What is New for Medicare Supplement Plans?
A new federal law—the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA)—will affect the availability of Medicare Supplement Plans issued in 2020 and thereafter that cover the Part B deductible. Effective January 1, 2020, Plans C, F and HDF will not be available to newly-eligible Medicare beneficiaries. Since policyholders are already enrolled in Medicare, this law will have no effect on their Medicare Supplement Policy or coverage.
Who is Affected by Medicare Supplement Plans F & C Going Away?
Current policyholders will not lose their coverage in 2020 or thereafter, and will not need to make any changes to their coverage. Their Medicare Supplement Insurance policy is guaranteed renewable as long as premiums are paid on time.
MACRA defines newly eligible as anyone who: (a) attains age 65 on or after January 1, 2020, or (b) who first becomes eligible for Medicare benefits due to age, disability or end-stage renal disease on or after January 1, 2020.
If a policyholder is approached by any agent in the future who they feel is intentionally misleading regarding this law change or the continuation of existing Medicare Supplement Insurance policy, policyholders have the right to report this and file a complaint to their state Department of Insurance or the National Association of Insurance Commissioners (NAIC).
A policyholder currently holding a Plan F or Plan C can convert to a plan with less coverage – for example, a Plan G or Plan N – with the help of their agent. When a plan offers less coverage (as a Plan G or Plan N do compared to Plan F or Plan C), policyholders will not have to answer any health questions to complete the conversion.
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Learn more about Medicare Supplement insurance options.