Florida Medicare Supplement
Florida is one of the major markets for senior healthcare and this is why it is among the top states for Medicare and Medicare Supplements (Medigap). Aside from having a large retired population, it also has one of the biggest projections for additional senior members. Most of the insurance providers in the state, therefore, offer all 10 of the federal government-standardized Medigap plans.
Senior Citizen Population in Florida
By the year 2020, over 28% of Florida’s total population is expected to be made up of people aged 60 years and older. According to the Office of Economic and Demographic Research, the 60 to 84 year old demographic could reach almost 6 million by the said year, while those in the 85+ age group will reach over 730,000.
When it comes to their spending power, it appears that Florida’s elderly have money to spare, with their annual spending logged at $135 billion, which is around $15 billion more than what the younger population spends. In fact, 50% of new home constructions are attributed to seniors, who also contribute some $3.5 billion to charitable endeavors. More relevant to this discussion is the amount they spend on out-of-pocket medical-related expenses, which reportedly reaches $9 billion per year.
The qualifying age for Medicare and Medigap plans is 65 years old, which means that there will be a high demand for healthcare services tailor-fit for senior citizens. That said, we can expect to see more insurance providers offering Medicare Supplements and Medicare Advantage products. That said, would-be enrollees of Medicare Supplements should find out which Florida insurers are offering the best and most cost-effective plans.
Who Is Eligible for Florida Medicare Supplement?
You have to be 65 years old AND enrolled in both Medicare Part A and Part B to be able to apply for Medicare Supplement insurance. It is not a standalone insurance product. Take note that you will be paying a monthly premium for your chosen Medigap plan in addition to the fees that you are already paying for Medicare Part B.
Advantages of Having a Medigap Plan
Regardless of the Medicare Supplement plan you choose, your coverage will go with you when you travel around the country—and even outside of it (logged as foreign emergency travel expenses). You won’t be requiring any referrals when you avail of products and services. In addition, you can go on working with your preferred hospital or doctor as long as they accept Medicare. Most importantly, the out-of-pocket expenses that are not paid for by Original Medicare will be minimal to zero. Depending on the type of plan you have and the medical procedure you need, it can happen that you will not need to pay anything for senior healthcare services.
Best Time to Apply for Florida Medigap
The ideal time to apply for a Medigap plan is during the Open Enrollment period. This is the six-month window that begins on the first day of the month you turn 65 years old. For example: If your 65th birthday is May 12, then Open Enrollment begins on May 1 and ends 6 months from then.
During this time, you may apply for any Medigap policy you want from any insurance provider in Florida. Your application will be guaranteed approved, and it will not be subjected to medical underwriting. It will also not be slapped with higher fees due to a past or current health condition.
The Cost of Medicare Supplements in Florida
Despite the large senior market, Florida has comparatively high Medigap premium rates. As of 2018, the average cost of monthly premiums for Florida Medicare Supplements is $152.58/month, or $1,831/year. It belongs to the list of 10 most expensive states. Nevada has the highest per-month average at $162.25, while Hawaii has the lowest at $109.16. This rate is just an average of what insurance companies charge in the area. The premiums can go lower or higher depending on the company selling it and the type of Medigap plan.
The cost of Medicare Supplements is different per company, even if they’re offering the same benefits. When shopping around for insurance providers, find out which ones offer Medigap plans and which of the ten standardized policies they offer. Not all insurers have the 10 on their list of products; with some only offering the most popular plans. As of this writing, there are around 40 insurance companies that offer Medicare Supplements in Florida.
Other factors that should be considered during the selection process are whether the insurance firm offers special discounts for couples, women, non-smokers, those willing to pay annually, if you’re interested in buying any of their other insurance policies on offer, and more.
Options for Florida Seniors
If you have limited retirement savings and feel that you will have trouble paying for monthly healthcare insurance fees, you may apply for a program that helps seniors cover out-of-pocket expenses linked to Medicare and Medicare-related plans. The so-called Extra Help program is offered to all eligible Medicare members, as well as to beneficiaries who are receiving certain Medicaid assistance. The assistance given will depend on the person’s income level.
Key Updates on Medicare Supplements
Starting January 1, 2020, Medigap plans sold to new Medicare members in Florida will no longer include the Part B deductible benefit. This means that Plan C and Plan F will no longer be available to new enrollees. Those who are already enrolled may continue to still use them, and if you are eligible for Medicare by the said date but did not enrol yet, they will remain available to you.
In addition, Plan D and Plan G policies purchased on or before June 1, 2020 will offer different benefits from the ones bought before the said date. Plans E, H, I and J are also no longer being sold to new enrollees, although you may continue to keep them if you are already enrolled.
The constant updates and details regarding Florida Medicare Supplements plans can be confusing. If you need assistance on how to go about Medigap plans or don’t know where to begin, our team of licensed Medigap advisors will happily guide you through the entire process. Get in touch with us at 1-800-791-0150 .
