Do elephants fly? The answer is “no” (sort of) for customers eligible for Medicare before January 1, 2020
If you rely on Medicare’s extremely popular Plan F as many new members do, you may have heard about new legislation affecting both Plans F and C. It’s called the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) and here’s what you need to know:
Anyone eligible for Medicare Part A before January 1, 2020, can enroll in Plans F or C even after 2020 and can keep their plans as long as they choose. Pricing after that date may be a concern as insurance providers are currently in the process of increasing premiums to reflect post January 2020 prices.
Anyone who becomes eligible for Medicare Part A on or after January 1, 2020, will not be able to purchase Medicare Supplement Insurance Plans F or C. Medicare Supplement Insurance Plan G will be available for all applicants in time for a January 1, 2020, effective date.
Insureds already enrolled in Plans F and C don’t need to take any action. Plans F and C will still be available for consumers eligible to purchase them in 2020 and beyond.
Supplement Insurance Plan annual rate increases have been 2.9% on average nationally (varying by specific plan, state and year).
What are the differences between Plans F and Plans G?
It is important to remember that despite the different costs under Federal law all Plan F or Plan G plans are exactly the same. Why the difference in cost? Well, the biggest difference is in the servicing of the contract. However, since each plan is designed to be almost trouble free, that would seem to be a non-issue. The only real difference is from whom you obtain the plan -- an agent or an advocate.
Plan F has a lot in common with Plan G, but Plan F covers the Part B deductible which is $183 this year. This means the first $183 in a doctor's office or outpatient lab tests would be borne by the patient.
Members can choose any doctor or hospital that accepts Medicare patients.
Valid anywhere in the U.S.
When will Plan G be available in my state?
At this time, starting July 1, 2017 patients can enroll in a Plan G in 38 states across the U.S. with more states to come before the January 1, 2020 cut off date.