Medicare Supplement Options in Florida
I would say that about 90% of the time when a client calls me, they are already convinced that they want a Medicare supplement and they usually want the Plan F Medicare Supplement, which is also referred to as a Medigap plan. They are convinced as a result of talking to many of their friends and having dealt with their own parents’ medical needs.
People often get somewhat confused with this decision, mostly because they have been looking at numerous mailings as well as hearing confusing information about the zero premium medicare advantage plan options. In actuality, the Medicare supplement plans are relatively easy to understand. Medicare Supplement plans have been federally regulated since the mid 1960’s when Medicare was first passed into law. The benefits from one plan F to another are identical, regardless of where it is sold or what age group. The one key piece that changes is price. Shopping by price is very common but purchasing based on price can have disturbing financial consequences later if you are not guided properly.
A few factors to consider when deciding on which Medicare supplement plan is best for you:
- Which plan suits your needs the most; Plan "A" has the least amount of coverage and the most gaps in coverage. It is also one of the least costly plans. The further you go up the alphabet; the more coverage is provided. The most popular plan is "Plan F, which has no gaps in coverage whatsoever. New plans have been added over the past few years such has Plan K, Plan L and Plan N. All of these have gaps in coverage, some of which are significant.
- It’s important to determine which company has the best price, best financial ratings and the most stability for the plan that you’re interested in selecting. If a company suddenly moves into Florida and offers a plan that is a few dollars less than one of the well established companies, that is something to be very suspicious about. That newer less expensive company can easily raise their rates in a year or so. At that point, you may be in a higher age band and switching back to a former company can end up costing you more in premium for the remainder of your life. So, it’s best to consult with an independent Medigap agent who has experience dealing with a handful of companies over a period of time.
Consulting with a Florida independent Medicare supplement agent can provide you with even more valuable feedback, since that agent has helped many other clients and has a history in dealing with more than one Medigap insurance company.