Should I Keep Plan F?
Should I keep Plan F?
Medicare Bob does not recommend you keep Plan F, and here’s why: with no one new coming into Medicare Supplement Plan F, it’s going to become an aging block of business. In other words, only older individuals past the age of 65 will be able to get it. As a result, none of the new Medicare enrollees can join the plan, and the older seniors who have it make more claims. Consequently, supplement insurance companies must charge higher premiums to cover the increased costs.
Who Can Keep Plan F?
Only Medicare beneficiaries who had Medigap Plan F on or before January 1, 2020, can keep it. However, if you did not have Plan F on or before January 1, 2020, it is not available to you. Please consider shopping for a more affordable Medigap plan, such as Plan G.
When you purchase Medigap Plan G during your initial open enrollment, you do not have to qualify medically. However, if you switch Medigap Plans, you will need to pass medical underwriting.
Discover how Medigap Plan F compares to Plan G.
Why choose Plan G over Plan F?
There are three main reasons Medigap Plan G may be a better choice than Plan F.
Simple Math: Medicare Supplement Plan F can cost $600 more per year in premiums than Plan G. So why pay a $600 monthly premium for Plan F when the Part B deductible is only 203? Won’t you rather save $400 per year?
Rate Stability: No one that turns 65 after 01/01/2020 will be able to purchase the Medicare Supplement Plan F. This will likely cause the Medicare Supplement Plan F premiums to increase quickly.
Your total annual cost for Plan G costs less than Plan F.
You may be considering Plan G over Plan F. Get a side-by-side comparison of Plan F versus Plan G to help you decide which Medicare Plan is best for you. Find out how Medicare Plan G can save you by calling Senior Healthcare Direct at 1-833-463-3262, TTY 711 or get your quote.