Medicare Supplement Insurance
Orlando | Sarasota | West Palm Beach
When you turn 65 years old, you are eligible to receive Medicare health insurance benefits and can obtian a medicare supplement insurance policy. Medicare Part A provides inpatient hospital coverage, and Medicare Part B provides outpatient medical care. Part A and Part B do not cover all your medical expenses.
You will still be responsible for certain out-of-pocket expenses such as deductibles, copayments, and coinsurance. To help pay for these out-of-pocket expenses, you can apply for a Medicare Supplement insurance plan.
What is Medicare Insurance?
Medicare supplement insurance plans are also known as Medigap. Unlike Medicare, which is a federal government program, Medigap is a private insurance program that is offered by insurance companies. A Medigap policy provides the same coverage that you would receive from Medicare Part A and Part B.
You must be enrolled in Medicare Part A and Part B before you can be enrolled in a Medigap policy. Medigap plans do not cover certain health services like dental, vision, hearing aids, or nursing care.
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Florida Medigap Insurance
There are currently ten standardized Florida Medigap insurance plans, and each one has a letter designation. There is Medigap Plan A and Medigap Plan B, which should not be confused with Medicare Part A and Medicare Part B.
Medigap Plan F is considered the best and most popular plan for beneficiaries in Florida because it pays 100 percent of out-of-pocket expenses. Unfortunately, Medigap Plan F will no longer be offered after January 1, 2020. Medigap Plan G is seen as the next best option because it provides the same coverage as Plan F but at a lower cost.
Enrollment for Medicare Insurance
The enrollment period for Medicare Part A and Part B starts three months before your 65th birthday and ends three months after your birthday. If you already receive Social Security or other specified benefits, then you will automatically be enrolled in Part A and Part B. Otherwise, you will need to manually apply for Medicare Part A and Part B.
Once you are officially enrolled, then you can talk to an insurance broker to find the right Medigap policy that meets your needs.
How Do I Start a Medicare Supplement Insurance Policy?
Signature Insurance Group can help you find the right Florida Medigap insurance plan. Because we work with a wide variety of nationwide and local carriers, we have the flexibility to help you find the right policy for your lifestyle and budget.
When you work with Signature Insurance Group, we explain all of your options, so you fully understand what your insurance will and will not cover. Contact an agent at Signature Insurance Group to find the best medicare supplement insurance policy for your specific needs!
Medicare Supplement Insurance in Longwood FL, Melbourne FL and Venice FL
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