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Medicare Supplement Plans in Florida

Medicare Supplement plans in Florida can help you cover the out-of-pocket expenses left after Original Medicare Part and Part B pays its portion. These out-of-pocket expenses include coinsurance, copayments, and deductibles. Plans can differ depending on where you live, so to find the Medicare Supplement plan in Florida that best fits your needs and budget, you need to understand how Medicare Supplement insurance works and the outline of coverage for each plan.

Overview of Medicare Supplement Plans in Florida

Remember that to be eligible for a Medicare Supplement plan, you must already have Original Medicare Parts A and B. None of them offer prescription drug coverage. For protection against the high cost of prescription drugs, you must buy a separate stand-alone Medicare Prescription drug policy. Medicare Supplement Plans in Florida

In Florida, 17 private insurance companies offer Medicare Supplement plans. There are 10 Medigap plans available to choose from: A,B,C,D,F,G,K,L,M and N

Each Medigap plan offers the same basic benefits; however, the rates can differ based on your geographic area. Premiums for Plan F are usually higher than for the high-deductible option.

Florida Medicare Enrollment Statistics

In 2015, more than 4 million Medicare beneficiaries resided in Florida. The average age of retirement in Florida is 63. Here are some additional statistics about Florida Medicare enrollment:

  • As of Dec. 31, 2015, 787,681 residents had insurance coverage through a Medicare Supplement plan in Florida.
  • 70% of those who have Medicare Supplement plans have their coverage through their employer or a private insurance carrier.
  • 40% (more than 1.56 million) of Florida’s Medicare population has Medicare Advantage rather than Original Medicare.
  • Plan F is the most popular among Medigap plans. Plan N ranks fifth and Plan G ranks sixth.

How Are Rates Calculated for Medicare Supplement Plans in Florida?

Although the benefits remain the same, each state specifies how companies can set the rates for the Medicare Supplement plans it offers. There are three ways insurance companies set their premiums:

  • Community

    Everyone pays the same rate regardless of age.

  • Issue-age

    Also know as entry age rated.  Your age when you buy the plan determines the premium. Premiums may increase as you age due to inflation or higher costs, but not because of your age.  Florida Blue Medicare Supplement Plans offer “Forever 65”.  This is essentially their version of entry age-rated coverage.  It attracts a lot of interested and seems to make them a very competitive option to consider.

  • Attained-age

    Your rate is based on your current age, so your premium increases as you get older.

Medicare Supplement plans in Florida are calculated using the issue-age method or the community-rated method. In 2010, 95 percent of the Medigap plans issued in Florida were issued based on the beneficiary’s age when buying the policy. The remaining 5 percent were community-rated.

Does Florida Affect My Medicare Supplement Rate?

Although the benefits and outline of coverage are standard for Medicare Supplement plans in Florida, insurance companies can charge different premiums. Insurance carriers base their premiums on the cost of care in your geographic area.

In 2009, Florida ranked No. 4 nationally in Medicare spending per enrollee at $9,379, but reviews show that Medicare spending also varies within the state. In Florida’s Alachua County, Medicare spends $9,592 per enrollee; in Palm Beach County, Medicare pays $11,417.

That means that if you live in Jacksonville, you might pay more or less than someone living in Miami, even though you both have the same Medicare Supplement insurance plan. Residents living in Miami-Dade County might pay a different rate based on their zip code within the county.

Which Medicare Supplement Plans in Florida Should I Compare?

There is no one size fits all when it comes to Medicare Supplement plans, but nationally, Plan F, Plan G, and Plan N are the three most popular options. However, for those that like to see all options, you will have 10 standardized plans to consider.  Below is a snap shot of the 3 most popular options.

  • Plan F

    Most popular and most robust plan available

  • Plan G

    Quickly becoming most popular among new buyers.  Same benefits as Plan F, however, it does not pay for the Medicare Part B Deductible.

  • Plan N

    Popular as a lower cost alternative.  Offers great coverage with a few compromises that reduce monthly premiums.

Can I Use My Medicare Supplement Plan from Florida in other States?

One of the best things about Medigap plans is that you can use them anywhere in the country. Unlike with Medicare SELECT plans, Medicare Supplement plans do not need a referral, and you don’t have to stay within a network of providers. You can see any doctor or be treated at any facility in the country that accepts Medicare. This means that you have access to the best treatment in the country, regardless of where it’s located.

Because Medicare Supplement plans are standardized in 47 states, in most cases you can keep your Medigap Plan if you move to another state. Be aware that because insurance companies set their premiums based on the cost of care in each region and zip code, you may pay a higher or lower rate than what you’re paying in Florida. If you’re thinking about moving, use our online drop-down rate tool to compare the cost of your current Medicare Supplement insurance to the cost where you might relocate.

Regardless of moving or traveling, you can change plans whenever you want as your needs change. There are no specific time frame restrictions. However, if you are outside of a guaranteed issue right enrollment period, the new insurance company can ask health questions and decline your application or adjust your rate based on health reasons.

How Do I Apply for A Medicare Supplement Plan in Florida?

Plan F, an outline of coverage, annual changes; what does it all mean? Medicare Supplement plans can be confusing, but we’re here to help you make sense of it all. We can provide reviews of the various plans to help you find the best Medigap plans. To compare plans in Florida, select your state from the drop-down menu to get started, or call 888-414-4547 and talk with a Medicare specialist. We can walk you through all of your options and even help you enroll right over the phone.

Florida Medicare Resources

Following are several links that will help you when it comes to Medicare Supplement Plans:

Extra Help for Low Income

Medicare beneficiaries often qualify for extra help with prescription drug coverage. The Social Security Administration can provide you with eligibility requirements and the information you need to apply. Florida has many Social Security locations throughout the state.