There are a number of questions surrounding Medicare, Medicare Advantage, and Medicare Supplemental Insurance Plans. One thing that we do know is that the federal government has decided that in the year 2020, Medigap Plan F and Plan C will no longer be available to new participants. Medicare Supplement Insurance Plan enrollees that are currently enrolled in either Plan F or Plan C will be allowed continue coverage under these two plans.
With these changes fast approaching it is critical that seniors turning 65 and enrolling in Medicare or if they are looking to switch Medigap plans within the next few years they must diligently scrutinize all insurance possibilities before two options are no longer available.
It has never been easy to choose a Medigap plan. With ten different options to cover the gaps found in Original Medicare, which consists of Medicare Plan and Plan B, there is a lot to consider. Many participants have leaned towards Medigap Plan F, as it covers the most medical costs but without this option in 2020 participants will have more to consider. Medigap Plan F does not pay dental, vision, or medicine however with premiums paid monthly, participants shouldn’t have to put any money out of pocket for doctors, tests, or hospitals. Even medical coverage overseas is partially covered with Medigap Plan F.
The federal government has decided to close out enrollment to popular Medigap Plan F and Plan C to help reduce spending on Medicare. This decision was made in 2015 by Congress. Even though Medigap plans are purchased through private insurance companies they are regulated by the federal government and Original Medicare, Part A and Part B, are provided through the federal government. Congress estimates that shutting down enrollment into Medigap Plans F and Plan C will reduce Medicare spending by about four hundred million dollars between 2020 and 2025.
Even though Medicare enrollees previously enrolled in Medigap Plan F and Plan C will still be allowed to continue coverage in these plans speculation is that the premiums for these plans will rise. An alternative to Medigap Plan F is Medigap Plan G. Medicare Supplemental Insurance Plan G offers comprehensive coverage equivalent to Medigap Plan F but requires participants to pay an annual deductible for Medicare.
It is important before committing to or switching to a different Medigap plan that you truly look into the options available. Even if you are enrolled in Plan F and you switch out of it, you will no longer be able to enroll in this coverage after it is shut down to new enrollment in 2020.
Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com. Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans. To talk to an expert in Medicare coverage toll free 877-202-9248 today!