What Do I Need to Know about Medicare Supplement Insurance Plans in Florida?
Snowbirds and Native Floridians alike need to know about Medicare Supplement Insurance plans in Florida. Also referred to as Medigap, Medicare Supplement Insurance fills some of the “gaps” between what’s covered by Medicare Parts A and B and what Medicare does not cover, which includes things such as copayments, coinsurance and deductibles. A Medicare Supplement Insurance plan in the Sunshine State can help policyholders navigate out-of-pocket costs. These Medigap Insurance options are available from private insurance companies throughout Florida.
In 2022, Florida residents have 10 Medigap or Medicare Supplement Insurance plans from which to choose. These include basic benefits from Plans A, B, D, G, K, L, M and N. Medigap Plans C, E, F, H, I and J are no longer available to those who are newly eligible to Medicare but enrollees in these plans are grandfathered into them.
As of 2020, Medicare Supplement plans will no longer sell Medigap Plans C or F to newly eligible Medicare members. Congress has decided that new Medigap plans will no longer be allowed to cover the Part B deductible after January 1, 2020. This will only affect Medicare Supplement plans C and F as these are the only Medigap plans that cover the Part B deductible. Anyone enrolled in Medigap Plan C or F as of December 31, 2019, will be grandfathered and will be able to continue to use their plan as long as they want.
Florida residents looking for the most popular Medicare Supplement Insurance plans need to first look at their specific coverage needs to determine what type of Medigap plan to consider.
Most Popular Medicare Supplement Insurance Plans in Florida
The government-approved Medicare Supplement Insurance plans help protect consumers in most states, including Florida. The statistics below show a sampling of stats outlining the most popular Medigap plans selected by Floridians. Insurance companies that offer Medigap plans offer the same basic benefits, but those plans may come at different prices. Each insurer may not offer each of the 8 available Medigap Supplement plans in Florida.
As reported by AHIP, 922,604 Florida beneficiaries enrolled in a Medigap policy in 2019. Below is the breakdown of the number of Florida enrollees by Medigap plan type.
Source: AHIP. Reflects data through December, 2019.
Source: AHIP. Reflects data through December, 2019
While a Medigap policy will help pay for things like copayments, coinsurance and deductibles not covered by Medicare Parts A and B, it is important to note that your Florida Medicare Supplement Insurance plan will not cover benefits for prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs or consider a Medicare Advantage plan, which may cover prescriptions drugs and may also include other benefits, such as dental, vision and hearing coverage gym memberships.
Learn more about your Medicare Supplement Insurance plan options in Florida by working with a SelectQuote licensed sales agent. Acting as an advocate, our licensed sales agents can guide you through the Medicare maze to better understand Medigap plan options and answer any questions you might have throughout the process. SelectQuote individually shops more than 20 national insurance companies to help you compare Medicare Insurance plans in Florida.
Florida residents cannot be enrolled in a Medicare Supplement (Medigap) Insurance plan and a Medicare Advantage Plan at the same time. A Medigap plan cannot be used to pay for any expenses for a Medicare Advantage plan.
When is the Florida Medicare Supplement Plan Enrollment Period?
Initial enrollment timeframes are very important. Enrollment for Medicare Supplement Insurance plans in Florida begins the first day of the month you turn at least 65 years old. You also must be enrolled in both Medicare Parts A and B in order to get a Medigap plan.
Florida residents have a six-month period surrounding their birth month to buy a Medicare Supplement Insurance plan. Florida residents under the age of 65 can check with the Social Security Administration office for additional enrollment periods.
The best time to enroll in a Medicare Supplement Insurance plan is during the initial 6 months you are eligible for Medicare. During this important six-month period, companies that offer Medicare Supplement Insurance plans cannot use underwriting during this time. In other words, during this timeframe your acceptance is guaranteed. If you apply for Medicare Supplement Insurance outside of this timeframe, Florida residents will be subject to a physical exam. If you apply for Medigap coverage after your first six months of eligibility, a company can refuse to sell you a plan or premiums may also adjust depending on current health status and pre-existing health conditions. It is beneficial for residents in Florida to enroll as soon as they are eligible. In fact, you can make important choices as early as 64 and 6 months of age.
Is a Florida Medicare Supplement Insurance Plan Right for You?
SelectQuote can help ensure you are getting all the available benefits you deserve. Our trusted licensed sales agents can help you stay up to date on annual updates to Medicare plans made by insurance companies. As an independent third-party company which specializes in helping consumers understand Medicare Insurance options, a SelectQuote licensed sales agent can help Florida residents find the right Medicare Supplement Insurance plan to meet their needs.
To ensure you are getting all the benefits you are entitled to receive, call or complete your online form today. Let SelectQuote’s personal licensed sales agents simplify the Medicare maze by comparing rates and independently shopping insurance companies to help you find an affordable option that meets your unique needs.