Call (888) 310-0376 to Get Quotes on Top Rated Medicare Supplement Plans. Medicare supplement Plan G is becoming more popular as its perceived to be a money-saving alternative to Medicare supplement Plan F. But is it? This video will answer that question and explain the differences between Plan G and Plan F.
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So, is buying Medicare supplement Medicare supplement Plan G versus buying Medicare supplement Plan F a way to save money? There is that possibility, but let's look at the plan differences.
Both plans are standardized Medigap policies and the benefits for each will generally be the same no matter which insurance company is offering them. Since Medicare supplements can no longer include drug coverage, neither plan will include Part D benefits.
Plan F is the most comprehensive Medicare supplement and will pay your share of the costs for all Medicare covered services. Some of these costs include the Part A deductible and coinsurance, the Part B deductible and the 20% coinsurance for outpatient services as well as others.
The only difference in benefits between the two plans is that Plan G does not pay your Part B deductible, which is $147 for 2013. The Part B deductible must be paid before Medicare will cover your outpatient services. With Plan G, that will be your responsibility.
Insurance companies will generally factor their potential costing into setting Medicare supplement premiums. The likelihood that you will need some type of outpatient care is very high and insurance companies know that.
If the potential cost was the only factor for them to consider, annual premium would be lower by an amount equal to the Part B deductible.
If on the chance that you do not need any outpatient services over the course of a calendar year, you may find that Medicare supplement Plan G has lower annual costs than Plan F.
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