Plan F vs Plan G, these are the two most popular Medicare Supplement Plans among beneficiares today. If you’re like most people, you want your plan to cover as many of your healthcare expenses as possible.
This is why most beneficiares choose one of these two plans to cover their gaps in Medicare coverage. But what’s the difference between them?
Medicare Plan F vs Plan G: What’s the Difference
When comparing Plan F vs Plan G, you’ll notice they provide the exact same coverage, except for one thing: Plan F pays the annual Medicare Part B deductible, while Plan G does not.
Here are the benefits that both plans offer:
- Coinsurance for hospital costs for up to 365 days after Medicare Part A benefits have been used up
- Medicare Part B coinsurance or co-payments
- Coinsurance for skilled nursing facility care
- Pays the Medicare Part A deductible
- Pays Medicare Part B excess charges
- Foreign travel emergency costs, up to plan limits
- Medicare Part B preventive care coinsurance
With Plan F, you never pay anything out of pocket for doctors, hospitals, or any of the other services covered by Medicare Parts A and B. The only payment you make is your monthly premium.
With Plan G, you must pay the Part B deductible out of your own pocket one time per calendar year.
After you’ve met your deductible, Plan G will cover all your out of pocket expenses, just like Plan F.
Which is Better: Medicare Plan F vs Plan G
The plan that’s best for you will depend on how often you go to the doctor and your budget. Most people can safely expect that as they age, they will spend at least the Part B deductible amount per year in doctor bills and other Part B costs.
With Plan F, complete coverage comes at a cost. Premiums are usually higher compared to the premiums for Plan G.
Suppose you expect to spend over $183 on doctors each year, and the premium for Plan F is $30 a month more than the premium for Plan G.
By choosing Plan G, you’ll save $360 a year in premiums, versus a $183 deductible savings by choosing Plan F.
Additional Questions Regarding Medicare Plan F and Plan G
Is it true that first-dollar coverage plans are going away?
Yes. Starting in 2020, all first-dollar coverage plans will be discontinued. This includes Plan F, as well as High-Deductible Plan F. However, new beneficiaries can continue to enroll up until 1/1/2020.
In addition, as long as you were Medicare eligible before 2020, you can still enroll into a first-dollar coverage plan after 2020. This change is only impacting those who are newly eligible after 2020.
Does Plan G have a high deductible version?
No, Medicare Plan G does not have a high-deductible version. However, come 2020 when High-Deductible Plan F is no longer available to newly eligible Medicare beneficiaries, we might see a new high-deductible plan introduced.
Is there a difference between Mutual of Omaha Plan F vs Plan G?
Regardless of the carrier you choose, the benefits are going to be the same. The only difference between the carriers is the pricing method they use to determine your premiums. The only difference between Mutual of Omaha Plan F vs Plan G is the cost and that one pays your Part B deductible.
Compare Prices for Medicare Supplement Plans F and G
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Contact us and compare prices for all Medicare Supplement Plans, including Plan F and G with all the top insurance companies.
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