Which is better, Medigap plan F or Plan G? That is the question that agents and brokers receive almost every day. The question seems confusing, yet it stirs up our curiosity as to why someone would choose a plan for something that would cover almost everything than the other.
Quick answer: Medigap Plan G. Because Medigap Plan G offers a much lower premium with a bit of cost sharing on your part.
Before we delve deeply into which of the two plans are better, let us first know what are benefits and coverage of each plan so we’ll have a better understanding of which type is better.
The Coverage: Medigap Plan F vs. Plan G
Here’s the background of the Medigap benefits that each plan is offering so you’ll understand the difference between the two.
Medigap Plan G Benefit Coverage
Medigap Plan G is almost the same as Medigap Plan F, with the only difference of Part B deductible. In this plan, the policyholder should pay the Part B deductible which is $183 for 2018. Once paid, the plan now essentially have the same benefits as with Medigap Plan F.
Also, Medigap Plan G has a much lesser premium than Medigap Plan F. Even if you include the payment of the Part B deductible that is $183, you will still be able to save much more on premiums than Plan F.
In short, once the policyholders have paid the $183 Part B deductible (2018), he will have the same benefits that the Plan F provides, in much cheaper monthly premiums.
Medigap Plan F Benefit Coverage
In all letters of Medigap plans, it is the Plan F that offers the most comprehensive coverage. It covers all of the benefits that the Medigap provides which includes Parts A and B deductibles, coinsurance or copayments, Part B excess charges, blood, and even 80% of your foreign travel emergency.There are no out-of-pocket costs. The only thing you will worry about is the monthly premium of the plan. Because of its comprehensiveness, Plan F is generally the most expensive compared to other plans.
Medigap Plan F is going away
In 2020, Medigap Plan F is going away, an event that you should also consider before you enroll in this type of plan. Only those people who already have it can take the benefits further away. So for now, Plan G is much less issue to get.
Plan F vs. Plan G: Which is Better for You?
Because Plan F provides the most comprehensive coverage, it is more attractive, and so people often choose this plan over Plan G. Note that your monthly Medigap premium depends on various factors such as your current health condition, age, gender, and insurance company provider. Therefore, you have to choose the plan that is according to your needs and financial capacity to pay additional premiums. Plan F and G are not the only plans of Medigap; other types also offer benefits which also has a much lower premium, consider them too.