What does this mean for you? If you already have a Medigap Plan F or are considering getting a Medigap Plan F, you should be aware of the new law that went into affect on April 16, 2015. There are several provisions in the law (which can be found HERE), but section 401 of the new law is one that you should understand. Essentially, the federal government is no longer allowing newly eligible beneficiaries to obtain a Medigap policy that covers the Part B (Medical) deductible ($147/year in 2015). So Plan F will no longer be available starting January 1, 2020. The Good News... If you have Plan F already, you can keep it and will not be forced to move to another plan since this only affects newly eligible Medicare beneficiaries. The Bad News... The Plan F premium rates will be increasing at a higher rate than the other Plans that are not impacted. Why is this? Each plan is individually rated based on the costs (e.g. claims processed) for that particular plan. So, after 2020, when Plan F is no longer accepting new applicants, the pool of Plan F members will begin to age more so than other plans, which will drive higher proportionate claims cost and thus drive up the premiums for Plan F. So what should you do?We recommend the Medigap Plan G, which has:
Act Now... If you are healthy, it is important that you act now since you will have to go through medical underwriting in order to switch your Medicare Supplement Plan. If you wait until a later point, you risk potential health issues that could prevent you from changing your Supplement plan. Get a Plan G Quote or Call Now to see if you qualify for a Plan G Moorestown Office - 856-866-8900 Cranford Office - 908-272-1970 Regards, Douglas Lubenow President, Senior Advisors info@senior-advisors.com
10 Comments
Wanda Smithoeters
10/27/2016 02:04:01 pm
Price guide for plan G and F for someone turning 65 in April 2017. And my husband who has been carrying both our insurance through his work will also be getting plan F or G at the same time.He will be 68 in Feb 2017. He has carried creditable insurance through his work for both of us , has part A and will get B at the time we sigh up for F or G. Is there a discount for two ?
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10/27/2016 02:27:17 pm
Hi Wanda,
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ROY VEGA
12/14/2016 04:44:28 pm
DOES THE LAW ALLOW FOR A GUARANTEED RIGHT TO TRANSFER OUT OF A PLAN F TO ANOTHER MEDIGAP PLAN WITHOUT UNDERWRITING WHEN IT TAKES EFFECT 2020 OR WILL ALL PLAN F'ERS BE STUCK WITH THE "DEATH SPIRA"L?
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Justin Lubenow
12/14/2016 05:46:33 pm
No, you will not get Guaranteed Issue to get out of a Plan F. This is a similar situation to people that have a Plan J or Plan I right now (youngest person is 72). If they are healthy, they are able to get out into another plan; if not, they keep their Plan J or Plan I.
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Francis
12/7/2017 08:35:07 pm
Does it not seem fraudulent to say that a person has guaranteed access to any plan initially without a health check, but then freeze the chosen plan without the right to switch without a health check ?
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Justin Lubenow
12/7/2017 08:41:19 pm
Hi Francis. This is not fraudulent - it’s actually part of Medicare law, called the Medigap Open Enrollment period. This is a 6-month timer that starts when Part B starts which allows an individual an opportunity to get any Medigap plan with no medical questions. To clarify, the individual is not “frozen” in the plan. They always have the option to drop their plan or they could switch to a Medicare Advantage plan with no medical questions (during Annual Enrollment).
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Ray
4/20/2019 11:30:02 am
I am a 52 year old male with Myeloma (incurable bone/blood cancer). After two years of Social Security Disability, I will be eligible for Medicare as of Nov. 1, 2019. In short, I have had, and anticipate, enormous medical costs each year and for the foreseeable future, making Plan F or G tempting to me.
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Justin Lubenow
4/25/2019 08:03:23 pm
Hi Ray - thanks for your note. Depending on which state you live in, you may have limited options for which Medicare Supplement Plan you will be able to enroll in pre-65. For example, in NJ the ONLY option currently for individuals under age 65 in Medicare Supplement Plan C.
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8/22/2019 11:24:52 am
I have plan f now and I’ll be 67 October 2 2019. Does this mean I can no longer get plan f and or does this mean plan f is going up again? If I have to go to plan g how much will it cost me per month and won’t I have to put out of pocket to go to the doctors?
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Justin Lubenow
8/22/2019 01:41:27 pm
Hi Patrick,
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