If you live in or around Palm Beach Gardens, FL, and are considering the purchase of Medicare supplement insurance, you have a lot of options.  First off, you have various Medicare Supplement insurance plan styles that you will need to sort through.  Plan styles range from plan type A to plan type N.  Each plan style features various levels of supplement coverage.  Each coverage option is designed to meet medical fees that are not covered by traditional Medicare.  (This is sometimes referred to as “Medicare Gap” coverage.)  Traditional Medicare contains several significant cost-of-benefit gaps that the consumer is required to cover out of pocket.  Without Medicare supplement coverage, one can quickly rack up significant medical bills should the unexpected occur.

You should also consider Medicare Advantage Plan insurance coverage.  Medicare Advantage Plans feature a benefit structure that is somewhat different than what Medicare Supplement insurance plans offer.  Medicare Advantage Plans tend to be less expensive than their Medicare Supplement insurance counterparts.  However, the benefits can be more restrictive and less comprehensive.

In this article we will review the cost for acquiring a Medicare Supplement Insurance plan in Palm Beach Gardens, Florida.

 

So how much does a Medicare supplement plan cost in Palm Beach Gardens?  Well, that depends upon a variety of factors.  Generally, Medicare supplement plan monthly premiums run slightly higher in Florida than they do in many nearby states.  But there are other factors that have a far greater impact on price.

We will list some of the factors that impact the premium rates of Medicare supplement insurance in Palm Beach Gardens, FL.  They are ordered from the most significant impact, to the least.

Plan Type.

The most significant factor in any plan you choose is going to be the plan type.  For example, the monthly premium of a plan type "G" is going to be significantly higher than the monthly premium of a "high deductible plan type G".  This is because all Medicare supplement plan types are not the same.  Medicare supplement plans feature different benefit structures.  While all supplement designs cover medical costs that are not covered by traditional Medicare, some plans pick up more medical costs than others.  These benefit differences are normally the determining factor in the monthly cost of the plan.

Age.

With few exceptions, the older you are, the higher your monthly premium.

Which Insurance Company You Buy From.

In Palm Beach Gardens, Florida, Medicare supplement monthly premiums vary wildly depending upon which insurance company you purchase the plan from.  The fact that plan benefits may be exactly the same - regardless of the insurance carrier, does not mean the monthly premium will also be the same.  While traditional Medicare is a government program, Medicare supplement plans are offered by private insurance companies.  The insurance companies set the pricing of the plans they offer.  Pricing can vary significantly dependent upon the insurance carrier you choose.  Insurance carriers offering coverage in Palm Beach Gardens include: Blue Cross Blue Shield of Florida, Aetna, AARP, Humana, Mutual of Omaha.

Tobacco Use

Most insurance companies in Palm Beach Gardens will charge a slightly higher monthly premium for Medicare supplement coverage if you smoke or chew tobacco.

Health Status

In some cases, if you are not enrolling within the open enrollment, guarantee issue time period for Medicare supplement coverage, some companies in Florida will charge you a higher rate if you have specific medical issues.  Please contact us if you have questions concerning this.

On Average For 2021

On average, in Palm Beach Gardens, FL for a preferred plan G, the average monthly premium for a 65 year old non-tobacco, female applicant would be: $225 - $275.  On average, in Palm Beach Gardens, FL for a preferred plan G, the average monthly premium for a 65 year old non-tobacco, male applicant would be: $250 - $320.  For more information concerning Medicare Advantage, Medicare Supplement or Medicare Prescription Drug Plans, please give us a call. 

Other articles:
How To Switch From A Medicare Advantage Plan To A Medicare Supplement Plan.
Learning Center.