Medicare: save hundreds by switching to Plan GMay 24, 2021 11:48AM ● By Eileen Doherty, Colorado Gerontological Society
Special enrollment period ends June 30
A Colorado resident recently reported that he saved almost $200 per month in premiums when he took advantage of the special enrollment period to switch from his Medicare Supplement Plan F to a Plan G. That’s a savings of $2,400 per year.
The only difference between the two plans is that Medicare beneficiaries are responsible for paying the Medicare Part B deductible. In 2021, the deductible is $203. The overall savings for this Colorado resident was approximately $2,200. Medicare beneficiaries must act prior to June 30, 2021, when the special enrollment period ends.
When the federal government restricted health insurance agents from selling Medicare Supplement Plans C and F at the beginning of the year, the Colorado Division of Insurance created a special enrollment period for Medicare beneficiaries to enroll in a Medicare Supplement Plan D or G without any underwriting.
For Colorado Medicare beneficiaries, this means regardless of your current diagnosis, current medications and hospitalizations, you can buy a lower-cost Medicare Supplement Plan D or G, if you currently have a Plan C or F.
For years, the Colorado Gerontological Society (CGS), as well as many other experts, recommended purchasing Plan F, as it provided the most comprehensive coverage for Medicare beneficiaries who wanted insurance protection for the costs that Medicare does not cover. CGS is now recommending new enrollees purchase Plan D or G.
Although there is no way of knowing, CGS’s best projections are that since there will be no new enrollments in Plans C and F, premiums will continue to escalate, causing financial hardships for many Medicare beneficiaries. Staff noted a significant price hike in premiums over time when Plan J was discontinued when the Medicare prescription drug program was launched in 2006.
Ways to save
If you are looking for ways to save money on your health insurance costs, consider contacting your health insurance agent to review the costs of changing from a Plan C or F to a Plan D or G. Not only can you change health plans, you can also change carriers, which may also save additional dollars.
If you don’t have a health insurance agent, call the Colorado Gerontological Society and we will help you review your current plans and refer you to insurance agents you can work with. Call 303-333-3482, 1-855-293-6911 (toll free) or 1-855-880-4777 (Spanish) for help.
You can also contact your local State Health Insurance Assistance Programs (SHIP) for free, in-depth, one-on-one insurance counseling and assistance. In Mesa County, call 243-9839. In Montrose and Delta, call 765-3132.