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Medicare Supplement Plans in Florida

by: Leandro Mueller

Medicare supplement plans in Florida are designed to cover the gaps of your Original Medicare.  It may cover out-of-pocket costs such as deductibles, copayments, and coinsurance. Some plans have foreign emergency health coverage. If you are living in Florida and are interested to enroll in a Medicare supplement insurance plan, it is wise to get to know your options and fully understand what are the benefits it provides.

Here is the important Medicare supplement information that you need to know in the state of Florida.

The Medigap Plans in Florida

Florida has a huge adult population, in fact, there are about 20.1% of the population that belongs to 65 years and over. Because of that, you can expect that multiple types of Medicare supplement plans are available in the market. Florida Medicare Supplements are also standardized, meaning the benefits and coverage of the plans are the same regardless of which location you are in or insurance company you bought it from.

Medigap plans are sold by private insurance companies.  These health insurance companies can underwrite, price and administer Medigap policies but still must follow the strict rules provided by the federal government.

How many people have a Medigap policy in Florida?

Medicare beneficiaries who have Medicare supplement plans varies widely by state. In 20 states, at least a quarter of the total Medicare program beneficiaries own a Medigap policy. In Florida, there are at least 33.6% of the Medicare population are covered by Medigap.

According to the State of Medigap 2018 report done by AHIP, there are 834,958 people enrolled in Medigap plans in Florida. The table below shows the breakdown of the population enrolled in different Medigap plan types as of December 2016 in Florida alone:

Medigap PlansNo. of Enrollees
Plan A9,928
Plan B35,144
Plan C65,980
Plan D151,98
Plan F470,335
Plan G15,655
Plan I6,297
Plan K7,687
Plan L4,274
Plan M123
Plan N68,836


 

Who buys Medigap plans in Florida?

In 2015, the majority of the Medigap policyholders across the US are women. While the most common age group belongs to 65-year-olds and above1.

 

Gender Distribution
MaleFemale
All Medigap policyholders39%61%


 

Also, the majority of Medigap policyholders have no partners which 43% of them are widowed, divorced, separated, or never married.
 

Medigap Policyholders in Florida
 

What are the available types of Medigap Plans in Florida?

Ten types of Medicare supplement plans are offered in Florida. They are in alphabet letters –  they are Plans A, B, C, D, F, G, K, L, M, and N, respectively. Starting January 1, 2020, Medigap will not cover the Part B deductible anymore. It means that the Medicare Supplement Plans C and F (two plans that cover Part B deductible) will not be available to new Medicare beneficiaries starting January 1, 2020. But beneficiaries who already have these types of plans before 2020 starts may keep their plans.

Since plans are standardized, Medigap plans in Florida offer the same core coverage and additional benefits as with the other states. Since the differences between plans are not so great, it is imperative to take time to compare Medicare supplement plans before buying.

The big difference that you should take note is the price of a plan. Prices of the same type of Medigap may vary across different insurance companies though they all offer the same benefits. “Insurance company 1” may sell Plan K at a much higher price than “Insurance Company 2” though both of them provide the same benefits that a Plan K has.

Shop around to find the best one for your needs as well as your budget.
 

What it doesn’t cover?

Medicare Supplements in Florida don’t cover long term care, private-duty nursing, dental care, vision care, eyeglasses, hearing aids. Medigap don’t have prescription drug coverage.

 

How do I become eligible to enroll in Medicare Supplement policy in Florida?

You’ll be eligible once you turn 65 years old and have both Medicare Part A and Part B.

The best time to buy a Medicare supplement policy is during your Medigap open enrollment period. This period starts once you turn 65 and have Medicare part B. This period is critical because it only lasts for six months. During this time, insurance companies can’t reject your application or charge you a more expensive policy because of a pre-existing condition. Insurance companies may be able to apply a waiting period for certain pre-existing conditions for about 6 months before the coverage starts.

In Florida, you can have Medigap guaranteed issue after your Medigap open enrollment when you meet certain qualifying events. These qualifying events happen when health plan changes its benefits, a participating hospital leaves the network of a beneficiary’s health plan or your employer-based health coverage ends.

 

Can disable and under 65 years old people buy Medicare Supplemental insurance in Florida?

Yes. Florida is one of the states that offer Medicare supplement plans to under 65 and disabled population. You will be eligible if you are under 65 and qualify for Medicare because of a disability or end-stage renal disease (ESRD).

However, federal law does not require Medigap insurance providers to sell policies to those who are under 65 and are qualified for Medicare because of a long term disability.
 

When to enroll?

If you are under 65 and already a Medicare beneficiary because of a disability or ESRD. Your Medigap open enrollment period starts once you got your Medicare part B. It also last for only six months.

When you miss your Medigap open enrollment period, companies can ask you to undergo medical underwriting. Since companies are not required to issue Medigap plans to beneficiaries under 65 and disabled, there is a possibility that your application may get rejected.

 

How much Medigap cost when I enroll in Medigap when I am under 65?

Medigap premiums for under 65 people are much higher or expensive. There is no guarantee that you can find a low price while you are under 65.  But when you turn 65, you can apply for a new Medigap policy at a lower premium. You will also have guaranteed issue rights for six months after turning 65.

 

How much do Medigap plans cost in Florida?

Prices of Medigap policies in Florida may vary. There are many factors that may affect the Medicare supplement costs, two of which is the kind of rating system that the insurance companies are using and the location in Florida where you are living.

Here’s an overview of how much is the Monthly price range of each Medigap plans in Florida:
 

Medigap PlansPrice Range
Plan A$180 – $285
Plan B$240 – $280
Plan C$275 – $290
Plan D$260 – $270
Plan F$255 – $400
Plan G$240 – $340
Plan K$100 – $150
Plan L$155 – $210
Plan M$250 – $260
Plan N$205 – $280


 

Medigap insurance providers in Florida may use community rating, issue age rating and attained age rating systems in setting their premiums. Also, they may increase their premiums due to inflation regardless of the premium rating system that they are using.

Insurance companies can determine their own monthly premium structure. It means premiums of the same type of Medigap plan in Fort Lauderdale, Broward County may cost more or less than the premiums in Kendall, Miami.

 

How can I find Medigap plans in Florida?

Find the right Medicare supplement plan in Florida by knowing your needs first. It is the most important step that you should take before buying a Medigap policy.

Look into different Medicare supplement quotes from various insurers, so you can compare the prices of the type of Medigap you want to buy.

If you need further help, you can send Medigap quotes request using our form and one of our agents will reach out to help you more.
 

Need more information?

Get your free Medigap quotes here

 

References:

1 the https://www.ahip.org/wp-content/uploads/2018/06/State_of_Medigap18_FINAL.pdf

This website is for informational purposes only. Nothing is ever intended to replace or substitute for any professional medical advice.