You’ve enrolled in Medicare, but you’re worried that the program isn’t giving you enough coverage. You see the rising costs of health care and you’re worried that you’ll be left with a huge hospital bill that would quickly drain your retirement account. Don’t worry, there are several ways that you can ensure you aren’t left with huge bills. One of the best ways to do that is buy purchasing a Medigap plan.
When shopping for the best Medicare supplement insurance coverage, there is a great deal of information available. However, at times, the amount of details that can be found may almost seem overwhelming. Therefore, prior to actually purchasing your coverage, it is a good idea to ensure that you understand exactly what Medicare supplemental insurance is, how it works, and when is the best time to apply for your coverage.
Make sure to know your options and the advantages and disadvantages of each plan. Every Medicare enrollee is different with different preferences and needs. Because each policy is different, they all have different coverage, premiums, and expenses that they don’t pay for, there is no “one plan fits all” that we recommend to every person.
There are many advantages to owning a Florida Medicare supplement insurance plan. One of the biggest reasons for this is because, while Medicare itself does pay a number of benefits to its enrollees, the program also leaves many areas open where participants can be left with large out-of-pocket charges. In some cases, a Medicare participant’s health care may even become cost prohibitive without the help that a Medigap insurance plan can offer. With this in mind, Medicare supplemental insurance can truly help to enhance health care services that are received, and can essentially provide the opportunity to obtain better health care overall for many individuals.
Why Should Floridians Consider Purchasing Medicare Supplement Insurance?
There are numerous reasons to consider purchasing a Medigap plan. First, if you purchase a plan within your open enrollment period, you will have a guaranteed right to buy your policy without being charged any additional amount due to adverse health conditions. This can save you a great deal on premium if you have certain health issues. It is, however, key that you get this done before your OEP expires so you don’t have full underwriting done on your application.
Having a Medicare supplement can also save you a great deal of money out-of-pocket should you need to use your Medicare coverage and you are responsible for paying the deductibles, copayments, and other additional charges that that we listed above. Oftentimes, the money that is saved by having a supplemental insurance policy will more than make up for the premium that you pay for the coverage.
Where to Find the Best Plans in Florida
When seeking the best Florida Medicare supplemental insurance, it is important to work with a company that has access to numerous insurers. We have contracts with several top rated insurance companies in the marketplace today, and we can help you in comparing policies and premium quotes. Because all of the Medigap insurance plans of the same letter are required by law to offer identical benefits, it is even more essential to obtain rates from more than one insurer – as rates from one carrier to another can, and often do, differ significantly.
When doing so, we can help. We can provide you with all of the important information that you need regarding your Florida Medicare supplement insurance coverage, and the premium prices, from the comfort and convenience of your home computer – without ever needing to meet with an insurance agent. In order to begin the process, just simply fill out the form on this page.
Because we don’t work with any specific company, you don’t have to worry about our agencies trying to sell you policies with less coverage or sell you a bunch of coverage that you don’t need. We can also save you the hours that you would spend on the phone with dozens of companies asking the same questions over and over.
What is it and How Does It Work?
A Medicare supplement is essentially a type of insurance coverage that is designed to fill in the “gaps” in coverage that are left by Medicare. These include the out-of-pocket deductibles, copayments, and coinsurance that are oftentimes required to be paid by Medicare enrollees. This is why this type of insurance is oftentimes referred to as Medigap.
These insurance policies are regulated by both state and federal law. Most states today offer 10 standardized Medigap insurance plan options.
These plans are known by letters of the alphabet, with the most basic plan being Medigap Plan A. All of the other plans must offer the core set of benefits that are offered in Medicare supplement Plan A.
By law, all of the Medigap plans of the same corresponding Plan letter are required to offer identical benefit options. For example, all Plan A’s provide the same benefits, regardless of where the policy is purchased.
Unlike many HMOs (Health Maintenance Organizations) and PPOs (Preferred Provider Organizations), Medicare supplement insurance plans will typically pay for coverage – regardless of which health care provider is used. Therefore, these plans are typically referred to as a fee for service type of plan. Likewise, if Medicare pays for a service – wherever it is provided – the standard Medicare supplement must also pay out its regular share of benefits.
