What Happens When Medigap Plan F Goes Away in 2020?
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What Happens When Medigap Plan F Goes Away in 2020?
The Medicare Access and CHIP Reauthorization Act of 2015 states that, after January 1, 2020, insurance companies can no longer offer any new Medigap plan that covers the Original Medicare Part B deductible. On that date, insurance carriers cannot offer Medigap plans C and F to new enrollees. Learn what this means for you and what is the best alternative to plan f.
Transcript:
Medicare Supplement Plan F is the most comprehensive and most popular of the 10 Medigap plans. It’s more expensive, though, because it covers more of your out-of-pocket healthcare expenses.
If you choose Plan F for your Medicare Supplement insurance, you won’t have to pay for deductibles, coinsurance, and copayments for expenses related to doctor’s visits, getting blood drawn, staying in the hospital, or even needing skilled nursing care.
WHAT HAPPENS WHEN MEDIGAP PLAN F GOES AWAY in 2020?
The Medicare Access and CHIP Reauthorization Act of 2015 states that, after January 1, 2020, insurance companies can no longer offer any Medigap plan that covers the Original Medicare Part B deductible. On that date, insurance carriers cannot offer Medigap plans C and F.
If you already have Medicare Supplement Plan F, you can keep it. The act only affects new Original Medicare enrollees.
While the elimination of Medigap Plan F might seem like a bad thing, you can find a very close alternative in Medigap Plan G. The two plans are identical except that Plan G doesn’t cover the Part B deductible. It’s also less expensive.
DO YOU HAVE GUARANTEED-ISSUE RIGHTS?
If your Medicare Supplement Plan F policy gets canceled, you typically have guaranteed-issue rights as long as the loss wasn’t your fault. You can’t control whether an insurance company goes bankrupt or doesn’t have to abide by guaranteed renewal, so Medicare doesn’t punish beneficiaries in those situations.
If you lose your Medicare Supplement insurance because you didn’t pay your premium or because you provided false information, however, you probably won’t have guaranteed-issue rights. You can still apply for a new Medigap plan, but that insurance carrier can deny your coverage or charge you a greater premium.