Florida Medicare Supplement Plans
What is a Medicare Supplement Plan?
The first thing to understand is that Medicare supplements are insurance. You pay a fixed monthly amount, and then your insurance fills in the "gaps" that original Medicare doesn't cover. For that reason, these plans are also widely known as "Medigap Plans." They're offered by traditional insurance companies, and also offered by healthcare companies.
The plan benefits are standardized, and you can see our chart where we compare medicare supplement plans in Florida for 2021.
are medicare supplement plans worth it?
That depends on several factors. It's like asking if you need a car or a truck. It depends on your current needs and future plans. When you're turning 65 and/or first enrolling in Medicare, these supplements are "guaranteed issue." In the insurance world, that means you can't be turned down based on your health. If you're turning 65 and have health issues or expect to use a lot of services, then supplements may be a good option for you.
If you're looking at supplements after your initial medicare enrollment period, then they are medically underwritten, similar to some life insurance policies. They may still be a good deal for you, but your current and past health will be a factor.
Supplements are also a good fit for people who travel, and people who don't like dealing with co-insurance and co-pays. With a Medicare supplement, you pay a fixed amount every month.
Supplements do NOT cover prescription medications, so they are often paired with a Part D Prescription Plan to substantially lower your costs.