seniors that spend part of the year in Florida; our Florida Snowbirds

There are literally millions of Florida Snowbirds; people who come from all over the U.S. to spend the winter months in comfort of a warm Florida winter.  At last count, there are nearly 1.5 million Snowbirds that live part of the year in Florida and Sunbirds that move north (back to a home state) in the summer.  Palm Beach County was home (or half home) to 143,000 Florida Snowbirds and Jupiter, my home town, home to over 56,000.

Florida snowbirds are people who can live a life many others only wished, spending part of their time in a home state and moving to Florida in the winter to avoid the northern freezing temperatures and snow.  South Florida has a sub-tropical climate where we can measure the cold moments in hours, not days.  Central and Northern Florida are not as warm, but compared to New York, New Jersey, Pennsylvania, Virginia, Maryland, Indiana and other northern states, it’s a warm winter paradise.

Unfortunately, with two homes comes some confusion when it’s time to sign-up for Medicare. We hear the same very important questions time again; can I get Medicare from any state I live in?  Does Medicare cover me in both states?  If Medicare Supplements in one state are cheaper, can I purchase my supplement there and use it in Florida?  How does Medicare Advantage work when you live in two states?

With this article I will answer those questions and more on Medicare for Florida Snowbirds.  There are multiple features and rules with Medicare that are critically important to those who live the life of a seasonal nomad.  Unfortunately, few agents and brokers have the experience of working with Snowbirds and I have seen and heard of incorrect information and advice that has caused harm to the people who look to an insurance professional for advice and guidance.

Why Are Florida Medicare Supplement Plans So Expensive?

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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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How Floridians Save On Medicare Supplement Insurance

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Save on Medicare Supplement PlansMedicare beneficiaries in Florida have the same Medicare Supplement and plan choices as seniors in most states.  However, because Medicare Supplement plans in Florida are priced “as issued” instead of by age, they are significantly more expensive than most other states.  This throws the pricing metric off so that plans that are the best value in other states are a poor value in Florida.  It’s also why only 30% of people in Florida turning 65 choose Medicare Advantage plans, a slightly higher percentage than the national average. In this article, we show some tips and tricks for How Florida residents save on Medicare Supplement insurance plans.

No matter where you live in Florida, there are three main Medicare Supplement plans that you should consider.  For each plan, the prudent consumer will compare the plan features as well as prices. Those plans are Medicare Supplement Plan F, Medicare Supplement Plan N and Medicare Supplement Plan F-HD (high deductible).

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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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