You may have heard about some upcoming changes to Medicare supplement plans.
Will Plan F go away?
Let us take just a minute to give you an overview of what you need to know about the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA).
MACRA is a federal law that takes effect January 1, 2020, that affects what Medicare supplement plans are available to people who are newly eligible for Medicare (i.e. those turning 65 after that date).
When MACRA takes effect, people aging into Medicare will not be able to buy a plan that covers the Part B deductible. In other words, Plan F will no longer be available.
What if I already have Plan F? Will I have to change?
If you enrolled in Medicare prior to January 1, 2020, the new law will have no impact on you whatsoever. If you currently have Plan F you will be able to keep it. Yay!
So Plan F is not going away if you already have it.
But if you’re enrolling in Medicare beginning January 1, 2020, it will not be an option for you.
What’s the best alternative to Plan F?
A majority of people who enroll in a Medicare Supplement plan choose Plan F. The alternative that is gaining ground now, and will almost certainly be the most popular option in 2020, is Plan G.
Plan G covers everything covered by Plan F except the annual Part B deductible, which is currently $185. And the good news is that Plan G is usually significantly cheaper than Plan F.
Need help enrolling in Medicare?
AC Forrest will be happy to help you understand Medicare and figure out what you need to do. Contact us today to get started!