Florida Medicare supplement plans are plans designed to fill in the gaps of original Medicare. They don’t replace original Medicare the same way that Medicare Advantage Plans do, and they generally don’t give benefits that original Medicare doesn’t offer. Medicare Supplement
Although these plans are generally more expensive on a monthly basis than Medicare Advantage Plans, they can actually cost less over the course of a year depending on your circumstances.
For example, if you needed chemotherapy, many Medicare Advantage Plans will have a copay of 20%. This can be quite pricey, and often results in you hitting the Maximum out of Pocket or MOOP. In 2020 the highest MOOP a plan can have for an HMO is $6,700.
Let’s say you live in The Villages. You’re 75 years old. You could be paying a premium of $224.49 with a major insurance company. That’s a total of $2,693.88, far less than the MOOP you would have had to pay on the MAPD plan.
Why is this? Because a Florida Medicare Supplement Plan F covers your Medicare copays and deductibles at 100%.
Of course you’ll still need a drug plan, but you can often get a drug plan for around $20 a month, depending on your drugs.
Why do I need a Medicare Supplement Plan?
The answer is pretty obvious. In the scenario above, you would have had to pay a bundle for chemotherapy, with either original Medicare (the copay is 20% with NO CAP) or an MAPD plan (the copay is often 20% with a cap-the MOOP).
Do you know you will always have enough money to cover all medical costs NOT covered by Medicare, such as deductibles and copayments? If you are not sure the answer is yes, or if you do not want to risk it, you should explore your options for supplementing Medicare.
I don’t know about you, but I want to cover the major costs I might run into. If I lived in California I would have earthquake insurance. That’s because the cost could wipe me out.
Medicare Parts A and B provide insurance coverage for health-related expenses, but they don’t cover all of the health care costs you may have.
What does Medicare Supplement Insurance Cover?
You probably already know that Medicare doesn’t cover at 100%. You have to pay a portion of your medical expenses, which includes deductibles, co-payments, and excess charges when doctors do not accept assignment. Medicare Supplement Insurance policies help cover these deductibles, excess doctor fees, and copays.
Although some booklets say that Florida Medicare Supplement Plans cover items not covered by Medicare, I think it’s misleading. With the exceptions of some plans which include emergency coverage overseas, Medigap plans typically don’t cover services that original Medicare doesn’t cover. For example, Medicare won’t pay for skilled nursing care unless you were admitted to the hospital as an inpatient for three days. In this situation, your Medigap plan won’t cover it either.
But if you were admitted as an inpatient, then your Medigap plan will cover the copay amounts of the Medicare covered stay.
Some insurance companies do include gym memberships in their Florida Medicare Supplement plans, but these benefits are typically not guaranteed. A few years ago a popular Medicare Supplement provider yanked Silver Sneakers from their plan. After a large outcry, the replaced it with a different gym membership plan.
Of course if you live in The Villages, you might not need this added benefit.
Does the company have to sell a Florida Medicare Supplement Plan to me?
Whether the insurance company must sell you a plan depends on when you purchased the plan. There is a time period when a company must sell a Medicare Supplement policy to you. This six-month period is called “Open Enrollment.” Open Enrollment begins when you are 65 or older and enroll in Medicare Part B.
During this Open Enrollment period a company must sell you a Medicare supplement policy, regardless of your health. The insurance company cannot refuse to cover pre-existing conditions during this time period either. This is the best time to obtain a Medigap plan.
There are other time periods called “Guaranteed Issue” or GI periods. However, because agents and brokers often don’t get paid during these time periods (but have risk associated with taking you on as a client) you’ll likely not hear a lot about these GI periods.
When do I need to sign up for Medicare
The best time to sign up for Medicare is six months before you turn age 65. There are multiple deadlines to juggle, so it’s important to know which enrollment deadlines apply to you. This is important to avoid costly fines and gaps in coverage.
Begin by checking on your eligibility . Most people should sign up for Medicare Part A (hospitals) and Part B (doctors) in the seven month window that starts three months before the month you turn 65 to three months following your 65th birthday.
Once you get your Medicare ID card you can apply for a Florida Medicare Supplement Plan.
How much do Medicare Supplement Plans cost?
I get that question all the time. It’s not that easy to answer because each insurance company sets their own rates. The owner of this website can provide you with a quote. It’s super easy and can be done in less than 5 minutes.
What do I need to know when comparing plans?
This is where an insurance broker comes in. You don’t want to just use an online quoting tool to get rates and sign up direct. It doesn’t cost anything extra to use a broker.
Although the plans are standardized, there are differences.
That includes the company, the quality of service, and the price.
In general, compare the benefits that are required by law, and disregard any ancillary benefits when choosing a plan. After all, you are purchasing your plan to cover health costs, not a gym membership.
How do I know if I’m eligible?
To buy a Florida Medicare Supplement plan, you must be enrolled in Medicare Parts A & B, you must live in the state where the policy is offered, and be age 65 or over or, in some states, under age 65 with a disability or end-stage renal disease.
Other than that, once your open enrollment period is passed, you must be able to pass the insurance company’s medical underwriting guidelines, unless you have a Guaranteed Issue situation.
This article was written by Kathe Kline, founder of MedicareQuick
If you are looking for Medicare Insurance in Florida, contact Chaz at 321-287-7331
Author Info
No Comments