Insights + Resources

How Medigap Choices Have Changed

Oct 23, 2020

Medigap
What you need to know about Plan F and Plan G.

As many may recall, seniors who previously enrolled in Medicare are facing some changes.

Medigap Plan F might not be sold after 2020 and Medigap Plan G will be undergoing some changes.

These changes only impact new Medicare enrollees, however. If you enrolled in Medicare prior to 2020, and have Plan F or Plan G coverage, you can keep that coverage.2

Why do people like Plan F? Plan F is basically a “Cadillac plan”: it is not cheap, but it lets you see any doctor or hospital that accepts Medicare patients, and the upfront cost is the total cost. If you have Plan F coverage, it’s rare to be surprised by subsequent requests to pay a deductible, a copayment, or coinsurance.2

How does Plan G differ from Plan F? While both plans provide similar coverage, one of the many differences comes down to dollars and cents. Plan G asks you for the $198 Part B deductible while Plan F does not.3

According to Medicare.gov, Plans F and G also offer a high-deductible plan in some states. With this option, you must pay for Medicare-covered costs (coinsurance, copayments, and deductibles) up to the deductible amount of $2,340 in 2020 before your policy pays anything. But remember, Plans C and F aren’t available to people who are newly eligible for Medicare on or after January 1, 2020.4

Are you thinking about switching Medigap policies? In most cases, you won’t have a right under federal law to switch Medigap policies unless you’re eligible under a specific circumstance, guaranteed issue rights, or if you’re within the 6-month Medigap open enrollment period. One thing to keep in mind is that you don’t have to wait a certain length of time after buying your first Medigap policy before you can switch to a different Medigap policy.

If you do switch you also have 30 days to decide if you want to keep the new Medigap policy. This is called your “free look period” and it starts when you get your new Medigap policy. If you have a question, don’t hesitate to reach out to a dedicated financial professional at Epic Capital today!

Tags: , , ,

More Insights

Jul 22, 2021

The news keeps getting better for Social Security recipients. It’s now projected that benefits will increase 6.1% in 2022, up from the 4.7% forecast just two months ago. That would be the most significant increase since 1983.1,2

Jul 21, 2021

Inheriting wealth can be a burden and a blessing. Even if you have an inclination that a family member may remember you in their last will and testament, there are many facets to the process of inheritance that you may not have considered. Here are some things you may want to keep in mind if … Continue reading “Coping with an Inheritance”

Jul 19, 2021

It’s long been an aspirational target for entrepreneurs. It literally goes beyond “blue sky,” in terms of location, to a place no business has gone before: Outer Space! The name of the game is commercial space travel.

Jul 16, 2021

With all the attention given to inflation, stock prices, and job reports, it’s been easy to overlook the remarkable move in the bond market during the past few months as bond yields have fallen. The yield on the 10-year treasury closed at 1.37% on Friday, July 9, down from its 2021 high of 1.74% in … Continue reading “The Quiet Fall in Bond Yields”

Jul 14, 2021

On July 6, oil prices reached a six-year high of $76.98 a barrel. This benchmark came as the Organization of the Petroleum Exporting Countries (OPEC) and allies failed to reach an agreement regarding an increase in production.1 This rise in cost follows a year in which OPEC and allies cut production amidst the COVID-19 pandemic. … Continue reading “Oil Prices Hit Six-Year High”

Insights + Resources >