Medicare and Medigap are health insurance plans sponsored by the federal government. Being regulated by the government means that there is not a lot of leeway. Much of Medicare is standardized and is the same throughout the United States however, Florida is unique.
The state of Florida is one of four states that allows the pricing of Medicare Supplemental Insurance Plans to be based on the age of enrollees. “Issue Age” standard states that your Medicare Supplement rates cannot increase every year as you age. The price can fluctuate because of normal inflation which on average is between three to four percent each year.
Medicare enrollees also have the option to enroll in Medicare Advantage instead of Original Medicare and the addition of supplemental insurance. Only 3 out of 10 Medicare participants choose Medicare Advantage. Most participants choose this option especially when they are on a limited, fixed income. The state of Florida has a rate higher rate of enrollment in Medicare Advantage plans. In fact, two out of five Florida enrollees participating in Medicare choose Medicare Advantage. The insurance coverage with Medicare Advantage is often not as comprehensive as what participants would have with Medicare and Supplemental Insurance Plans however, it is a more affordable option.
As mentioned previously, Supplemental Insurance Plans are standardized throughout the United States. Thus, meaning no matter what insurance company the insurance is purchased through or what state it is purchased in the coverage of the plans remains the same. Unlike with Medicare Advantage, Supplemental Insurance Plans do not limit the doctors and specialists you can visit. Another major difference is that Medicare Advantage Plans are not standardized, although they are regulated. With Advantage Plans you are limited to doctors and specialists within your network. There are higher co-pays and deductibles than with Supplemental Plans however the premium each month is lower.
Unlike other states, Florida has a different pricing structure on their Medicare Supplemental Insurance Plans. The plans that are priced the best are those with the best coverage. These plans include, Medigap Plan F, Plans N and Plan F-HD. If you are new enrollee within Medicare in Florida it is vital to investigate these three different supplemental plans before committing to a Supplemental Insurance Plan. Medigap Plan F covers one hundred percent of your Medicare expenses; other than your premium enrollees do not have to cover out-of-pocket costs. So, although the initial policy can be quite expensive it can pay off in the long run.
Learn more about Medigap plans and rates at http://emedigap-plans.com. Medigap Insurance brokers will help you compare Medigap Insurance rates and plans. To talk to an expert in Medigap coverage call toll free 888-452-7949!