When you compare Medicare Plan F vs Plan G, you can quickly see why these are the two most popular Medicare Supplement plans among beneficiaries today. If you’re like most people, you want your plan to cover as many of your healthcare expenses as possible.
When you’re new to Medicare, it can be extremely overwhelming when it comes down to choosing between all your plan options. Over 20% of beneficiaries who enrolled in Original Medicare Part A & B choose to enroll in a Medigap plan to cover their gaps in coverage.
Medicare Plan F vs Plan G
When comparing Plan F vs Plan G, you’ll notice they provide the exact same coverage, except for one thing: Plan F pays the annual Medicare Part B deductible, while Plan G does not. The Part B deductible is $185 for 2019.
All premiums are different per state per carrier, but the benefits are standardized and remain the same. The above premiums are general examples, each premium will vary for each individual. Your actual premium could be less or more.
With Plan F supplement, you never pay anything out of pocket for doctors, hospitals, or any of the other services covered by Medicare insurance Parts A and B. The only payment you make is the monthly premium.
With a Plan G supplement, you must pay the Part B deductible out of your own pocket one time per the calendar year. After you’ve met the deductible, Plan G will cover all the out of pocket expenses, just like Plan F.
Both Medigap Plan F and Plan G cover any Part B excess charges. If your current primary physician doesn’t accept Medicare insurance, he/she may charge up to an additional 15% above the standard Medicare medical costs for those services.
Without having one of these two plans, you’ll be left responsible for those excess charges. However, not all states allow doctors to charge you excess charges.
Which is Better: Medicare Plan F vs Plan G
The plan that’s best for you will depend on how often you go to the doctor and your budget.
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.
With Plan F, complete coverage comes at a cost. Premiums are usually higher compared to the premiums for Plan G.
With that said, over 50% of all active Medigap insurance plans are Plan F. However, Plan G is currently experiencing one of the largest increases in enrollment over the last few years.
Suppose you expect to spend over $185 on doctor visits each year, and the premium for Plan F is $30 a month more than the premium for Plan G.
By choosing Plan G, you’ll save $360 a year in premiums, versus a $185 deductible savings by choosing Plan F.
If Plan F premiums are too high, you do have a high-deductible option. With the high-deductible version of Plan F, you’ll pay the deductible of $2,300 first out of pocket.
Once you reach the deductible, your benefits will start. This is a great alternative to the standard Plan F, bringing the monthly premiums down significantly.
Changing from Plan F to Plan G (and vice versa)
The good thing about Medigap insurance supplement policies is there’s no annual enrollment period. You can change plans at any time.
You do have an enrollment period for Medigap plans that protect you from a Medigap company denying you coverage due to health concerns.
It’s a once in a lifetime window that starts as soon as your Part B is in effect and lasts for 6 months.
Outside this enrollment window, you can still enroll and/or change your plan. You’ll just have to answer health questions first. Also, if you have guaranteed issue, you cannot use it to enroll in Plan G.
Unfortunately, Plan G is not a GI plan. If you enrolled into Plan F with GI & want to change to Plan G, you will still have to go through medical underwriting.
Benefits for Medicare Plan F & Plan G
Both Medigap Supplements Plan F & Plan G include the following benefits:
- Coinsurance for hospital costs for up to 365 days after Part A benefits have been used up
- Part B coinsurance or co-payments
- Coinsurance for skilled nursing facility care
- Pays the Part A deductible
- Pays any Part B excess charges
- Foreign travel emergency costs, up to plan limits
- Part B preventive care coinsurance
Additional Questions for Medigap Plan F vs Plan G
Is it true that first-dollar coverage plans are going away?
Yes. Starting in 2020, all first-dollar coverage plans will be discontinued. This includes Plan F, as well as High-Deductible Plan F.
However, as long as you were Medicare eligible before 2020, you can still enroll in a first-dollar coverage plan after 2020. This change is only impacting those who are newly eligible after 2020.
It’s impossible to know how these changes will impact rate increases in the future with Plan F. If rate increases are a concern for you, then Plan G might be the better option for you.
Can I Change from Medicare Plan F to Plan G
Yes, you can actually change Medigap plans at any time. However, if you’re outside your Open Enrollment Period, you’ll have to answer health questions during the application process.
Does Plan G have a high deductible version?
No, Medigap Plan G does not have a high-deductible version. However, come 2020 when High-Deductible Plan F is no longer available to newly eligible Medicare insurance beneficiaries, we will see a new high-deductible Plan G introduced.
Can I change from my current Medicare Advantage plan to a Supplement Plan G or Plan F?
Yes, you can change from a Medicare Advantage plan to a Medigap plan at any time. However, GI rights would only apply if you changed within the first 12 months of enrolling into a Medicare Advantage plan.
Those GI rights could only be used to enroll in a plan that accepts GI. Plan F accepts GI, Plan G does not. Regardless if you have GI, you’ll still have to answer medical questions to enroll into Plan G.
Does Medigap Plan G or Plan F cover prescriptions?
No, no supplement plan covers prescriptions. That’s where Part D comes into play. If you’re given medications at the doctors’ office that are covered under Part B, then both these plans will pay the 20% coinsurance.
Is there a difference in benefits between carriers when enrolling in Plan F vs Plan G?
Regardless of the carrier you choose, the benefits are going to be the same. The only difference between the carriers is the pricing method they use to determine your premiums. The only difference between Mutual of Omaha Plan F vs Plan G is the monthly premium and that one pays your Part B deductible.
Compare Rates for Medicare Supplement Plans F and G
It’s important to understand all your Medicare Supplement plan options to find the best plan for your individual needs. At MedicareFAQ, we’re committed to helping you choose the Medigap policy that’s best for you.
Since we work with all Medicare insurance carriers, we can provide you with unbiased expert advice. Contact us and compare rates for all Medigap policies, including Plan F and G with all the top insurance companies.
We’ll answer your questions and help you get a policy that works for you. If you prefer, you can use our online rate comparison tool to see rates local to you now.