Is Medigap Plan F Really The Best Plan?

When it comes to choosing a the right Medicare plan, it can seen somewhat difficult if you are unsure of what your looking at. It is best to compare the different types of plans to ensure which one is going to save you the most money and help cover the costs you need covered. The two most popular plans are Medigap Plan F and Plan G. They are very similar, but Plan F may seem like the better deal at first because it covers 100 percent. But is it really worth it?

Plan G is overall the cheaper option to go with in the long run. It also covers a lot of high-risk situations and covers cost of hospitalization coverage extension, hospital co-insurance, skilled nursing co-insurance, hospital care, and much more. The only difference is you must pay the annual Part B deductible out-of-pocket each year yourself. After that the plan pays 100 percent just like Medigap Plan F. The monthly premiums for Plan G are cheaper as well.

One Example of How Plan G Can Save You Money

Take for example a 67 year old Male who might be paying $165 per month for Medigap Plan F. The premiums for Plan G might only be around $128 per month. This is a difference of $37 per month. Don’t forget however, that you must pay the annual Part B deductible yourself on Plan G. For 2013 this deductible is $147. So let’s look at how this works out.

$37 per month savings in monthly premiums on Plan G over Plan F

$37 x 12 months = $444 less in premiums than Medigap Plan F

$444 minus the Part B deductible you must pay of $147 = $297 in savings, or $24.75 per month LESS. This is obviously worth it as you would be paying $297 extra per year for Plan F to write a check with your money to pay the deductible.

Is It Worth It?

Some people of course just like to never receive a medical bill. In this case Plan F would be a good choice. However, is it worth almost $300 (sometimes even more!) to have them write a check with your money? Most people would say no.

While Medigap Plan F pays all deductibles and co-payments it is a very good idea to get quotes on various plans from all the top carriers.

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