Medicare Beneficiairies Who Switch To Plan G Could Save Hundreds Of Dollars
Denver, CO. A Colorado resident recently reported that he saved almost $200 per month in premiums when he took advantage of the special enrollment period to switch from his Medicare Supplement Plan F to a Plan G. That is a savings of $2400 per year.
The only difference between Plan F and G is that Medicare beneficiaries are responsible for paying the Medicare Part B deductible. In 2021, the Part B deductible is $203. The overall savings for this Colorado resident was approximately $2200. Medicare beneficiaries must act prior to June 30, 2021 when the special enrollment period ends.
When the federal government restricted health insurance agents and said they could no longer sell Medicare Supplement Plans C and F, the Colorado Division of Insurance created a special enrollment period for Medicare beneficiaries to enroll in a Medicare Supplement Plan D or G without any underwriting.
For Colorado Medicare beneficiaries, this means regardless of your current diagnosis, current medications, and hospitalizations, you can buy a lower cost Medicare Supplement Plan D or G, if you currently have a Plan C or F.
For years, we at The Society, as well as many other experts recommended purchasing the Plan F as it provided the most comprehensive coverage for Medicare beneficiaries who wanted insurance protection for the costs that Medicare does not cover. We are now recommending new enrollees purchase Plan D or G.
Starting January 1, 2020, the federal government prohibited health insurance agents from selling new Plan C and F policies. Although, we don’t have any way to know, our best projections are that since there will be no new enrollments in the Plans C and F, the premiums will continue to escalate causing financial hardships for many Medicare beneficiaries. We noted a significant price hike in premiums over time when Plan J was discontinued when the Medicare prescription drug program was launched in 2006.
If you are looking for ways to save money on your health insurance costs, we urge you to consider contacting your health insurance agent to review the costs of changing from a Plan C or F to a Plan D or G. You can not only change health plans, you can also change carriers. Changing carriers may also save additional dollars.
If you don’t have a health insurance agent, call the Colorado Gerontological Society and we will help you review your current plans and refer you to insurance agents with whom you can work. Call 303-333-3482, 1-855-293-6911 (toll free) or 1-855-880-4777 (Spanish) for help. Act before June 30, 2021.
Eileen Doherty, MS is the Executive Director of the Colorado Gerontological Society. Her areas of expertise include management and administration of nonprofit organizations, education and training on issues related to older adults, advocacy and policy development on senior issues, and clinical practice in working with seniors and families to manage their lives in the later years. She has been the Director of the Society since 1982. She teaches Nonprofit Management for Fort Hays State University.