If you’ve seen then news lately, then you know that there are big changes in Medicare supplement plans coming in 2020. This is why I’ve invited Danielle Roberts on the show today. Danielle is a Medicare Expert with Boomer Benefits. Boomer Benefits is a Medicare broker that can help you navigate the complex world of Medicare. Danielle is here today to walk us through the changes to one of the most popular Medicare supplement plans, Plan F. If you or your parents are dealing with Medicare you will definitely want to listen to this episode to help you navigate the upcoming changes to these supplement plans.How will the changes in #MedicareSupplementPlans affect you? Click To Tweet
Outline of This Episode
- [2:12] What changes are soon coming to Medicare?
- [4:58] How much more expensive is plan G than plan F?
- [6:00] What might happen to plan F?
- [11:31] What might happen if the pool gets unhealthier and unhealthier?
- [14:09] How can you switch plans?
- [17:22] What are some declinable health conditions?
What are the upcoming changes in Medicare supplement plans?
There are big changes coming to Medicare supplements C and F in 2020. Medicare supplement plans are also known as Medigap plans. They cover the gaps that Medicare doesn’t cover. Plan F is the most popular supplement plan in the nation. It currently pays 100% of the costs that Medicare doesn’t cover. Recently Congress passed a bill that will make everyone have to pay a copay. So, beginning in 2020 new enrollees won’t be able to purchase plans C or F.Find out what could happen to beloved #MedicareSupplement #PlanF on this episode of #RetirementStartsToday with Danielle Roberts from @BoomerBenefits Click To Tweet
What is the next best choice in Medicare supplement plans?
If you are on Medicare prior to January 2020, even if you aren’t currently on plans C or F you will still be able to buy them but you may want to switch if you are on these plans. Going forward, the plan with the most benefits will be plan G. Plan G is the plan that is most like plan F but it carries a small deductible. The rates vary from state to state but switching to plan G may save you between $20-300 per month.
What might happen to plan F?
Many people may still want to stay on plan F even after these changes occur, but you may want to consider how these changes could affect current policyholders. Without newer, healthier people being able to opt in to plan F there is a fear that the rates will begin to quickly increase. Rate increases are currently between 3%-12%, but without a healthier population to join the pool the rate increases may begin to rise 15% a year. This happened when they discontinued plan J. If this is a concern for you, Danielle advises to switch to plan G or N since these plans will still be around.Do you know how to change your #MedicareSupplement plan? Find out how on this episode of #RetirementStartsToday with Danielle Roberts from @BoomerBenefits Click To Tweet
How can you switch Medicare supplement plans?
If these changes will affect you or a loved one and you would like to switch plans then you should reach out to a Medicare broker such as Boomer Benefits. You can start by asking for a quote for rates in your area for plans G or N. Have the broker read the enrollment questions to you over the phone. You will need to be able to answer no to most questions. If your answers are no, then you don’t have any declinable conditions. Listen to this interview with Danielle Roberts to find out what conditions may be declinable.
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