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Medigap Plan F: Your Guide in Virginia

Since its introduction, Medicare Supplement Plan F has been one of the most popular plans available. The comprehensive coverage offered by this policy has helped make it a popular choice for Medicare beneficiaries, especially as it doesn’t have annual out-of-pocket spending limits. Unfortunately, due to changes in Medicare, Plan F will no longer be available for new Medicare beneficiaries as of January 1, 2020. While this change may be disappointing, there are other options available for those seeking the same level of comprehensive coverage.

A common concern among Medicare Medigap Plan F beneficiaries is whether or not their Medigap insurance will continue to be affordable as they age. To help ease these concerns, it’s important to understand how premiums for Medicare Supplement Plans are determined. While the basic benefits of a given plan remain the same across all Medicare-approved insurers, premium costs can vary significantly depending on many factors, including the insurance company, location, the way the policy is priced (e.g., issue-age or attained-age pricing), and the individual’s personal health history.

As a result, it’s crucial to shop around and compare premiums for the specific Medicare Supplement plans you’re considering in order to find the best possible price. A licensed insurance agent can provide you with a list of Medicare Supplement plans that are available in your area, and help you determine which ones will work best for your unique situation and budget.

For those who wish to remain on, or enroll in, Plan F in 2023, it’s worth mentioning that as time goes on, the premium rate for this plan will likely continue to rise. This is because insurance companies rely on new members to sign up each year in order to keep rates low, and as fewer people enroll, it becomes more difficult for the plan to stay profitable.

While it may seem like a blow to Medicare beneficiaries that the popular Plan F is being phased out, this shouldn’t be too much of a concern for those who are comfortable meeting a higher deductible in exchange for first-dollar coverage. There are other Medigap plans, such as Plan G and Plan N, that offer similar levels of coverage at a lower cost. If you’re interested in comparing Medicare Supplement Plan options that are available in your area, start by entering your zip code to get started with a free Medicare Compare tool. Our Medicare Compare tool allows you to easily compare the premiums, benefits, and deductibles of all available Medicare Supplement Plans, including Plan F. This makes it easy to find the right coverage for your specific needs and budget. Get your free quote today.

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