Monday, March 30, 2020

Medigap and Florida Supplemental Insurance


Financial consultant Brad Liebe is the owner of KK and B Financial Services for Seniors in Fort Myers, Florida. In his role as a financial consultant, Brad Liebe assists his clients with choosing financial products that can help them prepare for retirement, one of which is supplemental insurance. Medigap, as it is more commonly called, is supplemental insurance purchased through private insurance companies.

Medigap is intended to fill gaps that are not paid through Medicare. In addition to extra costs for services and supplies, Medigap can pay for co-pays, co-insurance, and deductibles. Depending on the policy, some provide for coverage for things that Medicare does not cover, for example for medical care for when traveling outside the US.

For a person to participate in a Medigap plan, they must first have Part A and B of Medicare. Moreover, Medigap is not the same as Medicare Advantage, and it is not legal to sell a person a Medigap plan if they have a Medicare Advantage plan. The monthly premium is paid alongside the premium paid for Part B of Medicare, and the policy covers one person.

Other guidelines provide stipulations for covered expenses. For example, a person can renew their policy, even if they have health issues. Moreover, some plans cover prescription drugs, but many plans that were created after January 1, 2006, do not include this coverage. Instead, the person can join the Medicare Prescription Drug Plan D.

In Florida, the plans are similar to those of 47 other states in the country. Participants can enroll in plans with designated letters A, B, C, D, F, G, K, L, M, and N, and regardless of where they get their care in the state, the benefits are standard across the state. Open enrollment begins the day a person reaches 65 or older, and a person cannot be denied coverage for pre-existing conditions.