Medicare Supplement Insurance Plans, also known as Medigap, are private insurance plans that help fill in the gaps of Original Medicare coverage. If you have Original Medicare, you may be eligible for a Medicare Supplement Insurance Plan to help cover the costs that Original Medicare does not cover. These plans can help reduce your out-of-pocket costs and provide you with more comprehensive coverage. In this blog post, we will explore the benefits of Medicare Supplement Insurance Plans in Florida, as well as the differences in each plan. 

Benefits of Medicare Supplement Insurance

One of the primary benefits of a Medicare Supplement Insurance Plan is that it can help cover the costs of deductibles, copays, and coinsurance under Original Medicare. This can help reduce your financial burden and provide you with more comprehensive coverage. Medicare Supplement Insurance Plans also provide coverage for medical expenses incurred while traveling outside of the United States, which Original Medicare does not cover. 

Another benefit of Medicare Supplement Insurance Plans is that they can offer more predictable and stable out-of-pocket costs. Unlike Original Medicare, where costs can change from year to year, Medicare Supplement Insurance Plans typically have fixed monthly premiums and copays. This can provide peace of mind and make it easier to budget for your medical expenses. 

Medicare Supplement Insurance Plans

In Florida, there are ten standardized Medicare Supplement Insurance Plans available, each with its own set of benefits and costs. These plans are labeled A through N, and each one covers a different set of benefits. Here is a brief summary of each plan:

• Plan A: This is the most basic plan, covering only the Part A and Part B coinsurance and copayments.
• Plan B: This plan covers everything in Plan A, plus the Part A deductible.
• Plan C: This plan covers everything in Plan B, plus coverage for skilled nursing facility care, foreign travel emergency care, and the Part B deductible.
• Plan D: This plan covers everything in Plan B, except it does not cover the Part B deductible.
• Plan F: This plan is the most comprehensive, covering everything in Plan C, plus the Part B excess charges. However, it is no longer available to new beneficiaries after 2020.
• Plan G: This plan covers everything in Plan C, except it does not cover the Part B deductible.
• Plan K: This plan covers a portion of the Part A and Part B coinsurance and copayments, but has an annual out-of-pocket limit.
• Plan L: This plan covers a higher percentage of the Part A and Part B coinsurance and copayments, but also has an annual out-of-pocket limit.
• Plan M: This plan covers everything in Plan D, plus 50% of the Part A deductible.
• Plan N: This plan covers everything in Plan D, except it may require a copayment for some office visits and emergency room visits.

It’s important to note that Medigap plans only work with Original Medicare, not with Medicare Advantage plans. You can learn more about the various Medicare plans (including Part A and Part B) here.

When choosing a plan, you’ll want to consider your health needs, budget, and personal preferences. 

Torgersen Causey is a team of experienced insurance brokers who can help you find the right Medicare Supplement plan for your needs. We have a deep understanding of the different plans available and can provide you with information and guidance to help you make an informed decision. We will take the time to understand your health needs, budget, and preferences and help you compare the benefits and costs of each available plan. 

Our goal is to help you find the best plan to meet your needs and budget, so you can have peace of mind knowing that you have comprehensive coverage. We will also be available to assist you with enrolling in a plan and answer any questions you may have about your coverage. With Torgersen Causey, you have a trusted advisor to help you find the right Medicare Supplement plan for your needs. 

In conclusion, Medicare Supplement Insurance Plans can be a valuable addition to Original Medicare for many Florida residents. These plans can help cover the costs that Original Medicare does not cover, provide more predictable and stable out-of-pocket costs, and offer more comprehensive coverage. If you’re interested in enrolling in a Medicare Supplement Insurance Plan, it’s important to compare the benefits and costs of each available plan and choose one that best fits your needs.