Plan F vs Plan G: Which Medicare Supplement (Medigap) Plan is the Better Buy
Plan F vs Plan G: If you’re like most people, you want your Medigap plan to cover as many as your healthcare expenses as possible. This is why most Medigap enrollees choose the most comprehensive plan, Plan F. But another plan, Plan G, offers almost the same benefits as Plan F and may cost much less.
Plan F vs Plan G: What’s the Difference?
Plan F vs Plan G provides the exact the same coverage except for one thing: Plan F pays the annual Medicare Part B deductible, while Plan G does not. The Medicare Part B deductible changes each year, please reach out to one of our Medicare agents to find out what the amount is this year.
Here are the benefits that both plans offer:
- Coinsurance for hospital costs for up to 365 days after Medicare Part A benefits have been used up
- Medicare Part B coinsurance or copayments
- Coinsurance for skilled nursing facility care
- Pays the Medicare Part A deductible
- Pays Medicare Part B excess charges
- Foreign travel emergency costs, up to plan limits
- Medicare Part B preventive care coinsurance
Plan G vs Plan F: Which is Better for Me?
With Plan F, you never pay anything out of pocket for doctors, hospitals, or any of the other services covered by Medicare Parts A and B. The only payment you make is your monthly premium.
Plan G also covers all your Medicare Part A expenses. But for doctor visits and other Part B services, you must pay the Part B deductible out of your own pocket one time per calendar year. After you’ve met your deductible, Medigap Plan G covers all your expenses, the same as Plan F.
The plan that’s best for you will depend on how often you go to the doctor and how much the plans cost. Most people can safely expect that as they age, they will spend at least the Part B deductible amount per year in doctor bills and other Part B costs, thus meeting the Medicare Part B deductible.
However, Part F’s complete coverage comes at a cost. Plan F premiums are usually higher than the premiums for Plan G. If the difference between the two plans’ premiums is greater than the amount you’ll save by not having a deductible, then Plan G vs Plan F may be a better value.
For example, suppose you expect to spend over $183 on doctors each year, and that the Plan F premium is $30 a month more than the Plan G premium. By choosing Plan G, you’ll save $360 a year in premiums, versus a $183 deductible savings by choosing Plan F.
Plan G is a better value for you. But if the premium difference was only $10 a month, Plan G would save you $120 a year compared to the $183 savings under plan F. Plan F would be a better buy.
At MedicareFAQ, we’re committed to helping you choose the Medigap policy that’s best for you. For most people, we’ve found that Plan G vs Plan F is a better buy. Contact us and we’ll search all the top insurance companies and give you an instant quote. We’ll answer your questions and help you get a policy that works for you.