Choosing a Medigap or Supplemental Medicare Plan can be difficult. There are 10 different types of plans (A, B, C, D, F, G, K, L, M, and N) and each plan may be offered by multiple different insurers, including Mutual of Omaha, Aetna, Cigna, United Healthcare, BCBS, Transamerica, and New Era. What’s important to know is that the benefits that each plan provides is standardized by the government, so the Medicare Supplement Plan F offered by Aetna offers the same exact benefits as a Medicare Supplement Plan F offered by Mutual of Omaha. The big difference can be the cost! Each issuer can set premium prices to reflect the risk pool of the population they cover, so it’s important to shop around to get the best coverage and price. We can help you by giving you a free quote online using our free quote engine. You can also call us at any time if you have questions about which plan is best for you, and how much they will cost.
The first step in deciding which Florida Medicare Supplement Plan is best for you is to decide how much cost sharing you’re willing to take on throughout the course of the year. Would you rather pay a flat monthly premium each month and know that your costs are completely taken care of? Or would you rather pay less each month and pay a little more when you visit the doctor’s office? The 10 standardized Medicare Supplement Plans each offer a different balance of supplemental insurance – some of them pay 100% of the costs of your healthcare, while others pay less but coupled with a lower monthly premium. We can help you figure out which plan is right for you, so you don’t end up underinsured or paying too much. Some plans provide what is known as “first dollar coverage” which means that as long as you pay your monthly premium, you don’t even pay a deductible. Others require you to hit your deductible before they start to pay your out of pocket cost sharing. The table below summarizes the benefits of each of the 10 standardized plans; however it’s important to know that not all of these plans may be available in every county in Florida. We can help you figure out if a plan is available where you live, and how much it might cost: put your zip code into our free online quote generator to learn more about plan availability.
One important thing to know is that while Medicare Supplement Plan F is one of the most popular plans, it will no longer be offered after January 1, 2020. If you are already enrolled in a Medicare Supplement Plan F in Florida, you can continue to purchase this plan after January 1, 2020 but it’s important to know that Medicare Supplement Plan premiums depend on the health of the population enrolling them in them and as fewer and fewer seniors are able to purchase Plan F, premiums associated with that plan may increase faster than other Supplement Plan options. So even beneficiaries living in Florida who are currently enrolled in Plan F may wish to explore other options; we are here to help you understand the changes coming to Medicare Supplement Plans so you can be fully informed and pick the right plan for you.
Medicare Supplement Plans G and N are also great options and popular plans that may serve as a good alternative to Medicare Supplement Plan F. Medicare Supplement Plans G and N generally how lower monthly premiums than Plan F, and are widely available in Florida through a range of plan issuers. With these plans, your lower monthly premium balances out the slightly higher out of pocket costs you will have when you see the doctor. If you selected either Medicare Supplement Plan G or N, you would have to pay the $185 Part B deductible, but then all or almost all of your Part B costs would be covered once you met your deductible. The difference between Plan G and N is that Plan G will pay for 100% of your Part B expenses once you hit the deductible, while with Plan N you may have to pay up to $20 each time you visit certain doctors. However, both of these Medicare Supplement Plans would cover 100% of the costs of many of the expensive medicines that are administered through Part B that usually represent the biggest cost and burden on Medicare beneficiaries. Again, while all of the benefits offered by each letter plan are identical regardless of which health plan issuer you pick, the premiums can be different. Not all issuers sell all of these plans in each county in Florida, as well so it’s important to shop around and see which plans are available where you live. Our instant quote tool can give you a good idea of what options you have.
Once you decide which combination of benefits you’re interested in, we can help you figure out which issuers offer plans in Florida, and how much your monthly premium will cost. It’s important to remember that there is no single best plan for everyone, and that your unique situation may call for a different plan than your neighbor. But, the great thing about all of these plan options is that they work with traditional Medicare to fill the “gap” in Medicare coverage and help pay for costs that Original Medicare does not cover and you would have to pay for out of pocket. Unlike Medicare Advantage plans, Medicare Supplemental Plans, or “Medigap” plans don’t have any networks and allow you to continue seeing your doctor. If you have any questions about Medicare Supplement Plans in Florida, call us or use our free online quote generator to get an instant quote for Medicare Supplement Plans in Florida.