Yes. Medicare Supplement Plan F may leave the market – but not for everyone.
If you have been shopping for a Medicare Supplement (also known as Medigap) plan, you may already know that Medicare Supplement Plan F may cover a lot of your Medicare Part A and Part B out-of-pocket costs. It’s the most comprehensive Medicare Supplement plan among the 10 standardized plans available in most states. So you might wonder, “Why is Plan F going away?”
Medicare Supplement Plan F: why the change?
This change to Medicare Supplement Plan F was affected by a decision Congress made. Congress decided that Medicare Supplement plans should no longer cover the Medicare Part B deductible.
In 2015, Congress passed the Medicare Access and CHIP Reauthorization Act. The act was meant to improve provider payments for covered Medicare services. At the same time, however, Congress knew there’s an increasing strain on the Medicare Trust Fund budget, as more and more people age into Medicare. So, they decided to cut back on certain Medicare Supplement benefits.
So how is Medicare Supplement Plan F affected? Starting in 2020, Medicare Supplement plans for new Medicare beneficiaries can still cover the Medicare Part A deductible, but not the Part B deductible. This only applies to people newly eligible for Medicare. Because Medicare Supplement Plan F and Plan C cover both Part A and Part B deductibles, they aren’t available for new Medicare enrollees.
Plan F and Plan G have high-deductible versions.
Who can keep Medicare Supplement Plan F?
If you became eligible for Medicare before January 1, 2020 and bought a Medicare Supplement Plan F, you’ll likely be able to keep your plan. Even if you didn’t purchase a Medicare Supplement Plan F before January 1, 2020, you might be able to buy Plan F or change insurance companies after this date. However, you may have to meet medical underwriting qualifications to purchase a Medicare Supplement Plan F.
Who will not be able to have Medicare Supplement Plan F?
If you became eligible for Medicare on or after January 1, 2020, you will generally not have the option to buy a Medicare Supplement Plan F. In most states, the most comprehensive Medicare Supplement plan available will be Plan G. Plan G is similar to Medicare Supplement Plan F, except Plan G does not cover the Part B deductible. (In 2021, the Part B deductible is $203 per year.)
Medicare Supplement Plan F: what will the change mean to you?
Obviously if you weren’t eligible for Medicare prior to January 1, 2020, Medicare Supplement Plan F won’t be a plan option. Still, you may have choices in Medicare Supplement plans. Make the best coverage decision for yourself. If you already had a Medicare Supplement Plan F before January 1, 2020, you can keep it.
Do you want to shop Medicare Supplement Plan F and other Medicare Supplement plan choices available to you? Simply type your zip code on this page.
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