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Medicare Plan F vs Plan G

There are large numbers of Medicare plans, which are all represented by letters. Some of the lettered plans have been retired and are no longer available. It can be confusing to determine which plans are best for your unique medical needs, as well as which supplemental insurance plans will benefit you the most. Medical expenses in the United States are higher on average for some services than people can afford. Due to this, Medicare Plan F and Medicare Plan G are available. If you are considering which one of these plans is better for you, this is the place to get more information.

Both Medicare Plan F and Medicare Plan G policies are known as Medigap plans. They can also be referred to as Medicare Supplement Plans. These plans supplement your Original Medicare Part A and Part B coverages, paying for additional expenses that can occur. By covering excess charges that the Original Medicare policy does not, people can end up saving more money on medical costs overall. Since there are two plans available, it is essential to know what the differences are for deciding between the two of them. Both programs offer the same basic coverages, though there are differences as well.

Some of the coverages that both Plan F and Plan G include are Part A coinsurance and hospital costs, Part B coinsurance or copayment costs, the costs for the first 3 pints of blood needed, and Part A hospice care coinsurance or copayment costs. Both plans also cover skilled nursing facility care coinsurance, Part A deductible costs, Part B excess charges, and more. Another similarity between these two plans is that there is no out-of-pocket limit. Up to 80% can be covered. Although there are numerous similarities between the two plans, there are significant differences between the plans as well.

Medicare Plan F vs Plan G

The differences between these two plans are important to know. For people purchasing a Medicare F Plan, they will be getting a plan that has the most coverage included. One of the significant differences between Plan F and Plan G is that Plan F covers not only the items listed above, but also Medicare Part B deductible payments. This is something that the Medicare Plan G policy does not include. This deductible can end up costing people a lot of money, so depending on your specific situation, Medicare Plan F might be your best option.

Due to it including more things, the insurance premiums a person will pay to get Medicare Plan F supplemental insurance will be higher than the ones that person would pay for Medicare Plan G. For people who believe that the Plan B deductible will be utilized often, a Plan F supplemental coverage plan could make the most sense. On the other side of the conversation, Plan G will have lower premiums. The money that would otherwise be spent on premiums can be utilized to pay for out-of-pocket expenses. In some cases, this is a better choice and looked at as the more affordable of the two plans.

Remember that both of these plans are Medigap plans, and for the most part, they cover the same things. The major difference, the coverage of Part B deductibles, is the deciding factor as to whether or not a person should get one type of plan or the other.

Which Is Better: Medicare Plan F vs Plan G?

This is the big question, and at first will lead to a few more questions. If you are looking for a plan that has the most coverage available, Medicare Plan F is the plan for you. This does mean that you will be paying a higher deductible each month to get that additional coverage, however. It is possible to choose a higher deductible option for supplemental insurance Plan F to help keep your premium as low as possible.

Take a look at your anticipated medical expenses, particularly those surrounding your Part B deductible. Doing research can help you save money in the long run. If you are anticipating more significant amounts of expenses related to Part B deductibles, and those anticipated expenses are larger than the increase in premiums, consider getting Medicare Plan F. If you are in need of lower premiums and are not expecting a lot of medical expenses where the Part B deductible will impact your life, you may consider getting Part G coverage.

It is also important to remember that many medical expenses are not anticipated. Having more coverage can bring people more peace of mind overall. For people who are looking at Plan G as their preferred option, considering Plan N, which covers even less, could help them save more money on premiums.

If you decide to get a Medigap plan, be aware that the plans are standardized. Premiums can be different from one insurance company to the next, or from one location to the next, but the benefits and the coverage of these plans are the same. The plans are offered by private insurance providers, who do not have to offer all 10 of the plans. Any company that offers this type of insurance, however, must offer Plan A.

Over 50% of the Medicare Supplemental Insurance policies that are purchased are Plan F. The closest plan, in terms of popularity, is over 40% behind Plan F. Having the additional insurance coverage can be a huge benefit, especially in the age demographic that Medicare provides insurance for. Even though Plan F is the most popular plan at the moment, both Plan N and Plan G are becoming more and more popular each year.

People who are looking for Plan F, or are considering to purchase it at a future year, now might be the time to do it. Medicare Plan F will be discontinued for new enrollees on or after January 1, 2020. People who have purchased it prior to that will still be able to buy the plan, however.