Medicare Supplemental Insurance also called Medigap Insurance is a private insurance policy that is purchased in addition to Medicare Part A and Part B. Medicare was created in 1965 and its structure is based on the typical coverage of that time consisting of: deductible, co-payments, coinsurance, and benefit periods. Medicare Supplemental Insurance was developed shortly after by private insurance companies to fill in the gaps that were left by Medicare alone. This led to the nickname "Medigap". Medicare Supplemental Insurance benefits are set by the Federal Government and labeled by letters of the alphabet. Medicare Supplement Plan A is the most basic Plan available and a Medicare Supplement Plan F is the most comprehensive of all the supplemental insurance Plans. Medicare Supplement Plans offer the same benefits at each insurance company, each insurance company offers the same Plan F. Not all insurance companies offer every plan that is available, although every company must offer Plan A and F.
(239) 288 - 0880
1228 Shadow Lane
Fort Myers, FL 33901
Florida License # W029777
V. Reed Speas II is an Insurance Agent, serving the greater Fort Myers - Cape Coral area, who exclusively sells Medicare Supplemental Insurance. Reed offers a full explanation of the four parts of Medicare and the insurance options available to a Medicare recipient. Reed also offers an expert recommendation on choosing a Medicare Part D plan that is the least expensive for your specific prescription drugs.
This website is designed to help Americans understand the four parts of traditional Medicare and the insurance options available to Medicare recipients. On the top of this web page you will find tabs to learn about: Traditional Medicare Part A and B, Medicare Advantage Plans, Medicare Part D prescription drug coverage, Local Insurance Agents, and Medicare Q and A section with an on-line form to ask question. On the lower left side of this page you will find the official Medicare and you handbook as well as other helpful informational documents to help you make decisions on Medicare insurance. The bottom of this page is dedicated to Florida Medicare Supplemental Insurance; this website was started in Florida and still provides services to many Floridians.
If you or your spouse has 40 or more quarters of Medicare covered employment then you do not have to pay a Part A (Hospital Insurance) premium, you have paid that throughout your life. Part B is different that must be paid on a monthly basis. Most people have that deducted from their social security check for the amount of 115.40 (2011), this is a 4.4% increase over the 2010 rate. In 2012 the amount for Medicare Part B has lowered to $99.90. The Medicare Part B rate for 2014 is $104.90.
Medicare Part A, Hospital Insurance deductible in 2012= $1156, that covers you hospital stay for the first 60 days. It covers "room and board". The rate increases after day 60 to $289 per day and increases again to $586 per day from day 91-150. After day 150 of a hospital stay Medicare will pay nothing. Skilled Nursing is also included in Part A, Medicare pays all costs up to day 20 after that there is $141.50 daily coinsurance. (these amounts change on a yearly basis)
Medicare Part B, Medical Insurance you pay a deductible of $140.00 per year and 20% of the Medicare-approved amount. That is simple enough, isn't it? Let me explain that using numbers, A doctor charges $100,000 for a heart bypass. Medicare pays $80,000 and your charge would be $20,000.
When choosing a Medicare Supplemental Insurance product you should take three main factors into consideration: your current health, financial situation and family health history. Florida Medicare Supplement Insurance is guaranteed issue for six months when you join Medicare Part B. There is no medical underwriting during this period of time, if you are sick or prone to sickness this is the time to enroll and a Medicare Supplement Plan F is the best choice for you. You can lock in a Supplement Plan F and have the best coverage available for the rest of your life. Remember with a Medicare Supplement Plan F you can see any doctor at any hospital in the United States at no additional charge, including Medicare excess charges.
The Medicare Supplement Plan N is a very popular Medigap Plan that is a better value while still providing excellent insurance coverage. The Plan N has small office copay and does not cover Medicare part B excess fees. The advantage of the Plan N is that is has a lower monthly premium and will save a subscriber money over time if they do not have excessive office visits.
The Medicare Supplemental High Deductible Plan F is a great value for a Medigap plan. There are significant savings on a monthly basis with a monthly premium just a fraction of the price of a Full F Plan. The catch is the $2070 yearly deductible that must be paid before the benefits will begin to pay. a insurance company is one of the least expensive providers of the High Deductible Plan F and has an excellent reputation with agents and doctors alike.
Many People when turning 65 and are becoming available for Medicare benefits do not want any additional insurance expenses. They make the decision to simply enroll in Medicare Part B without a Medigap policy, or choose to enroll in a Florida Medicare advantage plan. This approach will save you money in the short run, but like any insurance product, you cannot apply for the insurance after you become ill.
