Medicare Supplement Plan F Rates
Medicare Supplement Plan F rates will increase more than normal staring in 2020 for a number of reasons. A big reason is MACRA law.
What is MACRA?
MACRA is the Medicare Access and CHIP Reauthorization Act of 2015. This law will become effective January 1, 2020 and will change Medicare supplement plans in all states. MACRA is a federal law that will change who can buy Medigap Plans F, High F, and C. Starting in 2020, only beneficiaries of Medicare who are not newly eligible can keep Plan F, High F and C. In other words, if you are new to Medicare, you will not be eligible for Plan F, High F, and C.
New Medicare Cards
In addition, MACRA law requires the removal of Social Security Numbers (SSNs) from all Medicare cards. As a result, the new Medicare Number (sample shown below) helps to prevent identify theft and taxpayer fraud.
MACRA is a value-based program
MACRA law reforms how health care is delivered and paid for. For example, instead of paying providers solely on the number of patients serviced (quantity), value-based programs reward health care providers with incentive payments for the quality of care they give to people on Medicare. Value-based programs provide you with better care. Consequently, this results in healthier populations and lowers the cost of health care. Get more info on value-based programs.
What are the “Newly Eligible” Medigap Plans?
People who will enroll in Medicare for the first time are “newly eligible”. You become eligible for Medicare when you turn age 65, have a qualifying disability or a terminal illness such as end-stage renal disease. In other words, if you already had Medicare Part A and B in 2019, then you are NOT considered “newly eligible” and the MACRA rules do not apply to you. People newly eligible for Medicare in 2020 can not purchase Medigap Plans C or F. Learn more about Medicare Supplement Plans (Medigap).
Is Medicare Supplement Plan F going away in 2020?
Medigap Plan F will not be available for people “newly eligible” in 2020. However, Medicare Supplement Plan F will still be available to existing Medicare enrollees. For example, if you had Medicare Parts A and B on or before 2019, you will still have the option of enrolling in Medigap Plan F. Moreover, according to Robert Bache, owner of Senior Healthcare Direct, “We are going to see record Medicare premium rate increases for Medicare Supplement Plan F in 2020.” Watch MedicareBob’s video below for details:
Lower your rate increase on Plan F
In the video above, MedicareBob says, “When you do get that increase… You do not have to keep Plan F until October. You are allowed to shop all year long!” In other words, you can shop and save on your Medicare Supplement Plan F all year long. So when you get that big rate increase on Plan F, the solution is easy.
You just click the “Get Quote” button and one of our licensed agents will give you a call. Furthermore, as MedicareBob says in the video, “Just one agent will give you a call. You are not going to be bombarded with phone calls.” Moreover, “The reason you want to speak to one of our agents is we are licensed with all the top Medicare companies. So we will help you get the most cost-effective Medicare Supplement plan.”
Click the “Get Quote” button and save money on your Medicare Supplement plan.