Offered by: Jennifer Bell – Bell Benefits, LLC
You may have heard that the Medicare Supplement Plan F is no longer available. There is some truth to that but let me clarify. Folks who became eligible for Medicare on or after January 1, 2020 cannot get the Plan F. Those who were on Medicare prior to January 1, 2020 can.
But what does all this mean anyway???
Insurance companies like to compartmentalize their plans. They might offer a variety of Medicare Supplement plans but they put each policy into its own bucket. If the bucket is full of clients, the monthly premiums stay very stable. If the bucket starts to lessen, then the premium can be effected. Where a person might have had 5-8% annual rate increases from their plan, they might start seeing 10-13% rate increases when fewer people are in the bucket.
Right now, the State of Colorado is offering a Special Enrollment Period for folks who have an active Medicare Supplement Plan F. They have made it so folks with the Plan F can move to a Plan G and avoid going through the underwriting process. This could be a great opportunity for folks who want a lower premium but still want to keep the same basic coverage as their Plan F. In some cases, I have saved individuals $50-$120/month.
What’s the catch you might ask? The only difference in coverage: you become responsible for the Medicare Part B annual deductible. Currently this is $203 for 2021 but it can change each January. Once you meet this annual deductible, the Plan G picks up the rest of the expenses much like the Plan F. You don’t have to change doctors or hospitals. If they take your Plan F now, they will also take your Plan G.
I understand this can cause some other questions and I am happy to help you work through any thoughts you might have about making the change. Just let me know how I can help: 720-626-6524