A new Medicare Supplement Plan is available in some states. It is called the Medicare Supplement Innovative Plan F. While every Medicare Supplement policy must follow Federal and state laws designed to protect you and it must be clearly identified as “Medicare Supplement Insurance,” the insurance carrier can offer “additional benefits or services” at no extra cost to the Medicare beneficiary. However, Medicare Supplement insurance companies can only sell you a “standardized” Medicare Supplement policy identified by letters A through N. The government has standardized each Medicare Supplement policy which means each policy must offer the basic benefits, no matter what insurance company sells it. This makes costs and customer service the only differences between Medicare Supplement policies sold by different companies. Simply put, a Plan F with one company provides exactly the same coverage as a Plan F with another company. There can be no deviation from the standardization of the plans. The Medicare Supplement Innovative Plan F does not change the standardization of the Plan F, but simply offers “additional benefits or services”.
How is a Medicare Supplement Innovative Plan F different than an original Plan F?
With the approval of the State an insurance company offering a Medicare supplemental policy may offer new or innovative benefits in addition to the benefits provided in a policy that otherwise complies the Federal Regulations regarding Medicare Supplement policies. The new or innovative Medicare Supplement policy benefits shall include only benefits that are appropriate to Medicare supplement insurance, are new or innovative, are not otherwise available and are cost-effective. The new or innovative Medicare Supplement policy benefits must not adversely impact the goal of Medicare supplement standardization. New or innovative Medicare supplement insurance benefits shall not be used to change or reduce benefits, including a change of any cost-sharing provision, in any standardized plan.
Medicare Supplement Innovative Plan F benefits can include, but not limited to:
- Nurse Hotline
- Annual Physical Exam
- Preventive Dental Care
- Preventive Vision Care
- Routine Hearing Exam
- Drug Discount Card
Will the Medicare Supplement Innovative Plan F Remain the Most Comprehensive Supplement Policy?
Yes, the Plan F will remain the most comprehensive Medicare Supplement plan you can purchase. New or innovative benefits may not be used to reduce standardized benefits. Therefore, the coverage provided by Plan F remains the same. The new or innovative benefits are “additional services”. The Medicare Supplement Plan F is the only plan to offer innovative or new services. Not every state offers the innovative Plan F. Additionally, not every insurance company offering Medicare Supplements will offer the Medicare Supplement Innovative Plan F. If an insurance company offers the Medicare Supplement Innovative Plan F, the insurance company will determine which innovative or new benefits will be a part of the Medicare Supplement Innovative Plan F (i.e., dental, vision, hearing and/or physical exam). Regardless, the additional benefits or services provided as part of a Medicare Supplement Innovative Plan F cannot change the initial standardization of coverage of the original Medicare Supplement Plan F. Just as the Plan F covers 100% of the out-of-pocket costs that original Medicare does not pay for Medicare-approved services, the Medicare Supplement Innovative Plan F will do the same — the coverage has not changed.
How do I see if Medicare Supplement Innovative Plan F is right for me?
With this new and exciting addition to the Medicare Supplement Plan F, do not hesitate to contact a Medicare Pathways Benefit Specialist to review your options regarding Medicare insurance and to see if you qualify to change plans to a Medicare Supplement Innovative Plan F and enjoy the “additional services and benefits” at no extra cost to you. Your state may offer the Medicare Supplement Innovative Plan F and a Medicare Pathways Benefit Specialist will assist you in determining if you qualify or if you have an open enrollment period which will allow you guaranteed issue rights and avoid the underwriting process. You can also simply Request a Quote, complete a short, simple form, and a Benefit Specialist will contact you.
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