June 30th Deadline to move from Medigap Plan F to G
By Linda K. Schreiner ~
Colorado residents enrolled in a Medicare Supplement Plan F have a one-time Guaranteed Issue opportunity to change to Plan G but only through June 30, 2021. Guaranteed Issue means there is no underwriting, and the insurance companies cannot turn you down. This means you can shop the plans again for the most competitive rates and the insurance companies must accept you regardless of any pre-existing health conditions. The end result is that you may save hundreds of dollars in premiums.
It is important to note that regardless of which insurance company you elect to do business, the Medicare benefits are exactly the same. Medicare Supplement plans that cost more do not offer additional benefits, similarly, plans that cost less do not offer few benefits.
You may call a independent licensed insurance agent who specializes in Medicare, such as Linda K. Schreiner at (303-330-1570) to receive more information and to obtain quotes for Plan G from many insurance companies.
Plan F was the premier supplements for many years because it had no copayments and no deductibles. Then in January 2020, the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) no longer allowed new Medicare Beneficiaries to join Plan F. Instead, they began joining plan Gas the top Medicare Supplement option.
Plan G has the exact same coverage as Plan F except that you are responsible for a Part B Medical Deductible cost of $203 for 2021. However, the premium for Plan G may be significantly lower, potentially saving you hundreds of dollars each year, which more that offsets the $203 medical deductible.
As a result, what current Plan F Members will see happen is that the entire insured group will age, and no new 65-year-olds with few health conditions will enroll in Plan F premiums will increase at a much higher rate, year over year, compared to Plan G. The Colorado License Division approved the 1 Time change for the State of Colorado Only.
Linda Schreiner is an independent licensed insurance agent who specializes in Medicare. She serves the Denver Metro area and several counties in Colorado. She can be reached at 303-330-1570 Or by email at firstname.lastname@example.org