Medicare consists of different parts that cover various healthcare services. Understanding your options and choosing the right plan can save you thousands of dollars and ensure you receive the best healthcare for your needs. 

1. Understanding Medicare Parts (A, B, C, & D)

✅ Medicare Part A (Hospital Insurance) – Free for Most People

  • Covers inpatient hospital stays, skilled nursing care, hospice care, and some home health services

  • No monthly premium if you or your spouse paid Medicare taxes for 10+ years

  • Deductibles & coinsurance apply

✅ Medicare Part B (Medical Insurance) – Monthly Premium Required

  • Covers doctor visits, outpatient care, preventive services, and medical equipment

  • Monthly premium is income-based (standard amount for 2025 is $185/month)

  • Annual deductible ($257 in 2025) and 20% coinsurance for services

✅ Medicare Part C (Medicare Advantage Plans) – Private Insurance Alternative

  • Combines Part A, Part B, and often Part D (drug coverage) into one plan

  • Lower out-of-pocket costs than Original Medicare

  • Includes extra benefits like dental, vision, hearing, and wellness programs

  • Plans vary by provider and location

✅ Medicare Part D (Prescription Drug Coverage) – Optional but Recommended

  • Covers prescription drugs

  • Plans vary based on drug formularies, copays, and premiums

  • Late enrollment penalties apply if you don’t sign up when first eligible

2. Medicare Supplement Plans (Medigap) – Filling the Gaps

Medicare does not cover all costs, so many retirees choose Medigap plans to reduce out-of-pocket expenses.

Medigap vs. Medicare Advantage – What’s the Difference?

Feature Medigap Medicare Advantage
Provider Network Any doctor that accepts Medicare  Limited to plan’s network 
Monthly Premiums Higher premiums, but lower out-of-pocket costs  Lower premiums, but higher out-of-pocket costs 
Referrals Needed? No referrals required  Often requires referrals 
Drug Coverage No (requires separate Part D)  Usually included 

We help determine whether a Medigap or Medicare Advantage Plan is the best fit for your needs.

3. Enrollment & Avoiding Penalties

When to Enroll?

  • Initial Enrollment Period (IEP): 3 months before & after turning 65

  • General Enrollment Period (GEP): Jan 1 – Mar 31 each year (if you missed IEP)

  • Annual Enrollment Period (AEP): Oct 15 – Dec 7 (to switch plans)

Avoid Late Enrollment Penalties:

  • Part B Late Penalty: 10% increase in monthly premium for every 12 months you delay enrollment without creditable coverage

  • Part D Late Penalty: 1% of national average premium multiplied by the number of months you were without coverage

4. Personalized Medicare Planning Services

  • Medicare Plan Comparisons – We compare multiple insurance providers to find the best rates and coverage

  • Prescription Drug Plan Reviews – We ensure your medications are covered at the lowest cost

  • Medicare Supplement & Advantage Plan Guidance – Helping you choose the right coverage

  • Enrollment Assistance – Avoiding costly mistakes and penalties

Why Work With Florida Retirement Group?

  • Independent & Unbiased – We represent multiple top-rated insurers, not just one

  • Local & Personalized – Plans vary by region; we help you find the best plan in your area

  • No-Cost Consultations – You don’t pay us; we work to find you the best deal

Medicare Planning is a crucial part of retirement healthcare, and at Florida Retirement Group, we specialize in helping retirees and pre-retirees navigate the complexities of Medicare. Our goal is to ensure you get the right coverage at the best cost while avoiding penalties and unexpected expenses.

Have questions? We’re here to help you navigate these updates and ensure you’re in the right plan for your needs. Our partner, The US Retirement Education Association, offers educational Medicare 101 workshops nationwide.

Click here to find a workshop near you!

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