Already 65+? Good news, #Medicare Plan F still available. There are 2 weeks left before Dec 7th Open Enrollment deadline. With the new 2020 open enrollment changes its time to get the facts. Considering making changes to your coverage this fall or just want to learn more about this enrollment period? Get in touch now.
1.Medicare Supplement Plans F and C are still available
While the Centers for Medicare and Medicaid (CMS) will no longer allow newly eligible Medicare beneficiaries to enroll in Medigap plans F and C, these plans aren’t disappearing completely. If you become eligible for Medicare before January 1, 2020 (and that’s everyone who can use the 2020 fall Medicare Open Enrollment Period), you can apply for these plans now and in the future—even if you aren’t already enrolled in Medigap.
If you become eligible for Medicare on or after January 1, 2020, you won’t be able to enroll in Plans F or C now or in the future.
2.The Part D ‘donut hole’ will close
Beginning in 2020, the coverage gap for Part D plans won’t exist anymore. Previously, beneficiaries would see increased out-of-pocket costs after the value of the covered prescriptions they’ve purchased reaches $3,820. Starting January 1, 2020, beneficiaries will pay just 25% of drug costs in this coverage gap or “donut hole”—or about the same as what they paid before entering the donut hole. Learn more about Part D.
3.Changes in Medicare Advantage and Part D plans
Every year, insurers make small changes to their Medicare Advantage and Part D plans. Typically, these changes include changes in premiums, deductibles, and other costs. Keep in mind, the Medicare program may not finalize these changes until right before fall Open Enrollment.
While the Medicare program changes a bit each year, much of it stays the same. It never hurts to refresh your Medicare knowledge. We recommend starting with an overview of Medicare. This Medicare Glossary could come in handy, too, as you read through insurance documents.