Medicare advantage plans are private health care that takes you off Traditional Medicare. We do not recommend them to anyone with an income over $30,000 or a net worth of $30,000 or more. This is because Medicare advantage plans leave the patient vulnerable to overwhelming medical expenses in the event of serious illness or injury.
Medicare Supplemental Insurance is Guaranteed issue for Medicare recipients in select periods. The most common guaranteed issue period is upon turning 65, there is 7 month window of guaranteed issue. Ending employer sponsored insurance coverage or dropping a Medicare Advantage Plan are additional reasons for guaranteed issue. If you are not in a open enrollment period you must answer health questions to qualify for a supplement policy.
When choosing a Medicare Supplement Policy the Plan F is the most comprehensive Medigap plan available. The Florida Medicare Supplemet Plan F is the best choice and is unlike any other form of Under 65 health insurance. There are no referrals necessary and no network doctors or hospitals. With this supplement plan your health care is up to you. You can see any doctor anywhere in the United States and you will have all of your co-payments and deductible covered.
Many People Automatically Get Medicare Part A and Part B. If you collect Social Security you will automatically get Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance). If you don't want to keep Part B, you must inform Medicare or you will be charged the part B premium.
Some people need to sign up for Part A and Part B. If you're age 65 or older and you aren't getting Social Security because you are still working, you won't get Part A and Part B automatically. You need to sign up for them by contacting Social Security at 1-800-772-1213.
You can sign up for Medicare Part B 3 months before you are eligible and up to 3 months after. There are penalties if you do not sign up when you are first eligible. read more about Medicare Enrollment Periods
Florida Medicare Supplemental Insurance rates vary due to four main factors: Age, Gender, Tobacco use and zip code of residence. Each Florida Medicare supplement plan offers a range of benefits and the plans are priced accordingly. These plans can be confusing, with this website we have done our best to explain Medicare and what it does and does not cover. If at any time you have any questions or would like to speak to a real person, please feel free to contact our Insurance Agent.
Florida Medicare Supplement Insurance is something every Florida resident should have. It is a health care product unlike any other and it should be taken advantage of it, no pun intended. We offer seven different Medicare Supplement Plans although most of our clients choose Plan A, N, or F. Our Fort Myers Insurance Agent will be happy to answer any of your questions or provide you with Free Medicare Supplement Quotes; he serves all of South Florida. He can be reached by calling 239.288.0880.
Naples, Sarasota and Fort Myers Medicare Supplement rates are some of the lowest in the state. a insurance company offers their Medicare Supplement plan F to 65 year old female resident of Sarasota for around $190 monthly. This same Medicare Supplement Plan F would cost a Fort Lauderdale Medicare recipient $250 monthly. All Medicare Supplement providers have higher rates in Miami-Dade, Broward and Palm Beach counties. The Naples Medicare Insurance products such as Blue Medicare Part D and BlueMedicare PPO are now available in all counties of Florida, as of 2012. Naples Medicare Supplements are priced the same as Fort Myers for most companies, although there can be differences for each Zip Code. Jacksonville Medicare Supplements are priced the same a Fort Myers and Naples for a insurance company. Be sure to compare different Medicare Supplement Plans if the premiums are too high for your budget, the Plan N is a popular choice.
Miami, Fort Lauderdale, Boca Raton and Boynton Beach Medicare Supplement prices unfortunately are the most expensive in the state of Florida. Miami Dade Medicare Supplements are currently priced at around $270 monthly premium for a plan F. Fort Lauderdale Medicare Supplements are also priced around the same level at $260. As you move further north the prices tend to decrease slightly with Boca Raton Medicare Supplements priced around $250. Medicare Supplement prices are always changing for an accurate quote from an agent feel free to call our preferred insurance agent Mr. Reed Speas at (239) 288 - 0880 .
Medicare assignment is and agreement between Medicare and doctors on the amount that Medicare will pay and doctors will charge for a particular procedure. It is referred to as the Medicare approved amount. If a doctor or other health care provider chooses not to accept the Medicare approved the government has implemented a limiting charge at 15% above the Medicare approved amount. The 15% above the Medicare approved amount is referred to as an Medicare excess charge. Some of the doctors that do not accept Medicare assignment in the South Florida area are.
This is a very small list and it was difficult to find doctors in South Florida that did not accept the Medicare approved amounts for their services. The Mayo Clinic in Jacksonville Florida does not accept Medicare assignment. Florida Medicare Supplement Plan F covers the 15% excess charge.
**The information on this website is intended for informational purposes only and may change at any time. Medicare Supplement Advisor and V. Reed Speas himself are not connected with or endorsed by the U.S. government or the federal Medicare program.