December 14, 2018 Medigap 0

When you are purchasing a Medicare supplemental policy it is crucial that you use care when making your selection, especially over the next few months.  At the end of 2019 certain Medigap plans will no longer be available.

 Medigap Plan F, which is known as the premier supplemental insurance plan, will no longer be available for new enrollees.  Medigap Plan F is currently the most comprehensive supplemental insurance plan available for purchase.  If you are a Medicare beneficiary that doesn’t want any healthcare cost surprises, then this is the ideal plan for you, but it all ends at the end of 2019.

Even though Medicare Supplemental Insurance Plan F will no longer be available after the end of 2019 for new enrollees eight different options in Medigap will be.  Participants that are enrolled in Medicare Plan F before the cut off at the end of 2019 will still be allowed to continue coverage.  Industry experts are predicting that the premium of Plan F may make it so that it is not cost effective and participants would be better off enrolling in Plan G. 

Currently Plan F is the most expensive Medigap plan available.  Medicare enrollees are willing to pay top dollar to be enrolled in this plan because they can see any doctor and go to any hospital that accepts Medicare patients without having to worry about a surprise bill after. With Medigap Plan F there is no deductible, no co-pay, or coinsurance. The next closest Medigap policy to Plan F as far as coverage goes is Plan G.  The only difference as of right now is that there is a deductible that enrollees must cover at the beginning of every year.

Rates for Medicare Supplemental Insurance differ state to state and between insurance companies as well. In the last few years the lower costs associated with Medigap Plan G have been drawing beneficiaries of Medicare away from Plan F.  Although a number of predictions have been made as to the effects that eliminating Plan F will have on Medigap, we won’t know for sure until the change goes into effect at the end of next year.

Some thoughts are that in 2020 Medigap Plan G rates will jump as all new enrollees will be accepted regardless of their health.  Another thought is that the participants still enrolled in Medigap Plan F after they stop accepting new patience’s at the end of 2019 will have to pay more for the same coverage.  Without enrolling healthy young people to help offset the costs, sicker people will make up the majority of enrollees.  In order to cover Plan F the premium that it paid will increase.

The experts at eMedigap Plans, powered by Omega, have all the answers you are looking for when it comes to your Medigap Supplemental Insurance needs.  More information can be found at https://emedigap-plans.com.