Medigap Plan G Vs. Medigap Plan N
Medigap Plan G Vs. Medigap Plan N The only difference between these two plans is that one covers the Medicare Part B deductible and the other does not, otherwise the plan benefits are identical. The Part B deductible for 2015 is $147.00. When comparing the plans, unless the difference in premium is more than the $147.00 Part B deductible, it does not make sense to have the more expensive Plan F considering all other benefits are equal.
In the year 2020 New Law HR 1470 will eliminate all Medicare Supplement Plan F plans.
Seniors that have the F Plan will be able to keep the plan but probably will not want to. After 2020 the companies with Plan F subscribers are going to see the memberships in these plans drop off and in addition there will be no new people coming aboard to balance out the risk pool. As a result Plan F rates are going to skyrocket after 2020. In addition, if the government decides to raise the Part B deductible, the plans will have more to pay out. These increases will be placed on the policyholders. The result will be considerably higher premiums for Plan F.
Unfortunately, there just is nothing good about any of this but, seniors who are proactive and make the switch to Plan F will be able to avoid all the rate increases. The changes need to be done sooner rather than later to avoid not being able to qualify because of underwriting. Underwriting will be the biggest hurdle but most will qualify to make the change to Plan G.
By Joe DeAngelis
Medicare Supplement Insurance Adviser
