Here's what you need to know about Plan F going away

The Plan F traditional medicare supplement is going away as of January 1st, 2020, so where does that leave you?

First off, what is the difference between a Plan F, G, and N?

• These are the top three medicare supplement plans that we sell to our clients, and they offer different types of coverage. The Plan F is the most comprehensive of all plans, and covers the Part A & B deductible, all co-payments, and any excess charges. As long as you pay your monthly premium, all Medicare-approved bills will be paid 100%.
• The Plan G is the second-most comprehensive plan, and offers the same benefits as the Plan F, except it does not cover the $185 (2019) annual Part B deductible. Once you settle your deductible, the Plan G acts as a Plan F, and your Medicare-approved bills will be paid 100%.
• The Plan N is the least comprehensive, which does not cover the Part B deductible, Part B excess charges, and has co-payments to doctor and hospital visits.

So after all that... Where do you stand?

The Plan F Medicare Supplement will be going away as of January 1st, 2020 to those who qualify for Medicare January 1st, 2020 or later. If you were eligible for Medicare before January 1st, 2020 or if you already have a Plan F supplement, you can keep it and/or buy a Plan F after it goes away for new Medicare members. Every member already on Medicare will be grandfathered in, and will have the Plan F supplement available to them, so no need to worry. 

For those going on to Medicare in 2020... Are you missing out?

Not exactly. Although the Plan F supplement is the most comprehensive and easiest plan to manage, the premiums are higher than those on a Plan G supplement. The only difference between a Plan F and the Plan G is that the Plan G has a $185 annual deductible, and by paying the deductible yourself, you save on your monthly premium. Medicare keeps track of how much you owe on your deductible and you will pay 20% of each outpatient bill until you satisfy the $185 deductible. After that, you pay your monthly premium and all Medicare-approved bills will be covered 100%. So if you are able and willing to pay your 20% until you satisfy the annual deductible, it will save you money on your monthly premium.

So what should you choose?

Deciding on a plan is a hard choice, and completely different for each individual.
If an individual has enough income to cover the Plan F premium and feels more comfortable with their supplement paying their annual deductible, then the Plan F might be the right choice. 
If an individual is able to pay their share of the bill until they satisfy the $185 deductible and wants to save money on their monthly premium, the Plan G might be the right choice.
Finally, if an individual wants a lower monthly premium and is content with paying the annual deductible, excess charges, and co-payments, then the Plan N might be the right choice.  

Going on to Medicare is a huge step in your life, and you being protected is our number one priority. If you, unfortunately, end up finding yourself in the hospital or having major medical work done, the last thing you want to worry about is how big the bill is going to be and how much you have to pay. We are here to help you find the right plan and make sure you have a little less to worry about.