The Florida Medigap plans’ open enrollment period begins today on Oct. 15and will continue till Dec. 7, so it is time now to gear up and choose a Florida Medigap insurance or advantage plan. The choices made during this time will become effective from Jan. 1. People who are already enrolled in Medicare it is however secondary in importance.
Your Medicare Handbook
People who still have not received their Medicare & You 2013 handbook; they can obtain this crucial information by other means. One can go through the website Medicare.gov and have all the necessary information, but it may not provide the information specifically for your area, for this feel free to fill the form given on the home page of this website, and one of our experienced advisors will contact you soon.
The handbook may not be having details on prescription drug and health plan, one can also get a printout of the handbook or have a hard copy of the handbook delivered to your home, one can also download the e-reader version from Medicare.gov/publications.
Florida Medigap Plans or Advantage Plan?
Just like in any other state, Florida people cannot enroll in both the Medigap and advantage plan. A person has to pick one from them as per their personal needs and finance. Supplemental plan covers up for the 20% cost than is covered by original Medicare and are sold and marketed by private insurers. One has to be enrolled in Medicare Part A and B in order to be eligible for Florida Medigap insurance.
Medigap as one can make out from the name fill the gap that traditional Medicare leaves behind such as deductibles and co-pays. Some policies are a step ahead and covers for services only covered by Medicare. Along with the monthly payment for Medicare Part B, the insured person is also required to pay for Florida Medigap insurance. People who also wish to have coverage for their prescription drugs are required to enroll in Medicare Part D.
An advantage plan, usually which is a PPO or HMO, gives private companies approved by Medicare governance over Medicare Part A and B plans. The advantage plan from Medicare is also referred as Part C. In Medigap plan a person has to enroll and pay separately for prescription coverage, but in advantage one is required to pay one monthly premium apart from Part B.
However, to be eligible for advantage plan one has to enroll in Part A and Part B. the draw of advantage plan is that, in case a person picks a plan that is HMO, he or she is required to seek service from specified network of providers, whereas with Florida Medigap insurance one can consult any provider that accepts Medicare.
People insured in advantage plans that are PPOs, will be required to pay less is they consult provider from the network; however, they have the liberty to consult elsewhere but at a regular price.
Employer’s Aid to Retirees
Over the last couple of decades, several companies have dropped retiree health coverage, leaving senior with no option but to pick from various plans to supplement their Medicare. Making this choice can be quite confusing and have considerable financial implications. But a recent move by some employers will cushion the blow.
They are coordinating with companies operating insurance market place known as exchanges, where retirees who are eligible for Medicare can pick plans that are replacements for what they get from employer. With assistance from counselor, it becomes easier for retirees to figure out the best plan for them, for instance, choosing between advantage plan and Florida Medigap insurance with prescription plan.
As per a survey conducted in 1993 by human resource consultant, 40% employers with employee strength of 500 and above provided health insurance to retirees eligible for Medicare, the figure has gone down to 16% in the year 2011. Employers that co-ordinate with exchanges make their own contribution in the coverage provided to retirees through an account called HRAs or health reimbursement arrangements.
As per experts both retirees and employers can benefit through exchanges. Employers’ expenditure are predictable and crapped, with fewer hassles in administration, on the other hand, retirees have numerous options and different combination of rates and plans, to choose from.
Many exchanges have come up in the past few years; they work both for individual buyers and employer clients. Some offers an insurance bucket from various providers while other offers plan from single insurer.
Change of Florida Medigap Plans
Mrs. Wimbling retired from a large company in the year 2008; she had been paying $40 every month for a retiree plan that covers up for Medicare gaps. This year, the company discontinued its policy and gave $250 to retirees to purchase plan on their own. Mrs. Wimbling primary concern was to make sure she had enough drug coverage as she had multiple sclerosis and required daily injection.
She contacted an exchange in her area and got enrolled in economical plans, which she can pay through $250, she receives through her employer. $99.90 for Medicare part B and $150 for Florida Medigap plan every month. You can also benefit through these exchanges for more information consult one of our advisor today.
Seniors, baby boomers and people who are on Social Security for disability, should make an early start in this open enrollment period so as not to miss out on any opportunity to avail the benefits of Florida Medigap insurance.