Medigap policies are offered by private insurance companies. Therefore, even though plans of the same letter are identical, the premiums that are charged for these plans can differ a great deal from one insurance carrier to another. . Each company has different rating systems and different processes, which means that the monthly premiums from different companies could be drastically different. This is why it is extremely important to shop around prior to making a final purchase.
When Can You Apply for Coverage?
Individuals can initially apply for supplemental insurance during their open enrollment period. This starts on the first day of the month in which he or she turns age 65 and they are also enrolled in Medicare Part B.
This open enrollment period will last for the following six months. During this period of time, insurance companies are not allowed to turn down an applicant for coverage, or to charge an applicant a higher premium amount, due to an adverse health condition. Therefore, should an individual who is considering a Medicare supplement have certain health conditions, it is a good idea to apply for coverage during his or her open enrollment period. Waiting to apply until a time after the open enrollment period has expired could put you in jeopardy of paying a much higher premium price for your Florida Medicare supplement insurance coverage.
But don’t worry if you’ve already missed your window. You can still apply for a Medigap policy and there is a great chance that your application will be approved. You could be looking at more expensive monthly premiums, but you can’t put a price on the cost of having adequate health care coverage. It will also give you peace of mind knowing that you have protection from the rising cost of medical bills.
There are only a few requirements that you have to meet to be eligible to enroll into a Medigap plan. The first is that you have to be at least 65 years old, but a few states have exceptions to this rule. It is important to note that only those individuals who are enrolled in Original Medicare (Medicare Part A and Part B) are allowed to purchase a Medicare supplement policy. Those who are enrolled in Medicare Advantage (Medicare Part C) are not allowed to do so as it would constitute a duplication of benefits. Therefore, if you are currently enrolled in Medicare Advantage, you will not be allowed to purchase a Florida Medicare supplement insurance plan unless you transfer back over to Original Medicare.
How to Choose a Plan
In choosing the best Medicare supplemental insurance, there are several criteria to consider. These include taking stock of which benefits you anticipate you will need, and determining the overall cost of your coverage. Look at your health, your family history, your budget, what plans are available to you, and how you expect to spend your money in the future. All of these factors are going to impact the plan that you buy.
No matter what the plan, such as a Medicare supplement Plan F, we can provide a reasonable quote for you. In determining what benefits you anticipate you will need, it is important to have a good understanding of what each of the Florida Medicare supplement insurance plans that are offered can provide. If, for example, you do not anticipate needing a great amount of benefit, then Medicare supplement Plan A with the most basic set of core benefits may be the best plan for your needs. It’s important that you don’t pay for more coverage than you need. Our agent can talk with you and help you decide which plan could be the best fit.
If, however, you feel that you need a more comprehensive set of benefits, then Plan F or other plan that provides additional benefit offerings may be more in line with what you may need. For instance, some of the more comprehensive benefit offerings that can be chosen on various Florida Medigap insurance plans can include:
- Payment of Medicare Part A deductible
- Payment of Medicare Part B deductible
- Payment of Medicate Part B excess charges
- Payment of Foreign travel exchange (up to the plan’s limit)
- Payment of the Skilled Nursing Facility Care Coinsurance
- Payment of Medicare Part A Hospice Care Coinsurance or Copayment
When reviewing all of the possible Medigap insurance plans, be sure that you also understand any and all of the policy features and benefits. Each plan is different and covers different expenses or different portions of some of these expenses. If you have any questions, many of the companies that offer such plans will typically have a toll-free number available where you can direct your inquiries.
Once you have determined the benefits that you may need going forward, it is also important to determine your premium budget. Can you afford to pay more for a plan that provides full coverage like Plan F, or can you only afford a plan that leaves more holes but fits more comfortably in your budget? Doing so can help you in ensuring that the premium you pay will not create a financial hardship for you going forward.
One of the best ways of obtaining and comparing premium quotes is to use the services of a company that has access to all of the Medigap insurers in Florida. This will help you in getting apples to apples comparisons of the premium quotes and the Medigap plans of your choice.
We also understand that there is a great deal of information involved when shopping for and comparing Florida Medicare supplement insurance policies. Therefore, if you have any questions at all regarding Medicare insurance, how to compare quotes, or which Medigap policy may be right for you, just call us, toll-free, at 800-376-0824 Our experts are ready to help in answering any question or concern that you may have in order to ensure that you obtain the Medigap policy that best fits in with your specific coverage needs for both now and in the future.