Let’s talk about Plan F and what is happening with it in 2020.
If you are currently on Plan F, the changes will not directly affect you. Staring in 2020, new members to Medicare will not be allowed to enroll in Plan F.
Economics would indicate that the cost of Plan F will continue to increase due to the aging of its existing members. Additionally, there are plans with coverage similar to Plan F that cost less.
How do the changes in Plan F affect me?
The plan itself is not going to change. What is going to happen is that in 2020 no one will be able to BUY Plan F again. People that are already on there can stay, so you really don’t HAVE to do anything. However, there are a few things that people should know about.
- According to the experts, Plan F will probably be going up in price because new people cannot buy into it
- The cost of Plan F will increase due to the aging of its existing members
Can I change my plan?
You cannot arbitrarily change from Plan F, however there are several qualifying circumstances that allow you to do that now.
- When you’re first eligible for Medicare, at age 65, you’re automatically available for a supplemental policy, such as Plan F. This special election period will be eliminated in 2020.
- You can change from Plan F if you are healthy
- You can change from Plan F if you have a special exception, such as you move
- There are numerous exceptions, visit with a licensed agent to see if you qualify
What are my options?
I haven’t sold a Plan F for a few years now. Instead, I put my clients into Plan G. Plan G does everything Plan F does, except one element – with Plan G you have a one time per year deductible – currently $185/year. However, the deductible is offset by Plan G being generally less expensive than Plan F by at least $30 per month.
You can switch your plan at different times, depending on your exceptions. To start with, we’d have you fill out the questionnaire concerning your current medical status. (Can we link to it so they can download, print, fill out and bring to you?)
Just because you say “no” to everything on the questionnaire doesn’t mean you are guaranteed the supplement insurance. We have to submit it to the company and they have to approve everything, just like with a insurance policy.
Other items to consider are:
- You can make a change anytime you want to if you have a supplemental plan.
- You may want to wait until the annual enrollment period begins and enroll in an advantage plan.
- Advantage plans have copays and coinsurance, but there’s zero premium
When is open enrollment?
Open enrollment runs October 15 through December 7, 2019.
Green Valley Senior Solutions – Finding What’s Best For Our Clients
This business is called Senior Solutions because we try to offer free advice to anybody who comes in the door. Jim personally has 50+ years experience with careers as a financial advisor, city manager and more. He tries to use his experience to assist other people, whenever he can.
At Senior Solutions, we have a great team of people who are very knowledgeable. We all work together on situations where we find out answers that no one else had found the answer to.
Call 520.393.3704 TTY 711 for your free, no obligation consultation with one of our licensed agents.
Ranger suggests you talk to a qualified Medicare agent today about how these changes may affect you.