By Deana Lemmon, LTCP
Medicare Supplement Insurance, also referred to as Medigap, is an insurance policy sold by private companies.
The purpose for purchasing such a plan is that it will pay for some of the costs that original Medicare does not pay for – deductibles, copayments and coinsurance.
“Medicare supplements are a great option for Medicare eligible people to consider in their planning,” says Deana Lemmon, long-term care professional at Sarvey Insurance. “Medicare supplements offer a broad range of choices that help us customize your healthcare coverages.”
After Jan. 1, 2020, one of the most comprehensive Medicare Supplement options – Plan F – may no longer be available for Medicare eligible individuals.
According to congress.gov, beginning in 2020, Medicare Supplement plans that pay the Medicare Part B deductible will no longer be sold to those newly eligible.
“The Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) includes this change to Medicare Supplement Plan F,” Lemmon states.
If you become eligible for Medicare in 2020 or later, although you may not see Medicare Supplement Plan F as an option, you may be able to buy a very similar plan to help manage your medical expenses.
“The good news is that Plan F is still being sold by many of the companies that we work with here at Sarvey Insurance in 2019;” Lemmon declares, “No two people are the same – that’s why we customize our client’s coverages to their unique needs and budget.”
Medigap policies are guaranteed renewable no matter what your health situation is – as long as you pay your premium, the company cannot cancel your policy.
As of Dec. 31, 2019, Medicare Supplement Plans C and F are being eliminated. “If your Medicare Part A and Medicare Part B start by Dec. 31, 2019 – and have Medicare Supplement Plan C or F – you may keep it,” says Lemmon.
Those with current Medicare Supplement plans may also switch to a different company as long as you medically qualify, or make the change during Open Enrollment or Guaranteed Issue time.
“Educating yourself about your Medicare options is critical;” states Lemmon, “whether you opt to research online or sit down with a professional like myself, it is important to know that things are changing.”
If you enroll in Medicare on or after Jan. 1, 2020, you will not be able to purchase Medicare Supplement Plans C or F. For the moment, those eligible for Medicare Supplements still have more options, but change is on the horizon.