Original Medicare doesn’t cover some costs, thus many opt to purchase an additional insurance plan, called Medicare Supplement or Medigap which falls into Plan F or G. Many questions still linger regarding whether to choose Plan F or G Medicare supplements plans. Let’s first delve into what each plan covers.
- Both cover Medicare Part A coinsurance long after Medicare benefits are used up for 365 days.
- Both cover Medicare Part B coinsurance or copayments
- Both cover for first 3 pints of blood annually
- Both cover Part A hospice care coinsurance or copayments
- Both cover skilled nursing facility care coinsurance
- Both cover Part A deductible
- Plan F covers Part B deductible while Plan G does not
- Both cover 80% travel emergency (up to plan limits)
.Which Supplement Is Best Suited For Me: Plan F Or Plan G
From the breakdown above, you can see that between Medigap plan F and G there is only one benefit difference. Plan F covers Part B deductible of Medicare while Plan G doesn’t. The part B deductible is a one-time deductible ($183) which you must pay each year before accessing Plan G benefits. Once you pay for the deductible, Plan G essentially becomes Plan F and you access all the benefits as F.
Medigap Plan F is for you if:
- You are looking into Medigap policy with most benefits, but don’t mind the high premiums.
- You can find a Medigap Plan F with an annual premium that does not exceed Plan G’s annual premium of more than $183. So if say the best-priced Plan F is only $100 more a year, then your best bet is probably Plan G.
- You live NY, OR, CA or MO; states that allow you to change plans without medical review.
Medigap Plan G is for you if:
- You are looking for Medigap policy with less expensive monthly premiums. Typically, Plan G monthly premiums are more affordable than Plan F premiums up to even half the cots!
- Because Plan G is so well priced you can save a good amount annually. If you can get a Plan G’s that will save you more than $183 a year vis-a-vis the best-priced Plan F, then, by all means, go for it!
- If you do not visit the doctor often, then Plan G may be a better option for you since you’re not spending the ($183) deductible towards your doctor’s visit
Speculation has been rife about the cost of Plan F going up after 2020, essentially locking out younger members yet to join Medicare. Yet no one can predict for sure what will happen in the future. That said Plan F still remains the most popular Medigap plan with the most active members. It is highly unlikely that its prices will shoot up overnight.
In the end, both of these plans help protect you from extra out-of-pocket expenses should one require treatment beyond what Medicare approves.