Plan G and Plan G High Deductable
Plan F is no longer available. Effective January 1, 2020 Plan F is no longer available to newly-eligible Medicare beneficiaries.
What does this mean for you? If you already have Plan F, you should be aware of the new law. The federal government no longer allows newly-eligible beneficiaries to obtain a Medicare Supplement that covers the Medicare Part B deductible effective January 1, 2020.
The good news: If you already have Plan F, you can keep it and will not be forced to move to another plan since this law only affects newly-eligible Medicare beneficiaries.
The bad news: In the future, the Plan F premium rates will increase more quickly than the other plans. Why is this? Each plan is individually rated based on the costs (e.g., claims processed). After 2020, when Plan F is no longer accepting new applicants, the pool of Plan F members will begin to age more rapidly than other plans, which will result in higher proportionate claims costs and thus drive up the premiums for Plan F.
So what should you do? Most experts recommend Plan G and Plan G HD. ♦ provides the same coverage as Plan F, except for the policy deductible.
Act now: If you are healthy and over age 65, it is crucial that you act now since you may have to go through medical underwriting to switch your Medicare Supplement Plan. If you wait until a later time, you risk potential health issues that could prevent you from changing your Supplement Plan.