Do Florida Medicare Options Include Plan F?
Did you know that due to baby boomers aging, the population of those 65 and older has grown by over a third during the past decade? Over 11,000 people per day become eligible for Medicare (over 3.5 million per year)! Wow!
Are you looking into Florida Medicare, and are exploring your options? In this article, we’ll walk you through whether Medicare in Florida includes Plan F or not. Read on to discover more about Florida Medicare, and find out why it’s so beneficial for many.
What Is Medicare?
Medicare is for people 65 and older and is part of the federal health insurance program. It’s also for those with disabilities and certain health conditions.
In the beginning, it was split into Parts A, B, and D. Part A is for hospital stays, hospice care, hospital coverage, and other nursing care. Part B is for outpatient services, doctors’ visits, medical supplies, and preventative medical care. Part D is for prescription drugs.
What Is Original Medicare?
Another name for Original Medicare is known as traditional medicare. This is where it’s based on a fee-for-service basis.
You go to any hospital or doctor that accepts Medicare within the U.S. Medicare will pay their part of the bill depending on what’s covered.
You’ll pay the rest that’s owed unless you have additional insurance. Keep in mind that Original Medicare doesn’t cover all expenses.
Instead of Original Medicare, you can choose a Medicare Advantage Plan such as a PPO or HMO that also includes Part D. In order to get prescription drug coverage with Original Medicare, you’ll need to be a part of a Part D drug plan.
The Difference Between Medicaid and Medicare
Medicaid is a state-run and federal funded program. It provides health coverage for those with lower income. Keep in mind that eligibility for Medicaid varies from state to state.
Medicare is a federal health insurance program for those who are 65 and older. It’s also for those with end-stage renal disease, certain health conditions or have been on disability (SSDI) for 24 months.
Medicare Advantage
Another name for Medicare Advantage is Medicare Part C. This is where parts A, B, and D are combined.
Keep in mind that your Medicare Advantage Plan benefits will vary from state to state or even county to county. For example, Alaska doesn’t have a Medicare Advantage plan.
What Is Medicare Plan F in Florida?
Medicare plan F is supplemental insurance for when you have healthcare costs that Medicare doesn’t cover. There are about 25% of people with Medicare who also have the Medicare supplement plan as well.
There are multiple Medicare supplement plans, and they’ll have letter designations. This means that whether you choose one company or another, a Plan F policy must have the same core benefits as any other Plan F.
The Benefits of Plan F
If you’re traveling overseas, sometimes Plan F covers medical expenses. Standard plans are easier to do a comparison of as well.
With Plan F, you’re able to buy any policy during open enrollment. Your health doesn’t impact your access to it. Plan F allows you to visit any doctor that accepts Medicare.
Is Plan F Ending?
When exploring Medicare supplement plans, you might have heard that Plan F is ending. While it’s not ending, it’s not an option for those who are just starting Medicare. Anyone 65 before January 1, 2020 is eligible. If turning 65 after January 1, 2020 you will qualify for Plan G as the next best option.
Medicare Advantage vs Plan F
Plan F is different than Medicare Advantage. Plan F pays what Medicare does not. Medicare Advantage Plans replace original Medicare with a policy that’s better or as good as the Original Medicare. They don’t work with Parts A and B and leave you with out of pocket cost.
The Benefits of a Medicare Advantage
Original Medicare has Part A and Part B, and you’ll need to buy extra coverage to go with it. For example, Medigap for supplemental coverage, and Medicare Part D for prescription drugs. If you choose a Medicare Advantage Plan, your coverage is under one plan.
Affordable
Advantage plans can offer little to no deductibles, and no premiums. Many plans set limits on the out-of-pocket max you’ll pay.
The Disadvantages of Medicare Advantage
If you go with a Medicare Advantage plan, you might be limited in the providers you can choose from. If you go with an out-of-network provider, the fees tend to be higher. Choosing another plan might have higher premiums, but you’ll have more choices in providers.
Information for New Sign Ups
If you’re signing up for Medicare in 2021, you can choose from A, B, D, G, K, L, M, and N. Keep in mind that not all insurers offer the same plans.
Do I Automatically Receive Medicare?
If you are already receiving Social Security you will be automatically enrolled in Part A and B when you turn 65. Also, Medicare begins 24 months after you receive Social Security disability. It can be waived in certain circumstances such as amyotrophic lateral sclerosis and permanent kidney failure.
Enrolling in Medicare
You can file for Medicare online or by phone. If you already receive Social Security benefits, then you’ll be enrolled in Medicare Parts A and B.
Keep in mind that you’ll have to pay a premium for Part B coverage. You do have the choice to turn down Part B coverage if you don’t want it.
Understanding Part D
If you sign up for Part D, you’ll need to pay a premium each month. If your drug costs reach a certain amount, then you’ll fall into a coverage gap.
In this gap, you’ll pay your premiums, but you’ll still need to pay a much higher cost for each prescription. In this situation, your prescriptions will be at a discounted rate.
Understanding Florida Medicare Options
Now that you’ve explored more about Florida Medicare and if it includes Plan F, you should have a better idea if it’s right for you. Are you ready to get started with Medicare today?
From Medicare Part D to supplements, we have you covered. Contact us today for free Medicare help, and we’ll come up with a Medicare plan that meets your needs.