For anyone who has done even a little bit of research into Medigap plans you have likely learned that it can sometimes be information overload. Whether you’re choosing a plan for yourself or a loved one, be sure to at least leave yourself enough time to decipher all the information you’re getting and make sure you have access to all of your options. Many people simply want the very best supplemental coverage available, however when it comes to Medigap Plan F rates can vary widely between the top companies.
Is There a Better Choice Than Plan F?
With over 10 different Medicare supplement plans, it’s no wonder at first glance most people get confused. After all, you’re probably still trying to comprehend learning the various “parts” of Medicare and the ABC’s of that. Well don’t feel bad, but do keep reading www.MedigapPlansguide.com to learn more. We break it down easily for you to understand, and of course you can always call us for free consultations.
Offering 100 percent coverage of the expenses that Medicare Part A and Part B do not cover, Medicare Plan F truly is an outstanding and popular choice among those who are eligible. While many people simply stop there knowing they have the best, others (Particularly those on a fixed income) need to perhaps check other plans that might not offer full benefits and coverage but do have a lower monthly premium. Also, for healthy people regardless of their income a plan with less benefits and more out-of-pocket costs should they use the coverage might seem more attractive and be a better option.
Medicare Supplement Plan G has quickly become one of the most popular plans over the years and for very good reason. Plan G is also offered by several companies in many states and is nearly identical to Plan F. The only difference is if you have a Plan G, you must pay the annual Part B deductible yourself before Medicare and the supplemental plan will begin paying. In 2013 this deductible is $147.
Do The Math – It Could Be Worth It!
So now you know the difference between Plan F and G, and the question you should be asking yourself is “Which one fits my needs best?”
Are you the type of person who never wants to see a medical bill, not even a co-pay or deductible? Then Plan F is the best choice. Are you healthy and rarely visit your doctor, but want great coverage yet want to save money? Plan G just might be your best option.
Let’s take a look at an example. We’ll say Company “A” offers a Plan F in your zip code at age 65 for $155 per month. Easy to budget and you’ll receive no other medical bills for all approved expenses. Company “A” however, also offers a Plan G at a rate of $125 per month. Keep in mind the only difference between the two plans is on Plan G you’ll have to pay the $147 deductible before getting coverage, then it’s 100 percent after that on approved expenses.
The Medigap Plan F rates are $155, minus the Plan G premium of $125 equals a savings of $30 per month on Plan G, or $360 per year less in premiums. Now, we still need to subtract out that deductible you’ll have to pay with Plan G which is the $147. So we take the $360 per year savings minus that deductible leaving us with $213.
This means that by simply paying the annual Part B deductible yourself you would save $213 per year by going with Plan G in the example above. To put it another way, you would be paying Company “A” a $213 “service type fee” on Plan F for them to pay the deductible for you, with your money!
The difference in premiums between the two plans varies based on age, gender, and zip code. Those approaching age 70 and beyond will find a much greater savings than people age 65 typically, and many couples who have switched came off Plan F and switched companies have sometimes saved over $1000 per year.
We offer free quotes and No-Obligation consultations for our clients. We can easily show you all of the Medigap Plan F rates in your area as well as Plan G. Then we’ll let you decide which plan fits your needs best.