Is Medicare Supplement Plan F Going Away?
Why You Need A Medicare Supplement Plan?
Future Medicare beneficiaries want to know, Is Medicare Supplement Plan F going away?
You may be wondering why Medicare beneficiaries enroll in a Medicare Supplement Plan. The reasons are that Original Medicare only covers about 80% of your Part A and B costs. These costs include:
Part A coinsurance and hospital costs
Part A deductible
Skilled Nursing Facility Coinsurance
Hospice Care Coinsurance and copayments
Part B copayments and coinsurance
Part B Deductible
First 3 pints of blood
Part B excess charges
There is no limit to one’s annual costs if you have Original Medicare without a supplement or health plan.
What Does Medicare Supplement Plan F Cover?
Medicare Plan F covers all of the out-of-pocket costs not paid by Medicare. If you enroll in Plan F and your service or product is covered by Medicare, Plan F will pay whatever Medicare doesn’t. There is no limit to the coverage. In addition, Foreign Travel Emergency coverage in included.
Medicare Supplement Plan F has the highest monthly premium. That is because it has the most benefits. Plan F is also the most popular plan. If you enroll in Plan F, you will have all your Medicare out of pocket costs covered by the plan. In adddition, Plan F covers Foreign Travel emergency care up to plan limits.
During the last few years, Plan G has become the second most popular plan. Unlike Plan F, Plan G doesn’t cover the annual Part B deductible. In 2018, the Part B annual deductible is $183.00. The premium for plan G is somewhat lower than Plan F.
So, Is Medicare Supplement Plan F Going Away?
The answer is Yes. No Medicare Supplement Plan F can be sold after 2020. This applies to newly eligible beneficiaries. The reason is because of the new Medicare law prevents plan from covering the Medicare Part B deductible. The law is the Medicare Access and CHIP Reauthorization Act of 2015 .
The good news is that Medicare beneficiaries enrolled in Medicare Supplement Plan F before 2020 can keep their plan.
Alternative to Medicare Supplement Plans
You may want to consider a Medicare Advantage Plan with a “0” monthly premium. These plans are usually HMOs and PPOs and also include drug coverage and additional supplemental benefits.