While Hawaii is considered a dream destination for retirement and out of reach for most, when it comes to healthcare for retirees things are much cheaper.
Hawaii is on average 25% cheaper than the state of Florida, according to an online survey just released by Healthview Services.

The healthcare cost information provider found that Florida, Nevada, Maryland and Michigan were the most expensive states when it comes to healthcare for retirement and that Maine, Vermont and Hawaii were the least expensive.

The projected monthly cost for Medicare Part B and D, drug coverage as well as supplement insurance averages approximately $469 for those between 65 and 85 and living in Hawaii. In Florida, the monthly cost would be $634 with a projected difference over a lifetime of approximately $40,000.

For an American who is living on Social Security it is a huge difference, even for the wealthier retiree as they too do not want to spend any more than is necessary.

The biggest differential in the costs is the premiums for the supplemental insurance referred to as a Medigap coverage. Premiums for Part B are government set, while premiums for Part D are a small amount of the total.

Those people who have original Medicare opt to often times buy a supplemental insurance at a private insurance agency to cover their costs out of pocket that Medicare does not cover, like deductible, co-insurance and co-payments.

The premiums for supplemental plans for Medicare can go up over time due to the age of the participant and inflation.

Florida retirees might pay more comparatively for Medigap programs, but they do not necessarily receive additional coverage for that extra money they pay.

Nationwide 10 Medigap insurance levels are available. The federal government requires plans in each tier to provide a standard level of insurance coverage.

The price differential for premiums often reflects the regional cost of health care variations and the consumption. In places where more services are accessed by patients, more procedures are used and were those procedures and services are more costly, those factors then filter down to the patients in the form of higher premiums of insurance.

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