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Medicare Supplement Plan Options are Changing

     If you are turning 65 before the end of this year and considering your Medicare Supplement options you need to know that Plan F, which has been the most popular plan, will not be offered after January 1, 2020. Plan F is popular because it covers all your out of pocket expenses including the $185 Part B deductible. 
    Even if you are able to enroll in Plan F, you may want to consider Plan G.  Although Plan G does not cover the Part B deductible, the difference between rates for Plan F and G can be more than the cost of the deductible. 
     The only reason to consider Plan F may be for the high deductible plans offered by some companies.  These plans require you to pay a deductible of $2,300 before services are covered.  Premiums for high deductible plans can be as little as one third of regular Plan F premiums.  If you have a Health Savings Account, you can pay premiums and deductible payments from your HSA.   And, although contributions to HSAs are not allowed after age 65, you can transfer assets from an IRA before turning 65 to fund the account and get the tax benefits an HSA offers. 
    Regardless of when you become eligible to enroll in a medigap plan, it’s worth your time to shop around.  Policy benefits in most states are uniform, but premiums from insurance company to insurance company can vary widely. 
     For instance, the highest and lowest rates for Plan G policies in Kansas range between $1,395 and $2,918 for a male, non-smoker, age 65. All of the rates can be found in the 2019 Kansas Insurance Department Medicare Supplement Insurance Shopper’s Guide.  Cost should not be the only factor when choosing a policy.  A company’s financial stability should always be considered.
      If you would like to know more about this, please give me a call.

About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve,* supporting nearly 20,000 financial advisors, and approximately 800 institution based investment programs and 500 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients

*Top RIA custodian (Cerulli Associates, 2020 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine 1996-2021); No. 1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 400 Company as of June 2021. LPL and its affiliated companies provide financial services only from the United States.

Jones & Company and LPL Financial are separate companies.

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