Just a short blog about some significant changes to the Medicare Supplement world for 2020.
As most of you may know, the Supplemental plans C, F, and High deductible F are going away as of 1/20/2020. Those Medicare-eligible who turned 65 prior to 1/1/2020 can still buy those plans, even after that date. Those that turn 65 after 1/1/2020 cannot buy those plans. The reason is Congress passed a bill in 2015 called MACRA which requires a deductible on all supplements sold after 1/1/2020.
Welcome high deductible G. Not sure of the total deductible yet but if it’s like the high deductible F it will be around a $2300 deductible. Not bad for those that are healthy and realizing if something happens medically, they have a maximum out of pocket in the calendar year of around $2300. That maximum is equivalent to many of the current MAPD plans with a maximum out of pocket. So, the decision is done you go with a plan that requires you to stay within the plan’s network or buy the high deductible G and choose any doctor or hospital that takes Medicare. As a reminder, these supplements don’t offer drug coverage, so you still need a standalone drug plan. Also, remember there is a monthly premium for the high deductible G plan. If the premium is like the high deductible F, it should be around $35 or $40 per month.
As many of you already know, the current G plan has a Part B deductible of $185 which will be included in the new high deductible G plan.
An interesting turn of events for Nevadans. So many choices that you really need the services of a Medicare educated broker to guide you. That’s where I come in. There is no charge for my services as the insurance companies pay the brokers. You cannot buy any of the plans offered for less because you buy direct from the insurance company. Remember, brokers offer most, if not all plans in NV.
The Barend Agency Inc.