There may not be a better place in the world to retire than the Port St. Lucie region of Florida.  Its beauty, amenities, and proximity to the Atlantic ocean, make it the envy of the entire country.  Now, if you are able to get a quality Medicare supplement plan in place, things could not be much sweeter.

However, finding the right Medicare supplement plan, or Medicare Advantage plan can be quite the challenge.  Following, are 3 essential steps to acquiring a first-rate Medicare Supplement, or Medicare Advantage plan. 1. Make certain you are eligible for traditional Medicare.

Before you can purchase a Medicare supplement plan or Medicare advantage plan you must be covered by traditional Medicare.  Traditional Medicare is offered by the U.S. government.  Most Americans automatically qualify for Traditional Medicare once they reach 65 years of age.  However, because there are exceptions, it is a good idea to research your eligibility for Traditional Medicare at least a year before you reach the age of 65.  One exception is not having paid a sufficient amount of social security, employee withheld taxes into the system.  Fortunately, this circumstance can usually be remedied by paying an additional fee.

2. Know the Medicare Supplement plans and Medicare Advantage plans that are offered in the Port St. Lucie region.

Once you are covered by Traditional Medicare, you will have a variety of Medicare supplement and Medicare Advantage insurance options to choose from.

Medicare Supplement Plans

Medicare supplement plans are categorized by plan types. Each plan type features specific benefits which are signified by letters of the alphabet (A through N).  For example: Medicare Supplement Plan A, Medicare Supplement plan Type G.  All plan benefits are standardized by law. Because of this, no matter which insurance company is issuing the plan, the benefits for each plan type are basically the same.  The variance is seen in the price of the plan.  Insurance companies that offer Medicare Supplement plans get to set the pricing for the plans they offer.  Even though the plan benefits may be the same, pricing can vary significantly.



Medicare Advantage Plans

If you prefer an option other than a Medicare supplement plan to augment your traditional Medicare coverage, you may want to consider a Medicare Advantage plans.  The benefit structure of these type of Medicare insurance options are completely different.  As a general rule, they tend to provide more comprehensive coverage and pricing can be significantly lower.  However, they are likely to have more restrictions on usages and networks.  Be certain to fully understand how Medicare Advantage plans work, before signing up for one.

3. Consider what you can afford in the "long term".

Whether you reside in the Port St. Lucie region, or anywhere else, when considering a Medicare Supplement or Medicare Advantage plan, you must take into account your long-term financial budget.  You can expect the monthly premium for any Medicare insurance plan you choose to trend upward in price.  Because of this, you need to have a good idea as to what your financial position will be for the foreseeable future.

The smartest thing you can do is to contact one of our Medicare insurance specialists.  We are happy to help.  Give us a call today.

Information is for educational purposes only and should not be construed as an offer of insurance, advice, or recommendation.  The information provided is not intended as tax, financial, investment or legal advice.  Please consult legal or tax professionals for specific information regarding your individual situation.
Not connected or endorsed by the US Govt or the Federal Medicare Program.  Medi-Solutions Insurance Agency, LLC is an independent Life, Accident and Health Insurance Agency, NJ Ref#1642311.  Some plans and features may not be available in all states.

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