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Attention to Date: In 2020 Medicare beneficiaries who don’t already have what’s known as Medigap Plan C or Plan F insurance will not be able to purchase it because the federal government will be closing those plans to new enrollments.
If you are age 65 now, or will reach age 65 between now and January 1st, 2020, you can still sign up if you qualify because you will be in your Open Enrollment Period or if the insurance company admits you.
What are Medicare Supplements Plans?
Medicare Part A and Part B help beneficiaries pay for many health costs, but they do not pay for everything.
Not all medical services are even covered by either Part A or B.
Even covered services might still include copays, deductibles, and coinsurance costs.
Many Medicare beneficiaries would rather predict and control their health costs, and that is why they purchase Medicare supplement plans.
Supplements work with Original Medicare to fill in payment gaps for Medicare Approved Services, and that is why they also are sometimes called Medigap plans.
Even though private companies market these plans, they are standardized into a variety of distinct benefit levels, and this makes them easier to understand than some types of long term care or health insurance plans that are not standardized at all.
The Most Popular Plans:
The most popular Supplement policies are Plans C and F.
Although these policies do not cover vision, dental or prescription drug costs, they do cover most medical expenses.
Plan F is the more expensive of the two, but very popular since it covers 100% of all Part A and Part B deductibles and co-pays.
However beginning in 2020, these policies will not be sold to new enrollees, but they can be renewed.
Existing policy holders will still be able to renew these popular plans and retain what is known as “first dollar” protection.
With the changes that are coming for these popular Supplement plans it is crucial for beneficiaries to act deliberately now so they do not end up locked out of a plan they really wanted, or to get stuck in a plan they do not want.
With the tools we have available to you, we can help you find the most appropriate coverages at the most economical prices to meet your health care needs.
Call one of our trusted specialists to assist you today.
Or if you have a Medicare Advantage Plan you can:
- Switch back to Original Medicare
- Switch from one Medicare Advantage Plan to another Medicare Advantage Plan
- Switch from a Medicare Advantage Plan that doesn’t have prescription drug coverage to a Medicare Advantage Plan that does have prescription drug coverage.
- Switch from a Medicare Advantage Plan that does have prescription drug coverage to a Medicare Advantage Plan that doesn’t have prescription drug coverage.
- Or you may choose to keep your current plan. Again, it is strongly suggested that you check into other plan options during this time period.
You will want to keep in mind some things that we find to be vitally important when it comes to choosing and considering plans.
- Cost
- Coverage
- Quality
- Convenience
Give one of our trusted experts a call! We can help you find the plan that is best for your finances, gives you the coverage you need and desire, and that is of good quality and with the convenience you desire from your health care.
