Florida Medigap Plans FL Medicare Supplements

Florida Medigap Plans are Standardized Medicare Supplements

The Florida Department of Insurance and the federal government have worked together to standardize Medicare supplemental insurance policies. Insurance companies must clearly identify plans as Medicare Supplement Insurance and each Medicare Plan must use a standardized letter code, A through N. Each lettered plan offers the same benefits, regardless of the carrier offering it. Only the rates are different.

NOTE: Medigap, Medicare Supplements and Medicare Plans are all names used interchangeably for supplemental insurance that fill the gaps in Original Medicare coverage.

Each of the lettered Medicare supplement insurance plans offer the core coverage provided by Plan A. Plans B through N have a varying range of additional coverage. This way you can choose an appropriate policy based on the amount of insurance you need.

Insurance companies are free to choose the policies they offer, although Florida state laws might affect which ones they can offer. Carriers offering Medicare Plans:

• Don't have to offer every Medigap plan
• Must offer Medigap Plan A if they offer any Medigap policy
• Must also offer Plan C or Plan F if they offer any plan

For more information, visit the Florida Department of Insurance website at http://www.myfloridacfo.com/.

Is Medicare Supplement Plan F the Best Medicare Plan in Florida?

Even though Medicare Plan F is the most expensive, it is the most popular. More than half of all Florida seniors with Medigap coverage choose Plan F. The overwhelming reason is that it offers peace-of-mind with complete inpatient and outpatient gap coverage.

IMPORTANT: If you need the financial protection of Plan F, you must buy a policy prior to January 2020. Congress voted to do away with Medicare Supplement Plan F. Insurance carriers are no longer able to sell these polices after December 31, 2019.

RELATED: Medicare Plan F: What Does this Medicare Supplement Offer?

Is the AARP Medicare Supplement the Best in Florida?

This is one of the most common questions we're asked. AARP Medicare Supplements, which are underwritten by United Healthcare, offer the exact same coverage as standardized plans offered by other Medigap insurance carriers. The big difference is the monthly premium.

In our experience, AARP Medigap Plans are typically more expensive than average, and is often the most expensive. However, United Healthcare has a large number of hospitals under contract, allowing them to offer Medicare SELECT policies at better rates than standard Medicare Supplements. This allows them to be very competitive on rates if you agree to use a specific hospital.

The most popular AARP Medicare Supplements are Plan F, Plan G and Plan N. The comparison chart below highlights the difference in coverage.

Florida Medicare Supplement Plans Comparison Chart

The following Medicare Supplement Plans Comparison Chart offers a quick look at the benefits provided by each Medigap policies.

Medigap Benefits	A	B	C	D	F*	G	K	L	M	N
Medicare Part A Coinsurance and hospital costs up to an additional 365 days after Medicare benefifits are used up	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Medicare Part B Coinsurance or Copayment	Yes	Yes	Yes	Yes	Yes	Yes	50%	75%	Yes	Yes**
Blood (First 3 Pints)	Yes	Yes	Yes	Yes	Yes	Yes	50%	75%	Yes	Yes
Part A Hospice Care Coinsurance or Copayment	Yes	Yes	Yes	Yes	Yes	Yes	50%	75%	Yes	Yes
Skilled Nursing Facility Care Coinsurance	No	No	Yes	Yes	Yes	Yes	50%	75%	Yes	Yes
Medicare Part A Deductible	No	Yes	Yes	Yes	Yes	Yes	50%	75%	50%	Yes
Medicare Part B Deductible	No	No	Yes	No	Yes	No	No	No	No	No
Medicare Part B Excess Charges	No	No	No	No	Yes	Yes	No	No	No	No
Foreign Travel Emergency (Up to Plan Limits)	No	No	Yes	Yes	Yes	Yes	No	No	Yes	Yes
Out-of-Pocket Limit***	None	None	None	None	None	None	$5,240	$2,620	None	None

^* Medicare Plan F also offers a high-deductible plan. If you choose this option, this means you must pay for Medicare-covered costs up to the deductible amount of $2,240 before your Medigap plan pays anything.

^** Medicare Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to $50 copayment for emergency room visits that don't result in an inpatient admission.

^*** After you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medigap plan pays 100% of covered services for the rest of the calendar year.

Medigap vs Medicare Advantage

Still wondering if a Medicare Supplement is the right way to go? Considering Medicare Advantage to cut costs? For many seniors in Florida it's a difficult decision. Here are a couple things to consider.

First, understand the difference between Medigap and Medicare Advantage plans available in Florida. A Medigap plan fills gaps in your Original Medicare benefits. A Medicare Advantage plan may have a similar effect, but it replaces your Original Medicare benefits with managed care, reducing your options.

Second, if you need the most choices and flexibility, Original Medicare combined with a Medicare Supplement and a Florida Medicare Part D plan is the best coverage you can get.

RELATED: Medicare Advantage vs. Medigap: Which Is Best?