Medicare Supplements Plan F vs Plan G – Which is Better?

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Medicare Supplement Plan F vs. Plan G – Which Is Better?
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Today we are going to review 2 of the most comprehensive plans available- Plan F & G. Knowing the difference between the 2 plans and choosing the right plan could actually save you 100's of dollars in premium each yr.
If you or a loved one are turning 65 you're probably overloaded w/mail & phone calls from big insurance co's pressuring you to sign up with them. Sorting thru mail & info & figuring out the difference between the plans and parts of Medicare is confusing & overwhelming, we get it. Not to mention you want to make sure you're not paying too much for a plan or getting ripped off because different insurance co's can charge different rates for the same plan.
The good news is that Medicare standardizes all the Supp Plans & choosing a plan is not as hard as it seems. The most popular plan is Plan F. It is also known as the Cadillac plan because it fills in 100% of gaps that Medicare doesn't cover.
But guess what? Plan G is the best kept secret. Medicare Supp Plan G is a great option that many don't know about. You can actually save several 100's of dollars by choosing Plan G.
Let's take a quick look at all the Medicare Supp Plans & you'll see what I mean.
This is a chart of the standardized plans. We've highlighted Plan F & G.
As I said before Plan F is known as the Cadillac plan because it covers 100% of gaps that Medicare doesn't & it also includes a Foreign Travel Benefit. Plan G looks almost identical to Plan F. In fact it is identical to Plan F in every way except for the Part B deductible which in 2016 is $166. So what does that mean? It means you have to pay the $166 ded before 100% of expenses are paid. This could be a good deal.
Let's compare apples to apples. We know that Medicare Supp Plans allow you to keep your Dr., Hspl & Specialist & you never have to worry about networks or referrals. The plan travels with you anywhere in US, there are no copays w/Plan F & G. But what makes Plan F & G unique is that they are the only plans that cover Part B excess charges. An excess charge is the amt over what Medicare deems as reasonable & customary. So if your Dr or provider charges more than Medicare allows, this is known as an excess charge. With any other Supp Plan you could be on the hook for those excess charges, only Plan F & G cover them. Plan F & G are one of the only plans that cover Foreign Travel so if you like to travel or have relatives overseas, you want to make sure you pick a plan that covers Foreign Travel.
Plan F & G are the same in every way except for the Part B deductible and the cost.
Let's look at some examples. This is our client Selma. She is 88 yrs old. She was covered under her husband's retiree medical plan until he passed away. She had 30 days to pick up a Supp Plan & under Medicare guidelines because she lost credible coverage she was guaranteed issued into Plan F no medical questions asked. We knew if we put her in Plan G she would save lots of money.
Here is the rate comparison for Selma. She is 88 yrs old, non-tobacco user. Plan F would be $302 w/Transamerica & Plan G is $235 w/Bankers Fidelity.
Let me pause, as an independent agent we have access to all the carriers in your state. Our job is to shop the market & that's what we did for Selma. We were able to find the lowest rate regardless of the plan she chose. So not only did we save her money by helping her choose a Plan G, but we got her the lowest rate in the market.
The premium difference between a Plan F & G is $67/mo.That's a lot of money for someone on a fixed income. Keep in mind Selma will still have to pay the $166 deductible, but her saving is still over $600/yr.
Let's look at another example. This is our client Larry. He is 66 yr old non-tobacco user. Plan F w/Aetna is $188 & Plan G w/Mutual Omaha is $150. The premium diff is $37/mo or $284/yr. Keep in mind he is 66, over time this savings adds up.
So with Good Old Fashioned Common Sense & Basic Arithmetic you can see that Plan G is a better value & you still get great coverage.
Medicare doesn't cover everything. You pay about 20% of expenses. Picking up a Medicare Supp Plan can fill in those gaps. But it's important to not only choose the right plan but the right insurance co. Our job at MedicarePlanDiscounts.com is to help you shop the market & find the right plan & the right insurance co. Let us help you. Call us at 1 844-280-0785 for a free quote, no obligation. A licensed pro will explain Medicare, Review the Supp Plans, Compare rates from all co's in your state, You have no paperwork and we'll assist w/Part D. It doesn't cost extra to work with us – it's the same if you work us or the ins co directly.

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