If you are tired of the high out-of-pocket costs associated with Original Medicare, you are likely considering a Medicare Supplement Insurance policy in Florida. Commonly referred to as “Medigap” insurance, these policies are used to cover out-of-pocket expenses, such as coinsurance, copayments, and deductibles that aren’t covered by Original Medicare. Learn more about these policies and then choose the one that best fits your needs.
Medigap plans are identified by letters. There are 10 types of Medicare Supplement Insurance plans in Florida, and as long as plans have the same letter, they will have the same benefits. That means if you buy Plan N in Ft. Lauderdale, it will offer the same coverage as a Plan N policy in Miami. Also, the coverage will be the same regardless of the insurance company that offers it.
While the coverage is the same, the prices aren’t. Companies charge different amounts for these Medigap plans, so it is critical for people to get quotes from various providers before choosing a plan.
If you want one of the Medicare Supplement Insurance Plans in Florida, it’s critical to enroll during the Open Enrollment Period. This period begins after you turn 65 and have Medicare Part B. It lasts for a full six months.
During open enrollment, insurance companies must offer you a policy, regardless of your health. These policies also must be offered at the same price that is sold to people with good health. That means you can have a pre-existing condition and still receive coverage at the same price as those without pre-existing conditions. Your pre-existing condition might not be covered for the first six months of the policy, but after that, you will have full coverage. You will still have your coverage from Original Medicare when you wait for the Medigap policy to kick in.
If you enroll at a different time, your policy will have to go through the medical underwriting process. Your application might be denied due to your medical history. If you are approved, the insurance company can charge you more than it would charge someone in good health.
It’s important to understand that insurance companies view pre-existing conditions differently. If you are denied coverage due to a pre-existing condition, look for a policy from another company. Many people are denied by one company and approved by another.
With 10 types of plans to choose from, selecting one of the Medicare Supplement Insurance plans in Florida can be overwhelming. Some of the plans offer 100 percent coverage for Medicare Part B copayment and insurance, while others offer complete coverage for Medicare Part B excess charges and Medicare Part A and Part B deductibles. These are just a few of the possibilities.
You want to choose wisely, and you need proper assistance. Speak to a licensed insurance agent to get the guidance you need to make a wise decision.