Medicare Supplemental insurance ( or Medigap) pays for expenses not covered by Original Medicare.

Medigap is one of the best investments you can make when you retire, yet only 29% of Americans purchase it. Like other private health insurance plans, Medigap coverage is purchased from a private insurer, not from the US Government. A licensed Florida health insurance agent can help you navigate the options and provide you with a quote.

Timing Is Important

One of the little-known secrets about Medigap coverage is that some purchase options “time-out” soon after you turn 65 years old. It is highly recommended that you purchase Medigap coverage either three months before your  65th birthday, during the month of your birthday, or the 3 months following your birthday so you preserve your right to purchase a plan and have guaranteed acceptance. If you wait too long, you may need to go through underwriting and have a medical exam. Also, once you purchase your supplemental plan you lock in your rate at the age you purchased it.  The longer you wait the more it will cost each month.

Medigap Plans Compared

Several Medicare Supplemental plans with different benefits are available in the United States, each designated by a different letter (A, B, C, D, F, G, K, L, M, and N). The purpose of all of them is to reimburse you for the 20% of expenses not otherwise paid for by Medicare Part A (Hospital), Part B (Medical) and Part D (Pharmaceutical). Some of the costs reimbursed by Medigap plans include extending payments beyond the normal Medicare restrictions and reimbursing you for copayments, for coinsurance payments, and for your Medicare deductibles.

medigap plans compared

FACTORS TO CONSIDER

  1. When Do You Retire?

    For 6 months following your retirement eligibility date (typically age 65), you have a legal right to select ALL Medigap features if you need. After that time, private insurers have the option to deny portions of coverage.

  2. Your Personal Health Outlook

    Medicare Part A limits the number of days of coverage for certain services. If you have a personal or family history of long-lasting chronic diseases such as heart disease, alzheimers, stroke or cancer, then you should consider maximizing your Medigap coverage.

  3. Your Retirement Income

    Medigap coverage can help protect you against unplanned medical expenses that could ruin or degrade your retirement plans.

Sample Prices

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MEDICARE SUPPLEMENTAL PROVIDERS IN FLORIDA

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