CLIENT QUESTION: Hello. I turn 65 this month and have enrolled in a Plan F attained-age policy. Plan F will no longer be available for those new to Medicare after 2020. I am wondering if I should switch to Plan G while I can, in the next few months.
Why do I think this? Well, the average age of the plan F membership will increase with time, due to the lack of inflow of new (younger and healthier) members. Will that lack of new (younger and healthier) members cause the Plan F membership’s average costs to rise significantly more than Plan G membership? I hope that my question makes sense.
ANSWER BY SENIOR 65 AGENT:
Your question totally makes sense and you are not alone. Many experts and clients are speculating that F prices will increase faster than G after 2020 but no one knows for sure. We think it is very likely but will not be immediate due to the shear size of the Plan F’s risk pool.
One thing we can tell you for sure: switching from F to G in the future will usually require medical underwriting. Unless you live in the few states that have the Medigap birthday rule or similar, you can be turned down when you try to downgrade.
If you are concerned about this, now is the time to make the switch while you are still in your initial enrollment period. You can get a quote for Medigap Plan G here or give us a call at 800-930-7956 and we can help you switch over the phone with no fee or hidden charge.
-Chris from Senior65.com