The popular Plan F under Medigap will no longer be available by the end of next year. As such, insurance agents must find another way to enlist potential leads who want a comprehensive Medicare supplemental policy.
An insurance field marketing organization such as TR King Insurance Marketing could help you in determining the best alternatives for your clients. On the other hand, Americans should know that there might be other better options if prices don’t increase significantly.
The Plan F’s scheduled unavailability for new Medicare enrollees stems from the government’s desire to control healthcare costs. Despite the most expensive supplemental policy, the option has been popular since policyholders are protected against unexpected charges.
It also pays for healthcare expenses that Medicare would otherwise exclude on a person’s coverage. Retirees in particular pay a premium for this option due to the freedom of visiting any Medicare-accredited doctor or hospital.
For instance, the lowest-tier plan in New York City under the Plan F option is 143% cheaper than the most expensive rate, according to the American Association for Medicare Supplement Insurance.
Choosing the Right Policy
Plan F might be ending by next year, but insurance experts said that Plan G could be the next best thing for new enrollees who dislike surprise additional fees.
Some estimate Plan F premiums to cost an average of around $186 per month in the US, compared with $155.70 national average for Plan G premiums. The actual rate will vary depending on where people live in the country as well as the policy rates of insurance companies.
Given the changes in Medicare supplementals, insurance agents should be able to foresee any questions that their clients could ask them.
The recent changes on Medicare insurance will mean that many will look for alternatives. Independent insurance agents would have a competitive advantage, if they know how to cross-sell other types of policies with supplemental products.