Medicare Supplement Insurance in Tampa, Florida

Almost everyone has heard by now that Medicare Parts A and B are holier than the Pope himself. But these kinds of holes leave coverage gaps that can add up to some not funny business that it’ll take more than thoughts and prayers to cover. Thankfully, there exist insurance policies for the sole purpose of providing in those cases. Medicare Advantage and Medigap policies, for example. As a Florida senior, there are surely plenty of questions you have about the topic of insurance gaps.

Senior Medicare in Tampa: Facts and Figures

  • There are 47,932 senior citizens living in Tampa right now
  • There 12 hospitals in the Tampa area where seniors can get emergency and/or in-patient care 
  • 42% of Florida seniors have a Medicare Advantage plan 
  • 19% of seniors have a Medicare Supplement (Medigap) plan
  • Which leaves 39% of seniors potentially uninsured or underinsured against costly Medicare coverage gaps!

Aging makes everyone more at risk for particular diseases. Most of which will last for the rest of our lives, and require increasing amounts of care. Some may get better, but the more likely option is that they’ll continue to worsen with time. Not only will your health be at stake, but your financial security as well. Medical expenses are on the rise every single year, and fiscal evidence shows they will likely continue well into the future. There is also the potential that you might experience more than one of these diseases at the same time, doubling your medical bills.

Disease Prevalence (in Tampa)
Arthritis 23%
High Blood Pressure 32%
Coronary Heart Disease 6%
Diabetes 13%
Kidney Disease 3%

Healthcare Costs in Tampa, FL

We cannot look at prevalence alone without considering the cost factor of these diseases. Prescriptions, medical equipment, hospital time, at-home care, and scheduled check-ups all have a cost which culminate eventually. Medical costs continue to rise every single year, and seniors are living longer lives now more than ever. When considering these facts, the potential cost can get chillingly pricey, and fast. It is vital that you have the right health coverage going into the final stage of life if you want to protect your investments, yourself, and your future.

Disease Prevalence (in Tampa) Annual Cost of Treatment
Arthritis 23% $280
High Blood Pressure 32% $288
Coronary Heart Disease 6% $7,579
Diabetes 13% $2,159
Kidney Disease 3% $6,777

Medicare Advantage Savings in Tampa, FL

The federal government has approved Medicare Advantage, which is a non-government administered private health insurance plan. The costs of your individual insurance are not directly paid for by the government, but instead the government pays their share towards your monthly premium and you pay the remaining medical costs on your own. Legally, your insurance must cover at least the identical benefits you would get if on FL-mandated Medicare Parts A & B. Most non-government insurers add additional benefits like vision or dental, for a premium.

Seniors with chronic ailments have stated that they feel the coverage is better for their needs with Medicare Advantage plans. Most chronic diseases – for instance, arthritis, high blood pressure, and diabetes – mandate constant management and effort to control. This can include medications, equipment for testing, and an increased number of doctor and hospital visits, among others. Sadly, these conditions tend to get progressively worse, which ends up costing more and more as time goes by. There are Medicare Advantage plans which can cover even more than a Medicare plan which includes extras, like Part D. It is time to start saving with Medicare Advantage, in order to be prepared when the time arrives.

Medicare Advantage plans cover every bit as much as Medicare Parts A and B, and then even more. They can include all of those doctor visits and pieces of equipment, as well as potentially a plan for necessary drugs. A majority of the offered plans are presented with an option to include any combination of the variety of expenses – even dental or vision. Since the government pays a portion of the Medicare Advantage premium, many seniors can enjoy an additional monthly premium starting as low as $0. Coinsurance and copays will still be patient responsibilities, as well as out-of-pocket costs, but they will be significantly reduced.

SHOW QUOTES OF TOP MEDICARE ADVANTAGE COMPANIES

Medicare Supplement (Medigap) Savings in Tampa, FL

Medigap policies can help to save so much money because they work differently than other policies, particularly when it comes to Medicare Part A. The most difficult conditions – like kidney failure or coronary heart disease – can cost upwards of thousands of dollars, even potentially reaching six figures. And that’s just for hospital stays and inpatient treatments, not including continuing care outside of the hospital setting. If you have to stay in the hospital for a prolonged period of time, or have a procedure like a blood transfusion, those aren’t covered either under Medicare Part A. That is why you need supplemental coverage like Medigap to fill in those holes in coverage and protect against costly additional medical expenses.

Medigap Plans A, D, K, and L are the ones designed to cover the pricey costs for the lack of coverage in Medicare Part A. The other Medigap plans have Part A coverage as well, but include extras that we’ll touch on in a minute. If Medicare Part B costs aren’t something you need, you then shouldn’t feel the need to purchase them, thus saving you more premium. If hospital stays from Part A is your concern, Plans A, D, K, and L are the ones you may wish to consider first.

The plans we previously referred to but didn’t discuss are Medigap Plans B, C, D, F, G, M, and N. These plans not only cover Medicare Part A gaps, but also Medicare Part B gaps. Of course, more comprehensive coverage leads to larger premiums every month, but lesser out-of-pocket costs when the time actually comes to use your policy. Also note that Plan F is being retired after the year 2020, and you will no longer be able to enroll in it after that year.

There are gaps in Medicare Part B as well to take into consideration. Part A is supposed to take care of hospital visits and inpatient care, and Part B should, in theory, take care of the rest. This isn’t always how things work, however. Copays and coinsurance remain the responsibility of the insured, as usual, and can add up to a considerable amount over time. There are a variety of different plans which can compensate for this so that patients like you don’t get overwhelmed with too many medical bills.

Medicare Supplement Insurance does not have coverage for medical drugs, dental, or vision care, unlike Medicare Advantage. Traditional Medicare does offer Part D, which is coverage specifically for the above mentioned prescription drug items, whether or not any other plan is purchased. With a quick search through your preferred search engine, you can likely find alternate dental or vision coverage in your area for an affordable price.

For Tampa seniors, it is imperative that they have the proper amount of health coverage, and at an affordable price for all. It protects you, your savings, and your family from any additional and unnecessary hardship or financial burden. Our health and rising costs to cover it are factors beyond any one person’s control. However, we can control how we prepare for the future. A Medicare coverage gap policy is the best way to do that, and we want to help you find the best policy for tomorrow’s needs, today.

Medigap Plan Minimum Monthly Premium Maximum Monthly Premium Average Estimated Monthly Premium (Part B Premium Included)
Plan A $157 $363 $396
Plan B $188 $394 $427
Plan C $218 $500 $495
Plan D $239 $416 $463
Plan F $219 $505 $498
Plan F (high deductible) $76 $179 $263
Plan G $203 $472 $473
Plan K $78 $81 $215
Plan L $131 $256 $329
Plan M $231 $374 $438
Plan N $158 $379 $404

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