Call (888) 310-0376 to Get Quotes on Top Rated Medicare Supplement Plans. Medicare supplement Plan G is becoming more popular as its perceived to be a money-saving alternative to Medicare supplement Plan F. But is it? This video will answer that question and explain the differences between Plan G and Plan F.
Visit: to read hundreds of informative articles on Medicare supplements, Medicare Advantage and Part D insurance.
So, is buying Medicare supplement Medicare supplement Plan G versus buying Medicare supplement Plan F a way to save money? There is that possibility, but let's look at the plan differences.
Both plans are standardized Medigap policies and the benefits for each will generally be the same no matter which insurance company is offering them. Since Medicare supplements can no longer include drug coverage, neither plan will include Part D benefits.
Plan F is the most comprehensive Medicare supplement and will pay your share of the costs for all Medicare covered services. Some of these costs include the Part A deductible and coinsurance, the Part B deductible and the 20% coinsurance for outpatient services as well as others.
The only difference in benefits between the two plans is that Plan G does not pay your Part B deductible, which is $147 for 2013. The Part B deductible must be paid before Medicare will cover your outpatient services. With Plan G, that will be your responsibility.
Insurance companies will generally factor their potential costing into setting Medicare supplement premiums. The likelihood that you will need some type of outpatient care is very high and insurance companies know that.
If the potential cost was the only factor for them to consider, annual premium would be lower by an amount equal to the Part B deductible.
If on the chance that you do not need any outpatient services over the course of a calendar year, you may find that Medicare supplement Plan G has lower annual costs than Plan F.
If you would like to learn more about Medicare Advantage and Medicare supplements get my 8 Part Video Mini-Course. The course is designed to help you choose the best Medicare plan for your circumstances.
OMG! You should be ashamed of yourself, David Forbes! The lower rates of
Plan G MORE than offset the very low deductible…and you never say that! I
guess ’cause you don’t want people to do the math and realize that YOU, the
agent, make more money with the higher monthly fees of Plan F. It’s the
identical coverage of Plan G, at a lower cost, even with the low
deductible. I’ve just learned that in time, thanks to another video I just
saw, by a really straight up honest guy. Be nice, David. It’ll make you
feel good.
+Joanne Rice When insurance companies price their products they have the
actuarial data and the savvy to maintain about the same level of profit on
each product. If their only savings on Plan G is in not paying the
deductible they are not going to under price the product to not maintain
the same basic profit margin of their other supplements.
Also, I am not agent and do not sell insurance or earn new commissions. I
was an agent for 12 years. And… I am nice!
It always amazes me that someone would recommend plan F over plan G. The
only difference is the $147 deductible. The premium for plan G is $200 –
$300 less than plan F. Where does it not make sense to spend $147 to save
$200 – $300? YEAR AFTER YEAR!
Plan G will ALWAYS save someone money. Even if they have to pay their Part
B deductible. Plan G tends to run around $200 cheaper per year. The Part B
deductible is $147. The GUARANTEED savings is over $30 per year. In
addition, Plan G experiences smaller premium increases every year because
the insurance companies don’t have guaranteed issue clients on those plans.
You’re doing people a disservice by telling them that MAYBE they’ll save
some money. They will MOST ASSUREDLY save money with Plan G!
Unless you’re an actuary, it would be near impossible to predict higher
premiums for Plan F based on those with Guaranteed Issue Rights having plan
F as an option. I guess that’s why you said “it could lead to higher claims
causing higher premiums”. It’s also possible that the larger size of the
risk pool for Plan F could negate higher premiums based on people with
Guaranteed issue rights choosing that plan. If you are interested in Plan F
or Plan G, get quotes on both plans.
Way to not answer the question. The answer is YES. Plan F is a guaranteed
issue plan which means in certain situations, someone with a catastrophic
illness (cancer, etc) could get the plan. On average, it could lead to more
claims causing higher premiums. Plan G is not. Overall, though, both plans
are a better way to go than other plans.
I am not a customer of Affordable Care, BUT this has been extremely helpful
to me, because I just bought Plan G not knowing what the salesman was
selling me. AND we, my wife and I do have out patient services and I’m down
$147 or more, since it’s now 2013. I’m about to find out or cancel the
whole thing with Physicians Mutual.