What Are the Best Medigap Plans in Florida?

Medicare offers vital coverage for your health and wellness needs as a senior. However, it doesn’t cover everything. No matter what Medicare plan you choose, chances are good that you’ll find gaps in your coverage. That’s where Medicare Supplement Insurance (Medigap coverage) comes in. Of course, finding the right protection for your specific needs isn’t as simple as it could be. So what are the Best Medigap Plans in Florida?

 

 

Best Medigap Plans in Florida

You’ll find a wide range of Medigap plans available for Florida residents, and it can seem like every insurance carrier puts its spin on things. How do you make sense of your options? In this post, I’ll walk you through Medigap and what you need to know about it, as well as discuss the different Medicare supplement plan types, and even note some of the leading carriers in Florida to help you make an informed decision.

Why Your Choice Matters So Much

While Medigap plans help you cover the gaps in Medicare coverage, these plans are not the same. What’s more, you can’t leap in without any idea of what’s what because, not only can Medigap plans be expensive, but there’s also a chance that you won’t be able to change your plan in the future, depending on your health. Prices vary greatly, so make sure you’re working with someone who has access to all available plans so that they can find you the best options for your needs.

Understanding Medigap Plans

Medigap coverage comes in many different flavors. There are 10 different plans to choose from: A, B, C, D, F, G, K, L, M, and N. Don’t confuse these with Medicare, though. For instance, Medigap Plan A is not the same as Medicare Part A.

While there are 10 different plans, they are not equally popular. Plan G is the most comprehensive and the most popular. It covers Medicare Part A coinsurance and hospital costs up to an additional year after Medicare benefits are used up, as well as 100% of your Part B coinsurance or copayment, Part A hospice care coinsurance or copayment, skilled nursing facility care coinsurance, and your Part A deductible.

Note that it does not cover your Part B deductible. It does cover your Part B excess charge, as well as 80% of foreign travel exchange. Plan G is also available in a high deductible version that offers lower copays/coinsurance costs for those seeking something more closely related to a catastrophic coverage plan. You can find more on the State of Florida Medicare page.

When Can You Sign Up for Medigap Plan G?

You must be 65 or older to sign up for Plan G or have a qualifying disability. If you are not disabled and are 65 or older, you will also need to be currently enrolled in both Medicare Part A and Part B (Original Medicare).

How Does Plan G Work?

Medigap coverage is supplemental insurance. That means it fills in where Medicare doesn’t pay. Once Medicare has paid its share, your Medigap coverage usually pays for the remainder. Plan G is the most comprehensive option out there, so most of your costs will be covered 100% with a few exceptions like the Part B deductible.

How Much Does Medigap Plan G Cost?

You’ll end up paying between $120 and $364 per month for your Medicare Supplement Insurance. Why such a wide range? It’s all because this coverage is offered by private insurers, each of which uses a different pricing method. Other factors also play a role, including your:

• Age
• Health
• Geographic location (your state of residence)
• Gender

Since the rates can vary so widely, it’s important to compare your options when it comes to Medigap plans in Florida.

Healthsharing: A More Affordable Alternative to Medigap 

The more comprehensive Medigap policies can be pricey in some areas – especially Plans G and N, which cover all out-of-pocket expenses under Medicare Parts A and B except for the Part B deductible ($226 as of 2023).

However Florida residents have access to an innovative non-Medigap healthsharing alternative that can provide significant help with out-of-pocket Original Medicare expenses: the Medi-Share 65+ plan. 

In contrast to Medigap policies, which are sold and administered by for-profit health insurance companies, Medi-Share is a non-profit Christian healthsharing ministry with more than 400,000+ contributing members. Every member agrees to help share the medical expenses of other members. 

Medi-Share has been in existence for more than 40 years, and has shared more than $4 billion in members’ medical expenses. 

Their Medi-Share 65+ is the first product from a major healthsharing ministry designed specifically for Medicare beneficiaries.

How Medi-Share 65+ Works

 With Medi-Share 65+, the first $500 in Original Medicare (Part A and Part B-approved) out-of-pocket expenses each year per family are the responsibility of the member. These costs include deductibles, coinsurance, and copays under Medicare Parts A and B.

This $500 amount, called the annual household portion, functions similarly to a deductible in traditional Medigap and other health insurance policies. Once you cover this amount, Medi-Share 65+ will begin sharing 100% of medical costs approved by Original Medicare, but not paid.  

No Sharing Caps

Medi-Share 65+ has no caps on annual or lifetime cost sharing, except for the treatment of motorcycle-related injuries. For these incidents, cost sharing is limited to $100,000 per year, except for church missionaries using a motorcycle outside of the U.S.

Medi-Share 65+ does not include prescription drug cost sharing. Most members consider a stand-alone Medicare Part D policy. Medi-Share members  also have access to an excellent drug discount plan.

Choose Your Own Doctor

Unlike Medicare Advantage plans, Medi-Share 65+ doesn’t require you to limit yourself to their own network of contracted healthcare providers. You can use your Medi-Share 65+ plan with any doctor. You can also choose to use Medi-Share’s huge PPO network of 900,000 providers nationwide. 

Out-of-Pocket Costs Exposure vs. Medi-Share Plan G

Under Medi-Share 65+, your Original Medicare out-of-pocket costs are generally limited to your annual household portion of $500 per year. Every dollar above that amount in services approved but not paid under Medicare Part A and Part B is normally shared by other Medi-Share members. 

Note: As the term implies, your annual household portion is calculated per family,  not per individual. If you and your spouse are both Medi-Share 65+ members, your combined out-of-pocket exposure to Medicare Part A and B costs not paid by Medicare is still just $500. 

