Out with the old and in with the new. The changes to the Medicare Plans in 2020 can be difficult to understand. Allow us to explain easily for you so that you have a better understanding of your personal options so you can know exactly how to select coverages for yourself. Plan F is making a small exit as of 2020. With that change, new enrollees will not have access to determine that they would like Plan F as their benefit any longer. However, Plan G has come in to save the day. Plan G can be a similar or copy-cat coverage and provides benefits just like Plan F.
If you were already on Plan F and plan to stay on Plan F, this is not necessarily for you. As a new enrollee, you are looking for the best bang for your buck. Plan G offers a wide array of coverages, just like Plan F, but at a much higher deductible. Like all insurance, the higher the deductible, the lower the premium. Keeping that in mind, paying a lower amount monthly may be the trade off for paying the $2340 that will be due for your benefits up until the time that is meant.
With this plan, Medicare pays 80% of the cost, you continue to pay the remaining balance. After that $2340 is satisfied, the plan essentially becomes Plan G with no out-of-pocket costs. You are still receiving great benefits that were included in Plan F. Once Medicare benefits have been exhausted, these coverages will be paid for without the stress associated with the cost of care during a difficult time.
The one difference mainly between Plan G and Plan F is that the High Deductible Plan G does not cover the deductible for the Part B coverages. Unlike Plan F, it excludes the deductible for Part B. While the coverages on your plan may not seem terribly important now, when the circumstances arise, the cost and care become dramatically more important. It’s critical to anticipate what the best scenario for you and your health will be when that time arises.
Finding the best coverages can be tricky and confusing. With changes to Plan F and C, Plan G is offering a Higher Deductible so that the more individuals are able to afford a more expansive coverage with a lower monthly premium. Whether this meets your needs or not, contact an individual with The Health Exchange Agency in order to find the best coverage for you or your spouse in today’s market. Our services allow us to better understand your circumstances so that we can determine the best course of action to protect your health and your wallet.