Should You Choose Medicare Supplement Plan F or Plan G?
Updated: May 22, 2019
Medigap Plan F is the most comprehensive of all Medicare Supplement insurance plans. With a Plan F policy, you will have zero out-of-pocket medical costs. Of course, as you might expect, the most comprehensive plan is also usually the most expensive plan.
Medigap Plan G has the exact same coverage as Plan F with one major difference: with Plan G you have to pay the Medicare Part B annual deductible ($183 in 2018). Once you've reached your deductible, all out-of-pocket medical expenses are covered.
Medigap Plan F or Medigap Plan G?
So which Medicare Supplement insurance plan should you choose? First, you'll need to know the monthly premium you'll be paying with each plan. To know exactly what you'll be paying, request a quote from us and we'll give you free, personalized Medicare Supplement rates. Or, for a ballpark estimate, visit our state-specific page and find the estimated cost of Medicare Supplement insurance in your state.
Once you know your monthly premiums with Plan F and Plan G, deciding between the two Medicare Supplement plans is ultimately a simple math equation.
Multiply the monthly premiums for each plan by 12 to get your annual premium. Subtract your annual premium for Plan G from the annual premium for Plan F to find out your annuals savings with Plan G. If your annual savings with Plan G is more than $183, then it makes sense to enroll in Medigap Plan G. If you won't be saving $183 with Plan G premiums, then it makes sense to enroll in Medigap Plan F and avoid the $183 Plan G deductible.
Of course sometimes there will be other factors to consider. As an independent agency, we have access to policies from the most competitive insurance carriers. Usually price should be the biggest factor in choosing a Medicare Supplement insurance company. That said, there might be reasons you're more comfortable with one insurance company over another. Your comfort with an insurance company - whether based on your prior experiences or its AM Best rating - can be a tie-breaker when prices are comparable.
It's also worth noting that if the monthly premium for Plan F or Plan G is out of your price range, Plan F has a high deductible option that has much more affordable premiums in exchange for a higher deductible.