For over fifty years, Medigap Plan F was the insurance supplement for coverage that Medicare part B doesn’t indemnify. For those seniors who have Plan F, they can continue to purchase its coverage. But for new retirees turning age 65 after January 1, 2020 Plan F will no longer be available. Plan F was known as the “Cadillac Plan” of supplemental insurance because of its comprehensive coverage and no deductible, no co-pay and no co-insurance.
After 2020, seniors new to Medicare will more than likely purchase supplemental Plan G, which will be the most comprehensive plan with a deductible. Plan G doesn’t have medical requirements whereas Plan N has health qualifications.
Medicare part B premiums are tied to legislation and have historically experienced slight increases over the years. Plans F, G and N experience annual increase calculated by individual insurance company claims and medical inflation.
Using an experienced Medicare agent could assist you in selecting the best supplemental insurance plan for you and your spouse so you can manage medical cost containment in retirement. Keep in mind that whether you purchase your Medigap plan online or through an agent the premiums are the same.
Vetting your Medicare agent is a bit easier online through their web sites, articles and LinkedIn bio. There are also independent marketing organizations that have quality representatives with access to the inventory of medigap products.
Lightbulb Press contributions are published with permission.
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