Which is Better- Medicare Supplement Plan F or Plan G??
The difference most agents will not tell their customers!!
Over my extensive career I have found that most agents or brokers will try to sell the PLAN F to their prospective customers. The first reason, it is very easy to sell because it is the best plan you can ever purchase when Medicare eligible. There are no co-pays, bills or deductibles for anything Medicare A&B approved!! I have heard people call it the FULL COVERAGE plan or the FORGET ABOUT IT plan. The second reason, it is the most expensive plan and insurance companies love making more money. The third reason, it is the most popular plan with Medicare Supplements. Every insurance company offering supplements offers the PLAN F.
The truth….. The Plan G should be the most popular plan because it is a much better value for you than the PLAN F. Our company is about doing what is right for you, not us or the insurance company. The Plan G offers the same coverage as the Plan F with only one difference, you are responsible for the annual Part B medical deductible of only $147. That is it. If you ever have to pay the first $147 medical bill once a year you are done.
The Plan F most of the time is priced $25 more a month then the Plan G. So the question is, why would anyone pay $300 more a year to an insurance company for them to only pay the first $147 medical bill? The answer is that most people are not explained that this is the only difference. Apples to apples, you save $300 a year in monthly premium- $147 medical deductible= $153 a year back in your pocket. If you only use your Medicare A&B card with your PLAN G for approved preventative services during the year, Medicare will pay for everything at 100%. The list of preventative services are listed on the Frequently Asked Questions tab on our website. So, if you have a good year and only have your approved preventative services, you save the full $300 a year difference in your pocket!!! Choose the Medicare Supplement PLAN G.
I had a customer who had Medicare and her Plan G for the last 2 years and only used it for approved preventative services. She never had to pay the medical annual Part B deductible of the $147. Over the last 2 years she saved almost $600!! She had some hives that flared up on her body this year, so made an appointment with a dermatologist in town. The dermatologist ran some tests and there were a couple of moles that were questionable he took off for further examination. The moles came back negative and the hives were determined to be due to stress and cleared up with medication. About 3 weeks later she received an explanation of benefit in the mail that showed that Medicare approved about $300 in medical expenses and she owed the dermatologist the $147 annual medical deductible. She has now met her annual deductible and will not have to worry about any more bills for anything Medicare A&B approved for the rest of the year!! Choose the Medicare Supplement PLAN G.
Finally, the PLAN G pricing tends to stay much more stable than the PLAN F pricing as you get older. I see people in their 70’s and 80’s that are paying $130-150 more a month for their PLAN F than they would have if they were on the PLAN G!! The reason is that the PLAN F is the most over utilized plan with Medicare. This causes much higher claims. Also, when someone is on Medicare and losing a group insurance plan or a Medicare Advantage HMO/PPO plan going out of business they can get the PLAN F with no medical questions guaranteed. In order to get the PLAN G, one would have to medically qualify which again keeps the claims down. This in turn keeps your monthly premium more stable and consistent. J The only time someone can get the PLAN G without medically qualifying is when they are turning 65 or getting their PART B for the first time. If you are turning 65 or getting your PART B for the first time…. Choose the Medicare Supplement PLAN G.
written by Greg Gurbikian, President/CEO Healthcare Solutions Direct