Are you a Florida resident approaching your 65th birthday? Alongside the extra candle on your birthday cake, this milestone comes with a big change to your health coverage options.
Medicare is a health insurance program that helps Americans aged 65 and over, cover the growing number of healthcare expenses. As you near your 65th birthday, it’s important to understand all there is to know about Medicare so that you choose a plan that’s right for you.
It’s natural to want to delay enrollment until another time, but failure to sign up when you are first eligible could leave you with penalty fees. And remember, you’ve been paying into your Medicare fund your entire working life; now’s the time for you to enjoy the benefits!
Switching to a new healthcare system might seem daunting, but Medicare is here to save you money. Read on as our experts explain how Medicare works, Medicare Supplement plans, and Medicare Advantage plans in Florida.
Although Part A is free for most beneficiaries and Part B has a reasonable monthly premium, Medicare does not cover expenses such as coinsurance, copayments, and deductibles. To help cover a portion of the out-of-pocket costs, plan holders can buy Medicare Supplement plans (also known as Medigap plans).
Supplement plans are available during the Medigap open enrollment window, which begins when your Medicare Part B is effective and lasts for six months. In this window, no insurer can decline you for coverage for any health reasons.
Florida is known for being one of the most expensive Medigap states. Because of the state’s high senior population, insurers must charge higher premiums to afford to pay for coverage.
Fortunately for Florida residents, there are plenty of insurance providers available with a range of Medigap plans. In Florida, insurers provide all ten different Medicare Supplement plans:
In recent years, Medigap Plan F, Plan G, and Plan N have been the most popular choices and are considered the best supplement plans in Florida.
Medicare Plan F is a favorite amongst Florida residents because it covers everything. When enrolled in Plan F, your carrier will cover all of the out-of-pocket costs that come with your treatment, leaving you nothing to pay.
It’s worth noting that from 2020, Medicare Supplement Plan F will no longer be available. Those already enrolled can remain on the plan, but to new Medicare beneficiaries, the Plan F is off-limits.
With Plan F no longer available to new Medicare enrollees, Plan G – the next most comprehensive plan – is growing in popularity.
Medigap Plan G is very similar to Plan F in its coverage options; the only difference being Part B deductible is not included. Learn about the differences between Plan F and Plan G coverage and premiums.
Medicare Advantage plans provide the same coverage as Original Medicare, plus extra benefits such as dental and vision. Medicare Advantage combines the benefits of Original Medicare (Part A and Part B) and supplemental policies into a single plan.
In Florida, residents have access to more plans than most other states, because of the high senior population. Medicare Advantage plans are purchased through private insurance companies, so costs vary widely between insurers.
Medicare Advantage plans in Florida offer excellent benefits, and many include Part D prescription drug coverage, too. If you desire a Medicare Advantage Prescription Drug plan, check that your prescription is covered before enrolling; covered prescription medication varies from plan to plan.
Tip: Medicare Advantage holders should get prescription drug coverage through a Medicare Advantage plan instead of a stand-alone Medicare Prescription Drug Plan (Part D). If you join a Part D plan while enrolled in a Medicare Advantage plan, you’ll be disenrolled and returned to Original Medicare.
To be eligible for a Medicare Advantage plan, you must be enrolled in both Medicare Part A and Part B and live in the plan’s coverage area.
Beneficiaries may enroll in or switch to a different plan during their Initial Coverage Election Period or the Annual Election Period.
Medigap plans are notoriously expensive in Florida, but they do vary from person to person. The dramatic price range makes providing an estimated premium cost particularly difficult. Get a quote based on your age, gender, and zip code for an accurate estimate.
No. As of January 1, 2020, Plan F is no longer available to new Medicare beneficiaries.
Florida residents can apply for a Medigap plan at any time, but the best time is during your open enrollment period. This six-month window begins when your Medicare Part B is effective, and during these six months, insurers cannot decline coverage for pre-existing health conditions.
If you have any questions about Florida’s Medicare options, speak to one of our licensed agents. Our dedicated team will help find a Medicare plan that works for you. Call us today at 1-844-374-1950.