It can be hard to tell what’s fact or fiction, particularly when it comes to complex subjects like Medicare. As a consumer, though, knowing the facts can go a long way in helping you get the most from your coverage.
The Medicare Access CHIP Reauthorization Act of 2015 (MACRA) is no exception. Basically, the law takes measures to tie Medicare physician’s payments to performance. Since the law has passed, there has been some confusion about what it means for Medicare Supplement Plan F.
Let’s decipher fact from fiction:
Myth 1: Medicare reform includes changes to my current Plan F.
- Fact: MACRA does not include any changes to Plan F. If you like your plan, you can keep it.
Myth 2: In 2020, when Plan F ends, I’ll be kicked off my plan and won’t be able to keep it.
- Fact: You can keep the plan you have, or choose to move to a less benefit-rich plan without answering health questions.
MYTH 3: In 2020 when Plan F goes away, I’ll be stuck on Plan F and rates will skyrocket.
- Fact: In 2020, when Medicare Supplement Plan F policies can no longer be sold, you aren’t stuck on your Wellmark Plan F. At that time, you can keep your Wellmark Plan F or move to a different Wellmark Medicare Supplement plan without answering health questions. Wellmark’s Plan F has a history of stability and predictable rate increases.
Myth 4: There is no difference between Medicare Supplement Plan F and Plan G.
- Fact: Plan F covers the Medicare Part B deductible, while Plan G does not. This is one of the main elements of MACRA.
Myth 5: If I buy Plan F but change my mind later and want to move to Plan G, I will have to answer health questions.
- Fact: If you choose to move to a less benefit-rich plan, you do not have to answer health questions.
The bottom line
No action is needed at this time. MACRA does not affect Plan F for members who are enrolled before 2020, or members who have group retiree benefits. The laws are always subject to change, so please visit Medicare.gov External Site for the most up-to-date information.