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Medicare Plan F vs Medicare Plan G – which one should you choose? It can be tough to decide, but the following information will help make things a little bit easier.
The difference between Medicare Supplement Plan F and Plan G
Medicare Plan F and Medicare Plan G are very similar. Both plans are Medicare Supplement plans, and they both offer coverage for Medicare Part A and Medicare Part B deductibles, coinsurance, and copayments. However, there is one key difference between the two plans. Medicare Plan F also covers the Medicare Part B deductible payments, while Medicare Plan G does not.
Medicare Plan F: pros and cons
As it was already mentioned, the main advantage of Medicare Plan F is that it covers the Medicare Part B deductible. This can be a big help if you have a lot of medical expenses, as you won’t have to pay those costs out-of-pocket. However, Medicare Plan F also has a higher monthly premium compared to Medicare Plan G, making this a big point to consider for some enrollees.
Medicare Plan G: pros and cons
Medicare Plan G has a lower monthly premium than Medicare Plan F, making it more affordable for some enrollees. Additionally, Medicare Plan G will still cover all of the same expenses as Medicare Plan F, with the exception of the Medicare Part B deductible. If you are already paying this deductible and don’t mind continuing, then this is a good supplement plan for you. Also, if you enrolled in Medicare after December 31, 2019, you can only choose Medicare Plan G anyways because Plan F is no longer available for new enrollees, unfortunately.
Who should get Medicare Plan F?
If you are someone who wants comprehensive coverage and doesn’t mind paying a little bit extra for it, then Medicare Plan F might be the right choice for you. Keep in mind that you can only choose this plan if you were enrolled in Medicare before December 31, 2019.
Medicare Supplement explained
A Medicare supplement plan is an insurance plan that helps cover the costs of Medicare. Supplement plans are offered by private insurance companies and can help cover deductibles, coinsurance, and more. They can cover costs that Original Medicare doesn’t and provide great intangible benefits like peace of mind and flexibility for your healthcare.
Medicare Plan F is no Longer Available for New Enrollees (as of December 31, 2019)
If you’re Medicare eligible, you may have heard that Medicare Plan F is no longer available for new enrollees as of December 31, 2019.
This is because Medicare Plan F was replaced by Medicare Plan G. So if you’re enrolling in Medicare for the first time after 2020, your only option is Medicare Plan G.
However, if you were already enrolled in Medicare Plan F before December 31, 2019, you can still keep your Medicare Plan F and have the option to switch to Medicare Plan G in the future if you decide so. If you were enrolled in Medicare before that date, you can still sign up for Medicare Plan F as well, giving you more options for your Medicare supplement.
Two Medicare Supplements plans with key differences
The biggest difference is that Medicare Plan F covers the Medicare Part B deductible while Medicare Plan G does not. This will matter more to some people than others, but it’s something to keep in mind.
Another difference is that Medicare Plan G has a slightly higher premium than Medicare Plan F. This is because Medicare Plan G doesn’t cover the Medicare Part B deductible, so the insurance company will charge you a little more each month to make up for it.
Ready to sign up for Medicare Plan F or Plan G? You can compare Medicare Supplement plans and find the one that fits your needs with Hella Health Personal Shopper or learn more about Supplemental Insurance with Hella Health Medicare Coach.
Questions about Medicare?
Shoot us an email at medicare@hihella.com.
