Many changes in Medicare bring questions about

Many changes in Medicare bring questions about whether people are in the correct plan, with the correct price, and the correct coverage. We often have these conversations with clients in light of the current physical and financial health of their particular situation. However, even as a broad and generic conversation, Medicare and its many options can be both confusing and daunting. Take for instance that in 2015, Congress decided to get rid of the two most popular Medicare Supplement options (C&F) representing over 50% of the consumers current choice. When they did this they cited one over arching reason, those options (C&F) offered 100% coverage and therefore it was too easy for consumers to seek medical services without any “skin in the game”. Basically, with part F clients rest assured that once they have paid there monthly bill they won’t see any additional bills from medical providers. For our clients on a fixed retirement income they have really enjoyed this option!  Starting in Jan of 2020 (less than 17 months) Parts C&F will no longer be an option. Medicare will no longer have the ability to provide 100% protection. For this reason we have seen a huge up swing in the number of conversations we are having with pre and post retirement clients on which options will be their best choice going forward. Again, while this is a case specific conversation and I would love for you to email at jbramley@mbi.agency and check out our Medicare tab on the website, I can give you three pieces of valuable information. 

1)  if you are currently on part F, you will be able to stay on part F. While this doesn’t necessarily mean you are “safe”. Many advisors and insurance companies are cautioning that without new enrollees to part F that the group will begin to age and become less healthy and therefore drive up rates. So you may want to review your options. 

2) part G is almost identical to F accept for two things. The premiums are lower (: and the coverages are similar. In fact, the only difference is that you are subject to the $183 annual part B deductible. (Most people will save more than this on monthly premiums) 

3) part N is the least expensive of these three options. It’s similar to part G in that you have the deductible but it also includes co-pays at the time of service. So for clients that may not go to the doctor frequently this has become a more popular choice.  

Again, Medicare is a complex decision and should be reviewed with a professional annually. Please check out our Medicare tab under services at www.mbi.agency or contact me directly at 309.261.5550 jbramley@mbi.agency