Have you heard that Medicare Supplement Plan F in Colorado isn’t going to be available in 2020? If you have, you’re not alone. Both plan F and Plan C will not be available for new enrollees. Luckily, seniors who already have these plans will be able to keep them. Will you lose your Plan F in 2020? If you’re already enrolled, the answer is no.
Plan F is by far the most popular plan because it offers seniors the most coverage. For filling gaps in Original Medicare, Plan F works well. Here’s some information about what’s happening with these plans and what you need to know.
Colorado Plan F and Plan C are Guaranteed Renewable
You’ll be glad to know, if you already have Plan F or Plan C, you can keep your coverage. However, these plans will not be made available to anyone new to Medicare.
The Colorado insurance company who sold you your plan cannot drop you because your policy is guaranteed renewable. What does this mean? As a recipient of Plan F or C, you will not lose your coverage unless your insurance company files bankruptcy, you lie on an application or you decide to stop paying your premiums. But, to be clear, guaranteed renewable does not mean your premium will not increase each year.
It’s important to note that guaranteed renewable is not the same as guaranteed issue rights. Issue rights prevent insurance companies from denying you coverage because of an ongoing health condition. In other words, you have the right to buy a policy even with a pre-existing condition.
Of all the Medicare Supplement plans sold, Plan F and Plan C are the most popular. This is because they are also the most comprehensive, with the most benefits available. For seniors looking to keep out-of-pocket expenses low, these plans make sense.
The trade off for more coverage, and more help with copays and deductibles is often a higher premium. For many, comprehensive coverage is how to ensure low medical costs. Plan F covers most if not all remaining doctor and hospital costs after Original Medicare pays its share.
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