Medicare Plan F and Medicare Plan G are two of the most popular Medicare Supplement plans available. So, which plan is better? In this blog post, Comparing Plan F And G will be the focus, and help you decide which plan is right for you.

Is Plan F Discontinued?

Yes, this has been discontinued for anyone new to Medicare after December 31, 2019. If you currently have Medicare Plan F, you can continue with the plan, if you so decide. If you joined Medicare on or before December 31, 2019, you can enroll in a Plan F if one is available in your area and you meet the plan’s eligibility requirements. This distinction is worth noting when reviewing the differences involved with Medicare Plan F vs. Plan G.

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Ebook Comparing Plan F And G

What Do They Offer?

Medicare Plan F and Plan G are similar and offer the same basic coverage benefits, which include:1

  • Part A coinsurance and hospital costs.
  • Part B coinsurance or copayment.
  • Blood (first three pints).
  • Part A hospice care coinsurance or copayment.
  • Skilled nursing facility care coinsurance.
  • Part A deductible.
  • Part B excess charges.
  • Up to 80% of medical emergency costs during foreign travel.
  • No out-of-pocket limit.

So How Are They Different?

Although the plans have several similarities, there is one key difference between Plan F and Plan G: With medicare supplement plan f, you’re getting the plan with the most coverage available. In addition to the above coverage, Plan F also covers Medicare Part B deductible payments. Plan G does not.

This much coverage means that Plan F may come with a higher premium. However, choosing a high-deductible option for Plan F could help keep your premium down. If you’re currently enrolled in the Plan F high-deductible option for 2022, you are required to pay for Medicare-covered costs up to the deductible amount of $2,490 before your Medigap plan begins to cover any expenses.

Which One is Better?

No Medicare Supplement plan is better than another. It depends on your needs and budget. However, as of December 31, 2019, Plan F is no longer available for new Medicare enrollees. Here are two things to consider as you evaluate keeping your Medicare Plan F.

  1. If coverage for the Part B deductible is important to you, you may want to stick with Medicare Plan F. If you enrolled in Plan F before 2020, you will be “grandfathered” into the plan. This gives you the choice to keep the plan past 2020.
  2. Although Plan G does not cover the Part B deductible ($233 in 2022),2 the premium savings could offset the cost of the yearly deductible. For example, the average 2022 premium ranges from $167 to $215 for Plan G and $182 to $250 for Plan F for a 65-year-old Florida woman who does not use tobacco. Plan G costs approximately $15-$35 less per month. That’s a savings of around $180-$420 a year, which pays for the annual Part B deductible.

Should I Change From my F to a G?

If you’re considering switching from your grandfathered Medicare Plan F to Plan G, it can feel like a constant game of tug-of-war. Some Medicare Supplement plans are a “guaranteed issue,” which means you can’t be refused for pre-existing conditions. But, it’s important to note that you might be required to undergo underwriting when switching Medicare Supplement plans. That means a planned carrier can increase your rate based on age and health factors or decide not to sell you the plan at all.

Comparing Plan F And G can be easier than you think. In my opinion, giving yourself a longer financial runway is the way to go. This is why I lean towards the G Plan. The amount you save per month would be far greater than the annual deductible. Not to mention the G plan will have a lower rate of increase.

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In Closing

The best Medicare Supplement plan for you is the one that offers the coverage you need at a price you can afford. If you’re currently enrolled in Plan F, you may want to consider switching to Plan G, especially if your premium has increased. Keep in mind that you may be subject to underwriting when changing plans. As always, it’s best to speak with a licensed Medicare Supplement agent to discuss your options and find the plan that’s right for you.