The most popular Medicare supplement plan in the nation Medigap is Plan F. The reason is simple. Plan F currently covers most of the Medicare spending done out-of-pocket.
However, there could be changes made to Plan F. The changes, as well as the changes Medicare has made under the Affordable Care Act, mean that Medigap customers will have to look around from 2012.
A Medicare Supplement Policy, such as Plan F, for many people, is still a great way to cover for coinsurance, deductibles, co-pay, and other outlays that Medicare does not cover. As a matter of fact, there are now two new Medicare supplement policies, M and N, so you have even more options to save.
As we speak, Plan F still offers the greatest protection against expenses. But if Capitol Hill legislators continue to see Medicare Supplement Policies and Plan F in particular as a place to cut costs, consumers should start thinking about a way around it.
The most important thing is to understand exactly what is available to you. This can be difficult as not all insurance companies offer all Medigap plans, and offers vary by state. In addition, Plan F is also available in some areas as a highly depreciable plan. This means that you pay a lower monthly premium, but you have to pay a deductible of around $ 2,000 before the plan pays anything.
As there are very many possible changes on the horizon, there are a number of options you might want to look at:
Congress continues to explore ways to reduce spending, including changes to Medicare supplement policies. One proposal is for Part B premiums to be increased by up to 30% for anyone offering a medigap plan such as Plan F. However, until the Congress enters into force, Plan F remains unchanged and offers solid protection against out-of-pocket costs. So, if you’ve ever considered buying Plan F, maybe now is the time before anything will change.
It’s worthy of note that Medicare Supplement Plan F in a few years may be deprecated. As a covered benefit, Medicare Supplement plans may not include the Part B deductible, beginning from 2020. As the Medicare Supplementary Plan F presently covers this benefit, it is possible that Medigap Plan F will be discontinued (at least in its current form).
If you currently signed up for Medicare Supplement Plan F and wish to retain this coverage, talk to your insurance firm about how these upcoming changes can affect you. For the time being, it’s important to continue paying your plan premiums, and keep in mind that if you decide to leave your Medicare Supplementary Plan F, you may not get it back. You may not be able to sign up for Medicare Supplement after your Medigap Open Enrollment period has expired if you do not have guaranteed rights.
Now that Medicare offers more coverage for preventive services, you may not need the full coverage Plan F offers. With nine other plans, including the new Plans M and N to choose from, there may be other Medicare Supplement policies that meet your needs as well or better than Plan F.