Original Medicare is the government healthcare program that’s been around since The Social Security Act was signed in 1965. If you are a Florida senior enrolled in original Medicare, the government pays Medicare’s share of your medical bills directly to doctors and hospitals. You are free to go to any doctor or hospital anywhere in the country that accepts Medicare reimbursement. But contrary to many people’s thinking, Medicare is not free and is doesn’t cover everything. In fact it has quite a few gaps in coverage, which is why they call Medicare Supplemental Insurance “Medigap” coverage.
When you become eligible for original Medicare, you will still need to pay some health care costs out of your own pocket.
- Medicare recipients must pay a $1,316 deductible for every hospital stay (as of 2018).
- Medicare recipients must pay 20 percent of the cost of most kinds of outpatient treatments, including doctor visits.
- Medicare has NO limit on yearly personal out of your own pocket expenses.
After careful analysis, it becomes clear that medical bills can mount up quickly for Florida residents that are of the age when health care costs are usually at there greatest. Especially when you factor in costly treatments such as outpatient chemotherapy that predominantly hit the elderly population the hardest.
For Most Florida Seniors, Medicare Alone is Simply Not Enough!
So what options do Florida Seniors have to protect their finances and give them access to quality healthcare?
Medicare Supplement (Medigap) Plans
Medicare Supplement Plans are private insurance plans that cover most or all of original Medicare’s out-of-pocket costs. If you chose to purchase a Medicare Supplement Plan, you will continue to be covered by original Medicare Part A and B. After Medicare Part A and B has paid your claims, it will automatically forward them to your Medicare Supplement Plan insurance provider. The Medigap plan will then pay its portion of the bill.
Medicare Supplement Plan F is the most purchased Medicare supplement in Florida. It covers 100% of the approved provider charges that original Medicare pays.
Medicare Supplement Plans generally do not cover prescription drugs, so purchasing a stand-alone Medicare Part D prescription drug plan is generally advisable.
There are many Medicare Supplement Plans to choose from in Florida and many different insurance companies offering the same Medicare Supplement Plans, so working with an independent agent can help sort out the confusion.
Medicare Advantage Plans
All Florida seniors on Medicare can choose to receive their Medicare Part A and Part B benefits through one of these private health insurance plans instead of through original Medicare. Medicare Advantage plans now cover nearly 30% of all Medicare recipients making it big business, so do your homework before signing up. What may be a great plan for your neighbor, may not fit fit your needs.
Most Medicare Advantage Plans Include Medicare Part D Prescription Drug Coverage.
With a Medicare Advantage plan, you continue to pay your Medicare Part B premium as usual. You may also pay an extra premium to the insurance company for the Medicare Advantage plan.
Medicare Recipients Are NOT Allowed to Have a Medicare Supplement Plan and a Medicare Advantage Plan Combined.
Medicare Advantage Plans still come with deductibles and co-pays, but
- Medicare Advantage Plans have an annual out-of-pocket limit.
- Many Medicare Advantage Plans have networks of doctors and healthcare providers you must choose from.
Once you are enrolled in Medicare Part A and B, you can join, switch, or drop a Medicare Advantage Plan once a year during the annual open-enrollment period. So if you are unhappy with the doctors in your network, talk to an independent medicare insurance agent.
For more information on how Florida Medicare Supplement Insurance can help with your health insurance needs call Neil Primack (561) 935-3907 or email him at: email@example.com.