About Plan F and Plan G
Plan F and Plan G Are the Two Most Popular Plans.
Medicare Supplement Insurance plans have letter designations (A-N) indicating the benefits included with each plan. Under federal law, all Medicare Supplement plans (A-N) benefits are the same with all companies. The two most popular plans are Medicare Supplement Plan F and Plan G. Since June 1, 2010, Plan G benefits were increased to be identical to Plan F except for the Medicare Part B calendar-year deductible. Plan F pays the Medicare Part B calendar-year deductible and Plan G does not. That is the ONLY difference between the two plans. The $185 Medicare Part B deductible is paid ONLY one time during a calendar year. The Medicare Part B calendar-year deductible for 2019 is $185. It was $183 in 2018 and 2017. Understanding this difference is the first step to comparing these two plans.
Two Major Reasons Why Plan G May Be a Better Value.
First and foremost is the difference in price.
Depending on your age and gender, the premium savings for Plan G can be quite significant when compared with Plan F. For example: If you save $64 a month ($768 a year) on Plan G premiums and you spend 100% of the Medicare Part B deductible, you still save $621. When you compare Plan F and Plan G rates among the top insurance carriers in North Carolina, the savings are quite significant. Also, the older you are, the greater the savings potential. Savings up to 65%. Do the math yourself and see how much you can save.
The second major reason is that Plan G premium rates are historically more stable than Plan F rates.
Federal law requires Plan F to be offered on a “Guaranteed Issue” basis when an individual loses his employer group or Medicare Advantage plan coverage. Insurance companies cannot require you to answer health questions in this situation; therefore, people applying for Plan F coverage are, on average, less healthy than those applying for coverage that requires medical underwriting. Less healthy people tend to have more medical claims, leading to larger premium rate increases in the future. Insurance companies are NOT required to offer Plan G on a “Guaranteed Issue” basis; therefore, people applying for Plan G coverage in the above situation are, on average, more healthy. PLEASE NOTE: If a person is applying for coverage during their open enrollment period, they are not required to answer health questions for any Medicare plan offered by any insurance company.
With Original Medicare and Plan F and G, You Have All These Benefits:
With Original Medicare and Plan F OR Plan G, you have:
• The right to choose any hospital, doctor or specialist that accepts Medicare patients in the USA
• No networks to worry about
• No doctor referral needed to see a specialist
• No prior approval required.
With Original Medicare and Plan F OR Plan G, 100% of all Medicare-eligible charges are covered.
• You pay $0 for Medicare Part A deductible and co-payments
• You pay $0 for all Medicare-eligible hospital inpatient and outpatient services
• You pay $0 for preventive care services
• You pay $0 when you go to a skilled nursing facility
• You pay $0 for any Medicare-eligible excess charges
• You pay $0 for any additional Medicare-eligible medical service.