When it comes to choosing a Medicare supplement plan, two of the most popular options are Plan F and Plan G. Both plans offer extensive coverage, but there are some key differences between the two that you should consider before making a decision.
One of the main differences between Plan F and Plan G is the coverage for the Medicare Part B deductible. Plan F covers this deductible in full, meaning you won't have to pay anything out of pocket for your Part B services. On the other hand, Plan G requires you to pay the Part B deductible yourself, which is $203 in 2021.
While Plan F may seem like the better option because it covers the Part B deductible, it's important to consider the premium costs. Plan F tends to have higher premiums than Plan G, so you could end up paying more for coverage in the long run.
Another factor to consider is the future of Plan F. As of January 1, 2020, Plan F is no longer available to new Medicare enrollees. This means that if you're already enrolled in Plan F, you can keep your coverage, but new beneficiaries can't sign up for this plan. Plan G, on the other hand, is still available to new enrollees.
In terms of coverage, both Plan F and Plan G offer the same benefits, including coverage for Medicare Part A coinsurance and hospital costs, Medicare Part B coinsurance and copayments, and coverage for hospice care. The main difference lies in the coverage for the Part B deductible, as mentioned earlier.
Ultimately, the choice between Plan F and Plan G comes down to your personal preferences and financial situation. If you're willing to pay a higher premium for full coverage, Plan F may be the better option for you. However, if you're looking to save on premiums and don't mind paying the Part B deductible yourself, Plan G could be the more cost-effective choice.
Before making a decision, be sure to compare the costs and benefits of each plan carefully. Consider factors such as your medical needs, budget, and future eligibility for Plan F. With the right information, you can make an informed decision that meets your healthcare needs and financial goals.