You may have heard that Medicare Supplement Insurance (Medigap) will see big changes this summer, but what’s it all mean for your personally? First, your existing plan will continue, so don’t panic. You should review your Medigap Plan within the next six months, however, and get into one of the modernized plans as long as your health allows you to pass medical underwriting.
Because the old standardized Medigap Plans will no longer be for sale, no new members will join those insurance pools. Yes, the most popular current Medigap Plan F will still be for sale after June 1st, but the new Plan F policies will be counted as a separate pool from the earlier standardized policies.
Those closed insurance pools are expected to face higher-than-average claims because no new healthy individuals can join those pools. Claims will continue to come in, though, and insurance companies will probably raise premium rates on Medicare Supplement plans at a higher-than-normal rate as a result.
MediGap Advisors can answer your questions about the new Medigap plans, help you compare the benefits and rates, and guide you through the application process. Because certain companies are easier to qualify for than others, MediGap Advisors deals with several different companies. Even if you cannot pass medical underwriting, there are other options, but the careful planning required means you must get started before the end of the year.
Call our friendly experts at 866-323-1441, or visit our website. Our licensed agents have years of experience with Medigap plans and keep up-to-date on the changes to come. We can assign your own Personal Advisor to work with you, answer your questions, compare the new Medigap plans, and help you find the best option for your needs.