Is Medicare Supplement (Medigap) Plan F Really Going Away?
Medicare Supplement Plan F is considered the most comprehensive plan among all 10 Medicare Supplement (Medigap) policies. This plan is especially beneficial for people who want their out-of-pocket expenses covered. Other things that Medigap Plan F may cover are:
• Part A coinsurance and hospice care • Part A deductible • Part B copayment and coinsurance costs • Part B deductibles • Other Part B charges
Is Medicare Plan F Going Away?
Congress is having Plan F discontinued. So yes, Medicare Plan F will phase out, but you don’t need to panic - at least until 2020. These Medicare changes are not going to affect everyone. Those people who were eligible for Part A before 2020 will be able to enroll in options like Plan C and Plan F later on.
Every now and then, Congress decides to change the Medicare supplements plan. It was in 1990 when they first standardized the plan options. Then in 2010, they eliminated plans like E, H, I and J. Now, they plan to discontinue the Medigap Plan F.
Since it is going to phase out in 2020, you have some time on your hand to think about it. Choose the best coverage, which will benefit you the most, right now. If you want to choose Medicare Plan F, then go for it. If you are aware of the rates of Plan F, which will increase every year, then consider your budget.
Why and When Will Plan F Be Discontinued?
Medicare Plan F will be phased out in 2020 as a result of Medicare Access and CHIP Reauthorization Act (MACRA) of 2015. Doctors are usually paid only 80% by Medicare as compared to other private health insurances, hence, this legislation was passed by the Congress to ensure they would be paid better that’s why Congress is having Plan F discontinued.
Everyone wants to see the doctors being paid fairly because of how hard their work is, but due to some laws that were placed earlier, this was not happening. They needed a solution in which doctors would not bail out of Medicare program. So they decided to make changes to the existing Medigap policies. That’s why they are having Plan F discontinued.
Will You Be Able To Keep Medigap Plan F If You Already Have It?
By the time 2020 comes, anyone who is already enrolled in the Medigap Plan F, will not be kicked out of it. You will be able to continue your coverage after 2020 as well as buy Plan F policies from other carriers.
Back in 2010, when Plan H, Plan I and Plan J were discontinued, some carriers did increase the price of the Plans for those who were already enrolled in those Plans when 2010 arrived. Some people are worried that this might happen with Plan F as well but they shouldn’t. While it is true that the price may go high, but not every carrier or every state will do so.
Will Anyone Be Eligible After 2020?
No one will be eligible for Medicare Plan F after 2020. This means that it would not be accepting new enrollees. However, new buyers will be able to buy Medigap Plans C or F. To help understand better, read the following:
- If you have already Plan F when 2020 comes, you will be able to keep it.
- If you were eligible for Medicare before January 2020 arrived, you will be able to buy Medicare Supplement Plan F and Plan C.
- If you are eligible for Medicare on January 2020, or even later than that, you will not be able to buy Plan F or Plan C.
How Much You’ll Pay For Your Medicare Part B Deductible
In 2018, the annual fees for Part B deductible are $183. Both Medicare Part A and B have deductibles. Those are the amount of money that you have to pay out of your pockets. As it is already mentioned that Medigap Part A covers the hospital deductibles, but after 2020, it will not be covering Part B deductibles for people who are new.
Alternative Options Include Plan G
If you will not be able to enroll in Medigap Plan F, you can always consider buying Plan G. Medicare Supplement Plan G covers almost everything Medicare Plan F covers, except for Part B deductible. Plan G covers the following areas:
• Medicare Part A deductible • Medicare Part B extra charges • Part B coinsurance • Part B copayments • Part A hospital coinsurance and hospital costs • Skilled nursing facility • Emergency assistance outside the US
Enroll Before The It’s Gone FirstQuote Medicare
FirstQuote Medicare is a one-stop shop for all your medical insurance needs. You can get all the assistance you need online on the website. We also provide you with comparisons on quotes for Medicare Supplement plans in your area. So enroll before the deadline so you don't miss out on something very important for your health!