Are you at least sixty-five years old and looking for supplemental insurance in the state of Florida? Finding the right Medicare supplement plan could go a long way to providing you with the stability you need in your retirement.
Knowing this, let's go over the basics of Medicare supplement coverage as well as 4 important steps to acquiring a good Medicare supplement or Advantage plan in Tampa, Florida.
Before we leap to acquiring your Medicare supplement plan, or Medicare advantage plan, Let's quickly touch upon what Medicare Supplement and Medicare Advantage coverage is. Simply put, these coverages are additional insurance to cover costs for portions of services that are not covered by Medicare. In other words, these supplement plans help pay medical costs that are not included in your base Medicare plan.
What does this mean for you? Basically, it means that Medigap coverage could help bear costs in the following areas: insurance deductibles, copayments, coinsurance, and more.
It's important to know that Medigap plans are offered through private companies. Keep in mind that Medicare Supplement plans are not the same as Medicare Advantage Plans.
Medicare is a federal health insurance program that pays for a variety of health care costs. Normally, you become eligible for Medicare after you reach 65 years of age. There are exceptions, however.
Medicare is available for people under 65 who are affected by specific disabilities. These individuals must have received Social Security Disability benefits for 24 months, or have End Stage Renal Disease (ESRD) or Amyotropic Lateral Sclerosis (Lou Gehrig's disease).
Medicare is administered by the Centers for Medicare & Medicaid Services (CMS), a division of the U.S. Department of Health & Human Services (HHS). Similar to Social Security, Medicare is an entitlement program. Most U.S. citizens earn the right to enroll in Medicare by working and paying their taxes for a minimum required period. Even if you didn't work long enough to be entitled to Medicare benefits, you may still be eligible to enroll, but you might have to pay more.
|Tampa Community Hospital
6001 Webb Rd
Tampa, FL 33615
Telephone: (813) 888-7060
Plus Code: 2C2G+X9 Town 'N' Country, Florida
|Benefits||Medicare Supplement Plans|
|Medicare Part A Deductible||No||100%||100%||100%||100%||100%||50%||75%||50%||100%|
|Medicare Part B Deductible||No||No||100%||No||100%||No||No||No||No||No|
|Medicare Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are exhausted||100%||100%||100%||100%||100%||100%||100%||100%||100%||100%|
|Medicare Part B coinsurance or copayment||100%||100%||100%||100%||100%||100%||50%||75%||100%||100%**|
|First three pints of blood||100%||100%||100%||100%||100%||100%||50%||75%||100%||100%|
|Medicare Part A hospice coinsurance or copayment||100%||100%||100%||100%||100%||100%||50%||75%||100%||100%|
|Skilled Nursing Facility (SNF) coinsurance||No||No||100%||100%||100%||100%||50%||75%||100%||100%|
|Medicare Part B Excess Charges||No||No||No||No||100%||100%||No||No||No||No|
|Foreign Travel Emergency (Up to Plan Limits)||No||No||80%||80%||80%||80%||No||No||80%||80%|
*Plan F is also has a high-deductible option. The F high deductible plan pays for all Medicare-covered expenses after you meet a $2340 annual deductible. Plan C and plan F are only available to those who are not new to Medicare.
**Office copay exceptions: Some office visits may require a copayment of up to $20. Emergency room visits may require a copayment of up to $50.
***Plan pays 100% of covered Medicare costs for the remainder of the calendar year once the out-of-Pocket limit is reached.
Step# 3. Understand your budget.
When you purchase any insurance plan you have to thoroughly review costs. The costs now, and the costs in the foreseeable future.
First you need to consider the monthly premium of the Medicare Supplement plan you are choosing. It will have to fit into your budget not just for now, but realistically, for the rest of your life. Do not buy a plan that pushes you to the ceiling of what you can afford. You need to expect and make room for modest premium increases as you grow older. Two factors that affect premiums, are increases in inflation, and increases in health care costs. As the overall cost of health care rises, the insurance to cover the costs will also rise. It's not possible to know the exact premium increase amount to expect as time goes by. However, over the last several years, Medicare supplement premiums have risen at a rate of approximately 4.1 percent. This percentage should be a reasonable guideline by which to gauge your plan choice in relation to your long-term budget.
Secondly, you will need to understand the cost that could incur should you become ill. The key item here, is the plan deductible. Second to that, is the percentage of the medical bill that you are responsible for before you reach your maximum-out-of-pocket amount. Take these two items into consideration when deciding upon a plan.
Step #4. Get in touch with a specialist.
Contacting a Medicare Supplement Plan specialist is usually the best way to find out about the plan options that are available to you. Newplanoptions. com a brokerage that has extensive experience concerning all things Medicare. We are licensed with all the major insurance carriers that offer Medicare plans in Tampa, Florida. Insurance carriers we work with include: Blue Cross Blue Shield, Cigna, Humana, Mutual of Omaha, AARP, and more.
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