Los Angeles, CA, April 17, 2016 --(PR.com
)-- Costs for Medicare Supplement insurance in Florida can vary significantly with lower costs in Orlando and higher costs in Miami and Fort Lauderdale according to the 2016 Florida Medicare Supplement Price Index.
"Costs for Medicare Supplement insurance, also called Medigap, vary significantly for both men and women," reports Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI), which conducted the rate comparison.
The Association study examined costs and reported percentage differences between the low and high rates. "For a 65-year old male in Miami or Fort Lauderdale, the difference was 58 percent," Slome notes. "For 65-year-old females, the average difference for the two markets was 47 percent."
Some 12.2 million Americans were protected by Medicare Supplement insurance in 2015 a significant increase compared to 2010 when 9.7 million owned a Medigap policy. "More Americans value the significant benefits and advantages these policies provide," Slome shares. "With 10,000 Americans turning 65 every day, the number of Medigap policyholders in Florida will continue to grow."
The Association examined monthly rates for Medicare Supplement Plan F, the most commonly purchased coverage. "Some 66 percent of individuals choose Plan F," Slome shared. Private insurers offer Medigap policies but the government has standardized coverage by assigning a specific letter to make it easier to comparison shop. Three states that had standardized policies before the federal law passed follow different rules.
"Prices for the same plan vary and no single insurer was consistently the least expensive nor the most expensive," Slome says the study found. "Consumers who want coverage for the lowest cost would be well served by working with a knowledgeable Medicare Supplement insurance agent who can educate and help with comparison shopping."
The organization maintains the nation's largest online directory of local independent Medicare Supplement insurance professionals in Florida at www.medicaresupp.org or call AAMSI at 818-597-3205 for information.
Percentage Difference Between Lowest and Highest Rates (Male, Age 65)
West Palm Beach 26%
Fort Lauderdale 58%
Percentage Difference Between Lowest and Highest Rates (Female, Age 65)
West Palm Beach 19%
Fort Lauderdale 47%