The Medicare Access and CHIP Re-Authorization Act passed on April 26, 2015. This new legislation is abbreviated as ‘MACRA’. The new MACRA rules go into effect on January 1st, 2020. This legislation changed many aspects of Medicare Supplement Plans. This article discusses the main changes regarding Plan F. The Plan F is a specific plan available to people enrolling in a Medicare Supplement Plan. Medicare Supplement Plans are also known as Medigap Plans.
The Future of the Plan F
Did you know that the Plan F is no longer available for certain people starting January 1st, 2020? If you are eligible for Medicare before January 1st, 2020 you can still enroll in the Plan F. There are no Plan F limitations for people who turned 65 before 2020. For everyone turning 65 after January 1st, 2020, you will not be able to enroll in the Plan F as per the new MACRA rules.
Even though the Plan F is available for some people, the Plan F is not a great option in most situations. Since there will be limited enrollments in the Plan F, many experts are projecting high premium increases on the Plan F. To switch out of the Plan F into another Medicare Supplement Plan, you will need to answer health questions. You can be denied a conversion to a new plan if you have preexisting conditions.
Ultimately, we recommend enrolling in the Plan G instead of the Plan F. To learn more about the differences between these two plans, please click here.
Special Enrollment Periods
As stated above, the new MACRA rules apply to people turning 65 on or after January 1st, 2020. If you experienced a Special Enrollment Period and turned 65 before January 1st 2020, you can enroll in the Plan F with no health questions. If you experienced a Special Enrollment Period and turned 65 after January 1st, 2020 you will not be able to enroll in the Plan F. To learn more about Medicare Special Enrollment Periods, please click here.
These underwriting rules for the Plan F may sound confusing, because they are! But we are here to help you understand your options. Our brokers do not charge fees to assist people with Medicare enrollments. Give us a call today to learn more about Medicare.