How Florida Seniors Can Save on Healthcare

Medicare Costs Are Rising: How Florida Seniors Can Save on Healthcare

As healthcare costs continue to rise, many Florida seniors are feeling the impact on their Medicare coverage. With increases in Medicare premiums, deductibles, and out-of-pocket expenses, it’s more important than ever to explore options to help manage costs without sacrificing quality care. At John Douglas Insurance, we specialize in helping seniors navigate these changes and find solutions to keep healthcare affordable.

Changes in Medicare Premiums and Deductibles

Each year, Medicare costs are subject to change, often leading to higher expenses for beneficiaries. According to the Centers for Medicare & Medicaid Services (CMS), Medicare Part B premiums and deductibles increased in 2024 due to rising healthcare costs and inflation. Some of the key cost increases seniors may face include:

• Higher Part B Premiums: Medicare Part B, which covers doctor visits and outpatient services, typically sees an annual increase in monthly premiums. For example, the CMS reported that the standard monthly premium for Part B rose to $174.70 in 2024, up from $164.90 in 2023.
• Rising Deductibles: Medicare deductibles, including for Part A (hospital insurance) and Part B, often increase yearly, requiring beneficiaries to pay more before coverage kicks in. The Part B deductible increased to $240 in 2024, compared to $226 in 2023.
• Increased Out-of-Pocket Costs: Coinsurance and copayments for services like hospital stays, skilled nursing care, and prescription drugs can rise as healthcare costs climb, making it essential to plan ahead.

These increases can add up quickly, making it essential to explore cost-saving options such as supplemental insurance and Medicare Advantage plans. For the most up-to-date Medicare cost information, refer to the official CMS website http://www.cms.gov .

Supplemental Insurance Options to Lower Out-of-Pocket Costs

Medicare alone doesn’t cover all healthcare expenses, which is why many seniors turn to supplemental insurance plans to help manage costs. Some options include:

Medicare Supplement (Medigap) Plans

Medigap plans help cover costs such as deductibles, copayments, and coinsurance that Original Medicare doesn’t pay for. Benefits of Medigap plans include:

• Predictable out-of-pocket costs
• Freedom to see any doctor that accepts Medicare
• Coverage for emergency care while traveling abroad (depending on the plan)

Medicare Advantage (Part C) Plans

Medicare Advantage plans are an alternative to Original Medicare offered by private insurance companies approved by Medicare. These plans provide all the benefits of Part A (hospital insurance) and Part B (medical insurance) and may include additional benefits such as:

• Prescription drug coverage (Part D) bundled in
• Extra services like vision, dental, and wellness programs
• A network of healthcare providers that may offer coordinated care

Since Medicare Advantage plans vary in costs, benefits, and provider networks, it’s important to compare options carefully to determine the best fit for your healthcare needs.

Medicare Prescription Drug (Part D) Plans

Rising prescription drug costs can be a major concern for seniors. A standalone Part D plan or a Medicare Advantage plan with built-in drug coverage can help lower the cost of necessary medications. Choosing the right plan ensures coverage for the prescriptions you need at an affordable price.

Expert Advice from John Douglas Insurance’s Medicare Specialists

Plan availability varies by location and eligibility requirements. Benefits and coverage details depend on the specific plan chosen. Contact John Douglas Insurance for personalized assistance in comparing options.

Navigating Medicare options can be overwhelming, but you don’t have to do it alone. At John Douglas Insurance, our Medicare specialists are here to help:

• Review Your Current Coverage: We’ll assess your existing Medicare plan and identify potential cost-saving opportunities.
• Compare Plans: With access to multiple plan options, we can help find the best fit for your needs and budget.
• Explain Benefits & Costs: Our licensed agents will break down plan details so you can make informed decisions with confidence.

Take Control of Your Medicare Costs Today

Rising Medicare costs don’t have to put a strain on your finances. By exploring supplemental insurance options and working with a trusted expert, you can ensure you have the coverage you need at a price that works for you.

If you have questions about your Medicare options or want to explore cost-saving solutions, contact John Douglas Insurance today. Our team is ready to help Florida seniors find the best coverage for their healthcare needs.