Difference Between Plan G and Plan F

Medicare Supplement Plans

There are ten standardized Medicare Supplement Plans in the USA. Those plans help you fill in the gaps in your coverage left by Original Medicare. Parts A and B cover 80% of healthcare services, and with supplemental plans, insurers can reduce the costs of copays, coinsurance, and deductibles. Although all plans are standardized by law in 47 states ( Wisconsin, Minnesota, and Massachusetts have their plans standardized in different ways) there can be crucial differences between types of coverage in each letter plan.

 Plan G and Plan F are one of the most comprehensive plans on the market because they cover most healthcare needs at a reasonable cost. However, both plans provide very similar coverage with some bit differences. So, let’s compare them.

Medicare Supplement  Plan F vs. Medicare Supplement Plan G

Medicare Supplement Plan F is the most comprehensive plan on the market because this plan covers most benefits like coinsurance, deductibles, and copays, with this plan you are only responsible for paying a monthly premium. However, plan F has the highest premium in comparison to other Medicare Supplement Plans, and in 2022, the premium can be as high as 400$ a month. But, the average cost is approximately 230$ a month. 

Both Plans F and G cover Part A deductible, Medicare Part A coinsurance, Medicare Part B coinsurance, and copays, Medicare Part B excess charges, and foreign travel emergencies. The only difference is that with Medicare Supplement Plan G, the Medicare Part B deductible isn’t covered. However, Plan F covers Part B deductible, too.

With plan G your only out-of-pocket cost is the Part B deductible which is 223$ in 2022. After, you met your deductible plan G covers for rest of your costs. Additionally.  A monthly premium is lower than with Part F and it can be between  150$ and 200$ per month.

Which is better to purchase: Plan F or Plan G?

Even though plan F is the most extensive plan on the market and can be a good plan because it has no other costs than a higher monthly premium which provides lower costs in the long run, if you are new to Medicare Plan F is no longer available to purchase. Due to MACRA, plan F is no longer available for new Medicare beneficiaries since the 1st of January 2020, because the Part B deductible is no longer free of charge. So if you are new to Medicare you are no longer eligible for Plan F and Plan G is the second best option because it provides the most coverage and out-of-pocket costs. 

However, if you were eligible for Medicare before, and want to purchase plan F, it may be a good option because this plan has zero out-of-pocket costs. However, you need to decide if a higher monthly premium is good for you if you still want to pay lower monthly premium and have comprehensive coverage then Plan G might be a better choice. 

Both, Plan F and Plan G provide similar benefits and are one of the most popular plans on the market among all beneficiaries. Deciding between them depends on your eligibility and budget. 

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Can I change my Medicare Supplement plans?

Yes, you can switch from one Medicare Supplement plan at any time you want to. However, providers can charge you a higher monthly premium based on your pre-existing conditions. Also, you would need to answer medical underwriting questions and may be turned down based on its findings. So, the best time to do that is through Medigap Open Enrollment because at that time policyholders cannot deny your application due to any medical conditions.

How do I choose between Plans F and G?

Medicare can be very complex for each beneficiary because not every healthcare needs are the same. When you are choosing between Medicare Supplement Plans, either Plans F and G or any other plan it can be confusing. The best thing to do is talk to a licensed Medicare broker here in Better Place Insurance Group. Our agents are experienced and are eager to help you choose the plan which best suits your specific health needs accordingly to your budget. 

If you are not sure, which one to purchase, and how much it will cost you, call us or text us today and we will provide everything you need!

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