If you're approaching age 65 and looking into Medicare Supplement insurance, trying to wrap your head around all the various plans can be a bit overwhelming. You may have heard that Medigap Plan F is the most comprehensive plan. Then why is Medigap Plan G the most popular?
What is Medigap Plan G?
In many states, Medigap Plan G is the most popular Medicare Supplement plan. If Medigap Plan F is more comprehensive, why would Plan G be more popular? It comes down to price.
Medigap Plan G actually has the exact same coverage as Plan F, however, with Plan G you're responsible for the Medicare Part B deductible ($183 in 2018). So, while with Plan F you will have no out-of-pocket medical expenses, with Plan G you'll first have to meet your $183 deductible . Once you meet your deductible, you'll pay no further out-of-pocket medical expenses with Medigap Plan G.
Choosing between Medigap Plan F and Plan G is pretty easy. Like we said before: it comes down to price. Medigap Plan G will almost always have a lower monthly premium than Plan F. More often than not, if the annual savings for the Plan G policy is more than $183, then you should get Plan G. On the other hand, if you amount you save on premiums is less than $183, it likely makes sense to get Plan F. Of course there are other factors to consider, but the cost of each plan is usually determinative. Our agents are happy to discuss the ins and outs of all Medigap plans with you - just gives us a call or shoot us an email.
Interested in finding out how much Medigap Plan G costs? We can provide you with a free, no obligation quote. Give us a call or request a quote online.