In contrast, Medigap deductibles are calculated per individual, not per family. So if two individuals married to each other are both covered by a Plan G policy, each member must meet the $226 annual Part B deductible separately before the Medigap begins paying benefits for Part B services. However, hospitalization costs under Medicare Part A are covered from the first dollar under Medigap plans G and N. 

Pricing

Medi-Share 65+ memberships start at $99 for members aged 65 to 74, and $150 for members aged 75 and older, regardless of sex and location.

Members enrolling before turning 75 years enjoy a price lock-in guarantee until they turn 75.

Monthly costs for Medi-Share 65+ offer substantial savings compared to  Medigap Plan G insurance premiums, especially in higher-cost areas such as Miami, Fort Lauderdale, Orlando, and Naples. 

Limitations and Exclusions

Unlike Medigap plans, Medi-Share 65+ excludes some medical expenses from sharing eligibility: 

• Suicides
• Suicide attempts
• Self-harming
• Drunk driving injuries (even for passengers of drunk drivers)
• Illegal drug overdoses
• Alcoholism and addictions treatment costs
• Injuries incurred while committing a felony
• Acts arising from flagrant disregard of one’s one safety

Membership Requirements

As Medi-Share is a Christian healthsharing ministry, all members must affirm that Christ was God incarnate, affirm the nature of the Trinity, attend regular religious services, agree to live according to Biblical values, and agree that Christians must share each others’ burdens.

Members may not use tobacco, not drink to excess or abuse drugs, including prescription drugs. Members must also confirm that they have not engaged in smoking, alcohol abuse, or drug abuse within the previous year prior to applying.  

For more information on Medi-Share 65+ or to enroll online in minutes, click here.

The Best Healthsharing Medigap Alternatives in Florida

 

 

Medi-Share 65+

 The Medi-Share 65+ plan also comes with several discounts plans and additional and benefits:  

• A prescription drug discount plan that provides access to hundreds of common drugs at up to 70% to 80% off the retail price at participating pharmacies.

• 24/7 telehealth access to board-certified MDs and other medical providers, with no copay.

• Special discounts on services such as vision and dental care, LASIK, and other services not normally included under Original Medicare. 

Remember: Medi-Share 65+ is not Medigap, and not an insurance company, but a Christian healthsharing ministry.  

Exploring the Best Medigap Plans in Florida and Insurance Carriers You Should Know

As I mentioned, Medigap coverage varies because it’s offered by individual insurance carriers. Not all carriers serve Florida residents, either. Below, I’ve listed some of the leading insurers and what they offer in the way of Medigap plans for Florida residents.

Cigna

Cigna is a well-established insurance carrier with a national footprint. For Florida residents, Cigna offers:

• Plan G
• Plan N
• Plan A
• Plan F
• High deductible Plan F

Cigna offers competitive rates and several different discount options. You’ll also find other perks to signing on, including access to a 24/7 nurse hotline. However, the insurer does have a lengthy approval process that can take up to three days, and there are no options for vision or hearing coverage.

• The full Part A and Part B deductible
• 20% of Part B coinsurance
• No copays
• Part B excess charges

GPM Life

Government Personnel Mutual Life Insurance (GPM Life) might not have the name recognition of some other carriers, but it does offer Medigap plans, including:

• Plan A
• Plan C
• Plan F
• Plan G
• Plan N

While GPM Life isn’t as well-known as other carriers out there, it does have an A- rating from A.M. Best. You’ll also find that all the Medigap plans are backed by Mutual of Omaha, which gives you access to that organization’s smartphone app, as well as their customer service.

Mutual of Omaha

Many of you are probably familiar with Mutual of Omaha, if for no other reason than for their sponsorship of the Wild Kingdom TV show. The insurer also offers access to a wide range of different products, including a few Medigap plans, such as:

• Plan F
• Plan G
• Plan N

Mutual of Omaha only offers three plans directly (indirectly, it supports others through carriers like GPM Life). However, you do get access to award-winning customer service, as well as a convenient smartphone/tablet app.

Sentinel Security Life

If you haven’t heard of Sentinel Security Life, you’re not alone. This carrier doesn’t have the same level of familiarity as Mutual of Omaha or Cigna, but it is worth considering. You’ll also find that this insurer offers access to all 10 Medicare Supplement plans, including:

• Plan A
• Plan B
• Plan C
• Plan D
• Plan F
• Plan G
• Plan K
• Plan L
• Plan M
• Plan N

Sentinel Security Life has a B++ rating from A.M. Best and an A+ rating from the Better Business Bureau. Customers also rate the service highly.

Aetna Medicare Solutions

Aetna Medicare Solutions is an HMO, PPO plan designed for those with Medicare coverage. The insurer offers access to several different Medigap plans but does not share which ones are available in Florida with consumers. You must either contact Aetna directly or work with a trusted partner who has a relationship with the carrier.

United Healthcare

United Healthcare is another familiar player in the health insurance industry and has been around for a long time. The carrier does offer access to several different Medigap plans, including the following:

• Plan A
• Plan B
• Plan C
• Plan G
• Plan F
• Plan N
• Plan K
• Plan L
• A special Plan G that requires you to use a network hospital for covered inpatient hospital services under Medicare Part A
• A special Plan N with the same requirements as the special Plan G

United Healthcare gets good reviews from customers and outranks several other leading carriers when it comes to their Medigap plans, including Aetna.

Best Medigap Plans in Florida: The Takeaway

Ultimately, Medigap plans offer you coverage that is sometimes lacking with Medicare Parts A and B. However, each plan has its pros and cons. While Plan G is the most comprehensive and the most popular, that doesn’t mean it’s the right one for your specific needs. Click here to schedule a chat with one of our Personal Benefits Managers and learn more about which Medigap plan is the right fit for you.