FREQUENTLY ASKED QUESTIONSs

There are currently 10 standardized, federally approved Medicare Supplement plans (also known as MediGap plans) available in most states. Each plan is known by a different letter: A, B, C, D, F, G, K, L, M & N. Each plan provides a distinct type of coverage.  'Standardized' plan means a supplement plan by the same letter will have the same coverage, regardless of the insurance company.  As of 2020, Medicare Supplement plans C, F & high-deductible F are no longer available to new Medicare enrollees - including those who turned 65 or became eligible due to disability or diagnosis on or after January 1, 2020. In 2023, the most popular plans available to newly eligible Medicare beneficiaries are G & N. 

In making a decision regarding supplement plans, it will be important to consider different insurance company's premium rates, how the insurance company calculates rates, their historical rate increases, the financial stability of the company & any additional services included. Also know, you can change your Medicare supplement plan insurance company at any time during the year.  However, you will likely go through medical underwriting to do this, unless you qualify for a special exception.

The chart shown reflects the basic coverage differences for the 10 Medicare Supplement Plans. Please note, Massachusetts, Minnesota & Wisconsin all have their own standardized Medicare Supplement plans.

Medicare supplement (Medigap) Plans F and G can be sold with a high deductible option. Before June 1, 2010, Medigap Plan J could also be sold with a high deductible. The high deductible version of Plan F is only available to those who are not new to Medicare before 1/1/2020. 

High deductible Plan G is available to individuals who are new to Medicare on or after 1/1/2020. People new to Medicare are those who turn 65 on or after January 1, 2020, and those who first become eligible for Medicare benefits due to age, disability or ESRD on or after January 1, 2020. 

Effective January 1, 2024, the annual deductible amount for these three plans is $2,800. The deductible amount for the high deductible version of plans G, F and J represents the annual out-of-pocket expenses (excluding premiums) that a beneficiary must pay before these policies begin paying benefits. CMS updates the deductible amount for plans G, F and J each year, after release of the August Consumer Price Index for all Urban Consumers (CPI-U) figures by the Bureau of Labor Statistics, which generally occurs in mid-September. 

Medicare has key enrollment periods to be aware of, as follows: 

1. Initial Enrollment Period (IEP): This is the first opportunity for individuals to enroll in Medicare. The Initial Enrollment Period is a seven-month period that includes the three months before a person's 65th birthday, the month of their birthday & the three months after. Keep in mind there may be penalties for late enrollment in Part B (Medical Insurance) and Part D (Prescription Drug Coverage) if you miss your IEP.
2. Annual Enrollment Period (AEP):  Anyone in Medicare can make changes to their Medicare plan coverage each year from October 15 thru December 7th.  Outside of special circumstances & turning 65, this is the only time of year Medicare beneficiaries are allowed to switch or enroll in a Part D drug plan or enroll in a Medicare Advantage plan.
3. Medicare Advantage Open Enrollment Period (OEP):  This enrollment period is for people currently in a Medicare Advantage plan. During this time, you can switch from one Medicare Advantage plan to another or go back to Original Medicare, with or without a Part D plan. The Medicare Advantage Open Enrollment Period runs from January 1 to March 31 each year. 
4. General Enrollment Period (GEP): This enrollment period is from January 1st thru March 31st every year & is for individuals who did not sign up for Medicare Part B when they were first eligible, for most people, this is when you turn 65. Many individuals still have health insurance coverage through their employers or through a spouse's at age 65. If this is the case, you won't be penalized for not signing up when you are first eligible for Medicare. However, if you do not have credible health insurance coverage & you did not sign up for Part B of Medicare when you were first eligible, you will have to wait for the GEP to enroll & you will be penalized for late enrollment. Try to avoid the GEP at all costs!
5. Special Enrollment Period (SEP): Some individuals may qualify for a Special Enrollment Period, which allows them to enroll in or make changes to their Medicare coverage outside of the regular enrollment periods. Qualifying events for a Special Enrollment Period include situations such as retiring after the age of 65, losing employer-sponsored health coverage or moving to a new area. There is also a '5-star' special enrollment period that provides an opportunity to switch to a 5-star Medicare Advantage plan or a '5-star' Part D drug plan in your area.

Yes.  Fortunately, if you or someone you know changed their Medicare plan because they were caught up in the relentless barrage of Medicare Advantage 'freebie' ads & telemarketer calls during the Annual Enrollment Period you can undo an Advantage plan change starting January 1st. This begins the three month Medicare Advantage Open Enrollment Period, which allows a change in Medicare Advantage plans or a return to Original Medicare.  

The 2024 Medicare Advantage Open Enrollment Period is January 1 & ends March 31. During this time, you can switch from one Advantage plan to another or back to Original Medicare, with or without a Part D plan. The main difference between the Medicare Advantage Open Enrollment Period & Medicare's Annual Enrollment Period, which runs from October 15th to December 7th, is who can use it: only individuals enrolled in a Medicare Advantage plan can utilize the Medicare Advantage Open Enrollment Period.  Contact me before this enrollment window ends if you need assistance getting back into the right plan!  Plan changes will take place on the first day of the following month.   

Medicare insurance agents get paid by the insurance companies they represent.  The client pays exactly the same rate for their Medicare plan, regardless if they use an insurance agent. There should never be an extra fee or cost for enrolling through an agent.  An independent agent representing Medicare plans will advise you on the best plans available in your area, assist in understanding the various plan features, the pros/cons of each coverage option & assist in enrollment in the preferred plan. Before choosing an agent advisor, ensure they are licensed, reputable & appointed to the top insurance carriers in your area.