Trying to understand Medicare and all of its many facets can be overwhelming and confusing. Choosing the right plan for your health and budget can bring peace of mind, but how do you know what plan is right for you? This article will discuss Florida Medicare Advantage plans, what they are, how they differ from Medigap, tips on how to choose the best plan, what to expect for cost and how to join. We hope that after reading you are able to feel more confident about your healthcare decisions. If you read and still have questions or would like to ask additional questions, we gladly welcome your visit or phone calls.
What is Medicare Advantage Florida?
Medicare Advantage is a health insurance options available to United States seniors, who are legal citizens. This health insurance program is a managed health care that is set up as either a preferred provider organization (PPO) or a health maintenance organization (HMO). Medicare Advantage is available as an alternative to traditional Medicare Parts A and B. If you have further questions about what is Medicare Advantage Part C, a member of our competent staff is able to discuss the details, and how they pertain to your health insurance needs.
Florida Medigap vs Medicare Advantage, what is the difference?
Medigap is the name given to a collection of insurance plans that supplement a traditional Medicare plan. These plans cover several of the expenses that traditional Medicare does not, like extra hospital stays or medical needs that occur internationally. Medigap plans will also help subscribers to cover costly copays or deductibles that exist under Medicare. Medigap subscribers can experience significant savings, as an extended or serious illness can end up costing thousands of dollars without the additional coverage.
Medigap plan benefits are maintained and standardized by the United States federal government. This means that even plans offered by competing companies will have the same basic benefits.
Medigap plans do not cover any prescription medication costs. Because of this, many people end up also purchasing a Medicare Part D plan.
Alternatively, Medicare Advantage is a plan that is an alternative to traditional Medicare. Florida hospital Medicare Advantage plan are offred by private companies. They must, legally, provide the same coverage as you would have should you have chosen a Medicare parts A and B plan. What a Medicare Advantage plan will offer beyond these basic benefits will vary depending on the plan, and some may still leave the gaps you would experience with traditional Medicare in the event of a major medical issue. As opposed to Medigap plans, many Medicare Advantage plans will have coverage for dental, prescription medication, and vision coverage. Because many Medicare Advantage plans are HMO's, they are likely to have a network of approved doctors that is relatively small.
As for cost, Medicare Advantage plans generally cost less than Medigap plans. If having a smaller network of providers is something you are able to work with (and you do not do a lot of traveling), and you are working with a limited income, it is possible that Medicare Advantage plans are a good fit for you.
What does Medicare Advantage cover?
Every Medicare Advantage plan will cover your emergency and urgent care costs. Some plans will contain additional coverages, like your routine vision, dental, and hearing check ups. Some even offer memberships to gyms or other wellness programs.
How much does Medicare Advantage cost?
There are many factors that play into what you can expect your Medicare Advantage plan to cost, such as:
Premiums: Sometimes, but not always, a Medicare Advantage will have a monthly premium, in addition to what you will be paying for your Medicare Part B premium. The premium cost will vary depending on your chosen plan, and depending on teh benefits that are chosen. Some plans will have $0 premiums, but these availability will depend on location.
Deductible: A deductible is the amount of money that you will be expected to pay out-of-pocket before your plan will kick in and begin to pay for your medical expenses. Deductibles reset annually, and once it has been met your plan will pay it's approved portion for the remainder of the calendar year. Once you have met your deductible, you will still pay either your copayment or coinsurance cost for your prescription medications or doctors visits. Often, high deductible plans will have small copayments, while low deductible plans will often have higher copayments. Like your premium, deductible amounts will vary depending on the insurance company, your location, and whether or not your medical expenses and prescription medications have separate annual deductibles.
Copayment: Additional costs that come with your Medicare Advantage plan. Copayments are fixed amount you are expected to pay each time you have a doctors visit, see a specialist, or any other medical service. Copayments will vary depending on the plan.
Coinsurance: Similar to copayments, coinsurance are another kind of out-of-pocket expenses that are included in Medicare Advantage plans and are paid at each medical services. As opposed to copayments, which are fixed amounts, coinsurance is a percentage. Example: if your coinsurance percentage is 10% and the cost for your service is $200, you would owe $20. Coinsurance costs begin when a deductible is met.
Other costs may be included beyond these expenses. If you want to sit down and discuss what to expect to pay annually with any particular plan, we would love to work with you.
How to choose Medicare Advantage plan?
Due to the wide variation in Medicare Advantage plans in both annual expense and services that are covered, there is not a plan that is better than others. Therefore, when you compare Medicare Advantage plans in Florida, it is a good idea to do so with an idea in mind of what services you need to have, what ones would simply be nice to have, and what prescription medications you need to ensure are covered. Also understanding how much you can afford to expect to pay annually will help you to narrow down which Medicare Advantage plan is best for your situation.
If you are unsure how to determine a plan's annual cost, or you have questions about how to compare Medicare Advantage plans, our staff would be more than willing to discuss the various plans and their unique features.
When is Medicare Advantage open enrollment?
Medicare plans are allowed to make changes to their plans each year. They can make changes to their price, what they cover, what providers and pharmacies are in network, and their lists of covered medications. Because of their ability to make changes, subscribers are given a time period known as open enrollment in order to review their plan and make any necessary changes. This annual event falls between October 15 and December 7th. This enrollment period is only for current subscribers who are wanting to make changes to their plans, not for those who are needing to sign up for Medicare benefits for the first time.
Medicare health and drug plans can make changes each year—things like cost, coverage, and what providers and pharmacies are in their networks. October 15 to December 7 is when all people with Medicare can change their Medicare health plans and prescription drug coverage for the following year to better meet their needs.
Why do people purchase Medicare Advantage Plans in Florida from our agency?
Because we are an independently owned insurance company, we feel no obligation to push your towards a particular insurance provider's plans. Instead, we focus on your needs, and impartially shop the competition to ensure the Florida Medicare Advantage plan that we present to you is the best fit for your medical needs and peace of mind.
Another reason that being able to shop around for Medicare Advantage plans Florida benefits you is that the price and features offered between companies can present a huge range of options. Taking the time to explore the many different plans can potentially save you a lot of money, even while offering more or better features.
Additionally, we understand that Medicare research is confusing and time consuming. We know that you do not deal with this every day, and that it is new information for many. We will take the time to ensure that you fully understand the details of your plan, and are always available should you have questions about your Florida Medicare Advantage plan.
If nothing else, our company will save you time. Wading through plan features, calculating annual expenses, and calling companies for clarification takes up a lot of time. You have a life to live, and we want to get you back to it. When you work with us, you explain your situation only once. Then allow us to do what we do best.
If you are ready to begin exploring the best Medicare Advantage plans in Florida to determine what Medicare Advantage plan is best, we can help you get started with a phone call, or by you filling out the convenient quote form located on our website. Whatever your Medicare Advantage needs, we look forward to helping you achieve your goals.