Medicare is available to those aged sixty five or greater and to those with Social Security Disability. Medicare takes effect the first day of the month of your sixty fifth birthday.
Medicare was designed to help with your medical expenses; it was never designed to pay all of your medical expenses. Medicare does not have a maximum out of pocket protection so a bad year medically can also be bad financially. As a result you may wish to get coverage in addition to Medicare.
There are two general types of plans; Medicare Advantage plans and Medicare Supplement (also referred to as Medigap) plans. In the four to six months prior to turning sixty-five you will undoubtedly receive mountains of solicitations from various insurance companies touting their product. Each claim they have the best plan for you. How do you determine which of the many product offerings is best for you? The easiest method is to meet with an independent broker that carries several insurance company offerings. You see, this isn’t a cookie cutter situation. Your medical and prescription needs are different than your friends and neighbors. The best solution for them is not necessarily the best for you.
Whether you select a Medicare Advantage or a Medicare Supplement, you still must continue to pay for your Medicare Part B.
Most Medicare Advantage plans in Florida have a $0 premium. Some of them even give you back up to $99.90 towards your Medicare Part B premium. Some have a low monthly premium. They all have different copay amounts for doctors, hospitals, prescriptions and outpatient procedures. They have different provider (doctor & hospital) networks and different prescription coverage. Some are HMO’s, some PPO’s and some POS’s. Most offer prescription drug plans at no additional cost. As your needs vary, so does the ideal plan for you. You are permitted to change plans at specific times within the year. The annual open enrollment period is Oct 15th to Dec 7th, but plan changes can be made at special enrollment periods, such as after a move to a different area.
The Center for Medicare and Medicaid Services (CMS) requires that each agent/broker must be certified each year with each company they offer. Each company has various courses of study followed by exams. Usually the passing mark is 80 to 90% on these exams. As a result most brokers shy away from representing many companies. We offer ten different Medicare insurance companies so that you may be assisted in finding the best Medicare insurance plan for your needs.
Medicare Supplement plans vary from Plan A to Plan N. CMS requires that the content of each plan is identical regardless which insurance company offers it. In other words Plan F from company ABC is identical to Plan F from company XYZ. Therefore once you select the best plan for you, it is just a matter of determining which company has the best rates and how those rates change in the future. We have already conducted this research, thus saving you valuable time and worry.