If you're Florida resident new to Medicare and are considering either a Medicare supplement or Medicare Advantage plan this videos for you.
Hi, I am Matthew Claassen with MedigapSeminars.org an independent insurance broker helping
people with their Medicare decisions from coast to coast.
Each state is unique and how they price their Medicare supplement plans and the quality of Medicare Advantage plans that are available.
Florida is unique in three ways.
Florida is just one of four states that require their Medicare supplement plans to be priced with
However, the prices can increase due to inflation.
Expect your insurance premiums to increase by 2% to 4% in most cases.
On average across the country, only 3 out of 10 seniors choose a
over keeping
However, those statistics are skewed by population concentrations an average incomes.
Most people who choose a
Florida is one of the states with a higher than average
Still, six out of ten Floridians choose to keep
Medicare supplement rather than choosing a Medicare Advantage plan. The reasons for this are simple.
Medicare Advantage plans do not offer as much insurance coverage as keeping
any Medicare supplement.
So those that can afford a supplement will typically get one due the higher insurance coverage.
Medicare supplement plans are Standardized. You get the exact same coverage from state to state,
from insurance company to insurance company.
You're not required to be part of a network, you can see any Dr. that accepts Medicare. You don't need a primary care Physician to screen
your appointments to specialists. And your maximum financial risk can be limited to zero or just a few $100 a year.
Medicare Advantage plans are not standardized. They are simply regulated to provide a minimum
set of coverage approximately equal to having
You will be limited to a network and you'll have higher co-pays and deductibles when you get ill. And your maximum financial risk
(maximum out-of-pocket expense) when you do get ill will be larger than if you have
Still, when you compare the quality of Medicare Advantage plans in Florida to those across the country,
Florida has some of the best available.
Our third point is that the Medicare supplement plans in Florida are priced
differently and often higher than in most states. In some ways the pricing relationship between the benefits and that the cost
almost defy economics.
In most states, for example, Plan G is a better value than Plan F. In many parts of Florida that is not the case.
In Florida, the plans that you should focus on are Plan F, Plan N and Plan F High Deductible or Plan F HD.
Medicare Plan F covers 100% of your expenses.Other than your premiums, you should have no out-of-pocket costs for your
Medicare expenses unfortunately in Florida Medigap Plan F is very expensive it can cost twice as much as the same plan in other states.
here in Florida, a Medicare supplement Plan F can cost $2000 to more than $3000 a year. The high price of a Medicare supplement Plan F is
what makes the Medigap Plan F high deductibles so attractive.
For those of new to Medicare you can often pay less than $900 a year and get the coverage of the Plan F with a maximum out of pocket
expense that is often less than or close to the standard Plan F premiums.
I have an article on the Plan F high deductible as well as video on Plan F high deductible.
If you're researching Medicare supplement plans in Florida,
the video and article on the Plan F high deductible are a must see.
This leaves us with Medicare supplement Plan N
Medigap Plan N is the unsung hero of Medicare supplements. It packs a lot of coverage into a very low priced package.
On average a Medicare supplement Plan N will save you 25% to 35% of your premiums over a Plan F which can equate to $600 or more
a year. So how is a Medigap Plan N different than Medigap Plan F? Well, Plan N is different than Plan F in three ways;
first, with Plan N you have to pay the annual
Only Medigap Plan F and Plan C
actually pay that
Thus, as of 2020 you'll not be able to purchase either Plan F or Plan C. Medigap Plan N and all the other supplements require
you to pay that annual Part B deductible. Again, for 2016 it's just $166 and
is well worth the cost savings over Plan F.
The second way a Medicare supplement Plan N is different than Plan F is that with the Plan N you'll pay
when you visit a doctor. Also, if you have an emergency room visit it will be a $50.00 co-pay unless you are admitted to the hospital.
For those who see a doctor just a few times a year, that $20.00 co-pay is well worth the savings that you get the Plan N premiums.
The third and final way that Medicare supplement Plan N is different than Plan F is that
Plan N does not insure against Medicare Part B excess charges.
Typically this will scare people until they actually realized how inconsequential this can be.
When a doctor chooses to work with Medicare they can either accept Medicare assignment or not.
97% of the doctors who work with Medicare accept Medicare assignment.
they have to accept when they see a Medicare patient.
Only three out of 100 doctors that are working with Medicare do not accept assignment and can therefore charge an excess charge.
All you have to do is ask your doctor
Odds are 97 to 100 that they do. If so, then this portion of Medigap Part N is inconsequential.
If your doctor is one of those 3 out of 100 that do not accept Medicare assignment
simply request that they bill you only Medicare assignment rates.
More often than not doctors will accept this in order to keep the patient.
There you have it! If you're considering a Medicare supplement to add to your Original Medicare
In Florida at least take a look at Plan F, Plan N in Plan F-FH. Outside a Florida also at least take a look at Plan G.
We have a separate article and video on that plan as well. To find the best prices for each of
these plans, of all the companies that offer the, all you need to do is
complete a quote request. It's linked in the top of this video here, and we'll email the quotes for the best priced plans in your zip code.
If you're more interested in the Medicare Advantage plan, then use the contact us form to contact us for details.
Medicare Advantage plans are under us different set of rules with the centers for Medicare Services
and actually require us to go through some hoops before we can talk about the details of the plan.
MedigapSeminars.org is an independent insurance brokerage.
We're not employed by any insurance company.
the top Medicare Advantage plans.
enough information to make an informed decision about your Medicare.
Thank you for watching the video. Pease like the video and subscribe below to see more of what we have coming.
I'm Matthew Claassen, thank you for watching