As many of you know, there are changes coming to Medicare supplement plans effective January 1, 2020. While that may seem like a long time off for some, the wise would go ahead and start educating their consumers.
Plan F is the most popular supplement plan in the US, by far. This is mainly because plan F offers first dollar coverage. While this is a huge benefit to the applicant, Medicare feels it causes abuse in the system. This is why effective January 1, 2020 Medicare Supplement plans F and C will no longer be available to market to those just turning 65 and aging into Medicare.
Anyone who is enrolled in Medicare prior to January 1, 2020 will still be able to purchase and switch from carrier to carrier plan F and plan C supplements. Those aging in January 1, 2020 or after will not have the options of plan F and C.
There are currently differing opinions about what effect this will have on current blocks of Plan F business after January 1, 2020. Some believe rates can and will be kept steady, while others believe the rates will go up quickly since there will be a much smaller group of new Plan F owners.
Others believe the rates will go up quickly since there will be a much smaller group of new Plan F owners.
For those turning 65 January 1, 2020 or after, the most comprehensive plan will be plan G. And G will be guaranteed issue (which currently it is not). In addition, there will be a high deductible plan G.
These changes have been confusing to agents I have spoken with, so please give us a call at 888-622-9122 if you need clarity. We are here to help you navigate through these changing currents.
[…] required. Congress made one change to Medicare Supplement Insurance worth noting. If you become eligible for Medicare after January 1, 2020 you cannot purchase a plan that provides coverage for the Part B deductible. This means that you […]