Medigap Plan F may not be the way!
Medigap Plan F may not be the way to go! The news is starting to get around. Medigap Plan F will not be available come the year 2020 so beneficiaries should start to consider Medigap Plan G or Plan N instead. Here’s why:
Medigap Plan F rates are going to skyrocket. The first reason is that brokers are starting to suggest Plan G as opposed to Plan F. This means that the risk pool of Plan F business for an insurance company are not going to have new beneficiaries coming aboard the plan so the risk pool becomes smaller, older, and sicker over time. Those left on the plan will eventually be paying enormous premiums for their plans.
In addition, if Medicare raises the Medicare Part B deductible above $147, the plans will have to adjust their rates higher to cover the additional risk. It really is that simple. Seniors should consider changing from Medigap Plan F and consider changing to Medigap Plan G or Medigap Plan N now while they are still young and more importantly still healthy to make that change. Remember, Medigap Plans are underwritten so you’ll have to answer health questions to see if you qualify. Don’t worry though, most people do qualify. At this time Aetna Health and Life Insurance has excellent rates and they have been very stable over time. This means no big surprise rate increase on your plan.
By: Joe DeAngelis
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