Medigap Plan F and Plan G are both types of Medicare Supplement Insurance policies that provide comprehensive coverage. Plan F offers the most extensive coverage, but it may not be available to everyone, while Plan G covers almost the same benefits as Plan F and is accessible to all Medicare members. However, Plan F comes with a higher premium than Plan G, so it’s essential to consider the cost difference when deciding which plan is best for you.
Is Plan F No Longer on The Market?
Medigap Plan F and Plan G are Medicare Supplement Insurance policies that offer additional coverage for healthcare costs not covered by Original Medicare. Plan F provides the most comprehensive coverage, including coverage for Part B deductible and excess charges. However, it is only available to Medicare beneficiaries who became eligible before January 1, 2020. Plan G provides almost the same coverage as Plan F but does not cover the Part B deductible.
The main difference between Plan F and Plan G is their availability. Plan G is available to all Medicare beneficiaries, while Plan F is only available to those who enrolled before January 1, 2020. If a person became eligible for Medicare before 2020 and purchased Plan F, they can continue with the plan. However, if they did not enroll at that time, they may still be able to purchase Plan F when they sign up for Medicare.
When choosing between Plan F and Plan G, it is essential to consider the cost difference. Since Plan F provides more coverage, it comes with a higher premium than Plan G. Individuals should evaluate their healthcare needs and expected out-of-pocket costs to determine which plan is best for them.
Plan G vs. Plan F Comparison
Both Medigap Plan F and Plan G offer similar coverage, with the exception of the Medicare Part B deductible. The benefits covered by both plans are identical, such as Part A coinsurance and hospital costs for an additional 365 days after Medicare benefits are exhausted, Part A hospice care coinsurance or copayment, Part B coinsurance or copayment, Skilled nursing facility care, foreign travel emergency, and blood transfusion for the first three pints, among others. Plan F additionally covers the Medicare Part B deductible of $226 in 2023, which Plan G does not cover. It’s important to note that no Medigap plan sold to individuals who became eligible for Medicare on or after January 1, 2020, can include coverage for the Part B deductible.
Medicare Supplement Plan F covers all out-of-pocket costs, including deductibles, coinsurance, and copays, outside of the monthly premium, making it a first-dollar coverage plan. This comprehensive coverage results in a high monthly premium ranging from $180-$300.
In contrast, Medicare Supplement Plan G only requires payment of the Medicare Part B deductible before coverage begins. Once the deductible is met (226$ in 2023), Plan G provides the same coverage as Plan F. The average monthly premium for Plan G falls between $150-$220, making it a middle ground in terms of coverage and cost among the three plans.
Is Plan F Bettter Than Plan G?
Since Medigap Plan F is no longer available on the market for new Medigap beneficiaries, the second most comprehensive plan that is available to purchase is plan G. However, on paper, Plan F is better than Plan G because with this plan there are no out-of-pocket costs left for you.
To summarize, there is no clear answer to whether Medicare Supplement Plan F is better than Plan G, as it depends on individual circumstances and needs.
Plan F offers more comprehensive coverage, as it covers all out-of-pocket costs, including deductibles, coinsurance, and copays, outside of the monthly premium. However, it has a higher monthly premium compared to Plan G.
Plan G, on the other hand, requires payment of the Medicare Part B deductible before coverage begins, but has a lower monthly premium compared to Plan F.
Ultimately, the decision between Plan F and Plan G comes down to individual preference and budget. It’s important to carefully review the coverage and costs of each plan and choose the one that best fits your healthcare needs and financial situation.
Should I Switch from Plan F to Plan G?
When it comes to comparing Medicare Supplement Plans F and G, many people ask whether they should switch from Plan F to Plan G. There are several reasons why switching to Plan G could be a good choice.
Firstly, Plan G is considerably less expensive than Plan F. In fact, switching from Plan F to G could save you up to $50 a month. While there is a one-time cost of $233 for the Part B deductible on Medigap G, the monthly savings will be worth it in the long run.
Another important consideration is that Plan F will be closed to new entrants to Medicare in 2023. As a result, its cohort of members will be older than those on Medigap G. It’s possible that Plan F’s older members may require more health services, which could raise the cost of the plan. This is why many people believe that Plan G will be considerably less expensive in the long term.
It’s worth noting that beneficiaries can switch between plans at any time, but most should expect to answer some health queries (known as Medical Underwriting) to change policies. However, there are a few states that offer certain opportunities to change plans without medical underwriting.
Overall, switching to Plan G from Plan F can be a wise move, as it’s less expensive and may remain so in the future. It’s important to consider individual circumstances and needs before making any changes to Medicare Supplement Plans, so be sure to talk to your healthcare provider and insurance agent to determine which plan is best for you.
Final Thoughts
In conclusion, when it comes to choosing between Medigap Plan F and Plan G, it ultimately depends on an individual’s healthcare needs and financial situation. While Plan F provides more comprehensive coverage, it comes with a higher monthly premium, and it is no longer available to new Medicare beneficiaries. Plan G offers almost the same coverage as Plan F but requires payment of the Medicare Part B deductible before coverage begins, resulting in a lower monthly premium. However, individuals should carefully review the coverage and costs of each plan before making a decision. For those currently on Plan F, switching to Plan G could be a good choice as it’s less expensive and may remain so in the future, but it’s important to consider individual circumstances and needs before making any changes to Medicare Supplement Plans.
