Laura Heide Norwicke, Peak to Peak. Colorado residents enrolled in a Medicare Supplement Plan F have a one-time Guaranteed Issue opportunity to change to Plan G, but only through June 30, 2021. Guaranteed Issue means there is no underwriting, and the insurance companies cannot turn you down. This means you can shop the plans again for the most competitive rates and the insurance companies must accept you regardless of any pre-existing health conditions. The end result is that you may save hundreds of dollars in premiums.

It is important to note that regardless of which insurance company you elect to do business, the Medicare benefits are exactly the same. Medicare Supplement plans that cost more do not offer additional benefits; similarly, plans that cost less do not offer fewer benefits.

You may call an independent licensed insurance agent who specializes in Medicare, such as Laura Heide Norwicke at (720) 691-3665 to receive more information and to obtain quotes for Plan G from many different insurance companies.

Plan F was the premier supplement for many years because it had no copayments and no deductibles. Then in January 2020, the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) no longer allowed new Medicare Beneficiaries to join Plan F. Instead, they began joining Plan G as the top Medicare Supplement option.

Plan G has the exact same coverage as Plan F except that you are responsible for a Part B Medical Deductible of $203 for 2021. However, the premiums for Plan G may be significantly lower, potentially saving you hundreds of dollars, which more than offsets the $203 medical deductible.

As a result, what current Plan F Members will see happen is that the entire insured group will age, and no new 65-year-olds with fewer health conditions will enroll in Plan F to offset the higher medical costs of the older population. What we may likely witness over time is that the Plan F premiums will increase at a much higher rate, year over year, compared to Plan G.

Laura Norwicke is an independent licensed insurance agent who specializes in Medicare. She serves Gilpin, Boulder and Jefferson County seniors and residents with insurance needs. She can be reached at 720.691.3665 or by email at laura@heidenorwicke.com. 

(Originally published in the February 18, 2021, edition of The Mountain-Ear.)