Medicare Supplement vs Medicare Advantage plans in Miami Florida
Which should you choose?
If you live in the Miami Florida region and you have your original Medicare coverage secured, you will have a choice of options for improving your coverage. You may combine your Original Medicare plan with a Medicare Supplement plan, or you can sign up for a Medicare Advantage plan.
Two out of three people in Miami, choose the Medicare Supplement option, one third choose the Medicare Advantage option. The Medicare Advantage option is growing in popularity. So, which option is right for you?
A brief explanation of the workings of both options may help.
Facts About Miami, Florida
Good to know:
Miami is located on the Atlantic coast of Florida at the southern tip and is one of the most popular cities visited by tourists from around the world. Most arrive at Florida's busiest airport: Miami International Airport. Miami is also known as the cruise capital of the world with ships sailing from Port Miami (located in Biscayne Bay) to destinations around the world. Miami is a major center, and a leader in finance, commerce, culture, media, entertainment, the arts, and international trade. The Miami Metropolitan Area is by far the largest urban economy in Florida and the 12th largest in the United States with a GDP of $344.9 billion as of 2017.
Do the math. When shopping for health insurance, most people focus on the monthly premiums, but you also need to take a close look at deductibles. For example, if you have a choice between a lower silver plan premium of $345 a month for a plan with a $5,500 deductible, and a higher gold plan premium at $465 a month with a $1,750 deductible, you may be better off with the second plan if you anticipate needing more than $1,500 in medical care. With the second plan, your total annual cost for the premium and deductible comes to $7,330, a $2,310 savings over the lower premium plan.
How A Medicare Supplement Plan Works
A Medicare Supplement plan is designed to fill in the "gaps" in your Original Medicare coverage.
Medicare supplement plans don't work like most health insurance plans. They don't actually cover any health benefits. Instead, if you incur a medical bill,
these plans cover the portion of the bill that Medicare does not cover. These costs can include: