MONDAY, MAY 23, 2016
Plan F in 2020
Due to recent changes coming up for Plan F in 2020, I hear more and more questions and concerns from seniors regarding the future of Plan F. Some of the questions include: Will I be dropped from Plan F in January, 2020? Is my premium going to increase by a lot?, Will I be able to switch to another supplement plan? These are some of the typical questions I hear from clients and wanted to take a few minutes to answer these questions and hopefully provide some useful and valuable information for seniors who are dealing with these changes.
Let's tackle each one of those questions individually.
1. Will I be dropped from Plan F in January, 2020?
No. Once you have Plan F and you continue to make your monthly premiums, you will not be dropped out even after January 1st, 2020. Plan F will no longer be offered to new seniors who qualify for a Medigap plan but if you already have Plan F, you will be grandfathered in.
2. Is my premium going to increase by a lot?
Anyone who has a Medigap plan for at least 2 years has experienced an increase in monthly premium anywhere between 2-7%, depending on the insurance carrier. However, since no new people will joining in a Plan F after 2020, chances are that if you already have a Plan F and cannot switch, you may experience higher increases in monthly premiums. It's just the law of large numbers!
3.Will I be able to switch to another supplement plan?
The answer is yes. However, you have to pass underwriting. You may be denied if you experienced a recent major health issue in which case you will have to keep your existing plan.
If you have further questions about plan F and changes coming up in 2020, you can always contact
Medicareline Insurance in Colorado
Phone: (719) 360-2795
An article by John Balota
Owner of Medicareline Insurance
Posted 5:06 PM