The Battle of the heavyweight Medicare Supplement Plans!
This is a pretty popular topic right now, so in this article, I’ll cover the differences between Plan F and G, and how to save the most money. Especially if you have a Plan F still!
My name is Russell Noga. And I’m the founder of Medisupps.com.
We’re an online independent insurance agency helping people for the last 11 years with their Medicare Supplement Insurance nationwide.
With so many plans and letters to choose from I understand Medigap insurance is confusing. And now that Plan F is gone for new people coming to Medicare, it’s tough to know which plan is best for you.
So let’s dive right in and discuss the benefits of each plan and who I pick as the clear winner!
By the time you get reading, you’ll know exactly which Plan is hands-down the better option.
Medigap Plan F – The Champ for Years
I’ll go to go ahead and start with Plan F, the heavyweight champ for the past few decades.
After that, we’ll discuss Plan G and put them head-to-head to duke it out and see which one is right for you!
Click below to learn more!
Medicare Plan F
So, some of the latest changes in Medicare, which were very big changes were the fact that Medicare Supplement Plan F is no longer being offered to new beneficiaries coming on Medicare.
And what this means is, if you are eligible for Medicare on January 1st of 2020 or later, you cannot enroll in a Medicare Supplement Plan F.
Now, there are a lot of you out there that still have Plan F, and you love it.
And I can see the reasons why, it’s 100% coverage.
And you folks reading this who are new to Medicare might be asking, “Russell, why wouldn’t I want 100% coverage? That’s fantastic.”
Well, to be honest, you’re paying quite a bit extra on the premiums for a benefit that you can take care of yourself with Medicare Supplement Plan G.
Now if you do have Plan F, I’m glad you’re watching, because I want to give a few tips that can help you out as you move through the years.
You can still change your Medicare Supplement Plan F to a different company and save rates on the premium.
Let us help you with that. We shop for all the top companies and make it easy for you. And, our service is FREE!
Medicare Supplement Plan F Rate Increases
Now, another thing with Plan F that a lot of people are experiencing is higher rate increases every year. This is because it’s now a closed risk pool.
Here’s how rate increases with all Medigap plans work, not just Plan F:
When you first sign up for a plan, you’re going to get a year lock-in with most companies on your Medicare supplement plan.
And then each year, you’ll get a rate increase letter in the mail. It’s kind of like getting a new recurring bill.
The letter will state that you’re a certain percentage amount each month on the anniversary of your policy.
And that’s where we come in.
We shop rates for our clients every year, so when they get that letter, they know they’re already taken care of. We’ll already be shopping those rates for you to see if there are better options.
We do that every year for our clients, for no cost because we want you in the very best position.
Is Medicare Plan G better than Plan F
Well, let’s talk about Plan G and the differences, and why I said you’re overpaying for a benefit that you could take care of yourself if you have a Plan F.
The only difference between Plan F and Plan G is with Plan G, you must pay the Medicare Part B Deductible yourself.
Now, Plan F does that for you, and in 2020 the deductible amount is $198. The premiums for Plan F are likely $350 or more per year over Plan G.
Yes, you read that right! This means anything extra over the deductible amount that you’re paying for Plan F is going right into the insurance carrier’s pocket. And you get NO benefit for it.
Switch to Medicare Supplement Plan G
With Medicare Plan G, you pay the Part B Deductible yourself. So in 2021, it’s $203 for the year. After it’s paid, you’re done!
But you save all that money on your premiums instead of giving it to the insurance company for nothing!
So the good news is there’s just about an option for everybody.
Now, to switch Medicare Supplement Plans, if you’ve got a Plan F, that would just mean applying with the new company.
The Best Medicare Supplement Companies
There are several in different Medicare supplement insurance companies offering plan F and Plan G, as well as plan N. Not every company out there has competitive premiums though.
That is why we shop them all for you.
Some of these companies have popular names that you likely have heard of, however, there are very strong companies that offer Medigap plans that maybe you have not heard of ever before.
Below is a list of some of our favorite companies based on their financial rating, competitive premiums, and overall use to work with thin client satisfaction.
- Mutual of Omaha
- Philadelphia American
- New era life
Need Help Enrolling?
We help everyone enroll the easiest way for Medigap insurance. Again, there’s never a cost for our services.
Give us a call today, and we can tell you if we think you’ll get approved or not.
After doing this for over a decade we have a very good idea of the underwriting guidelines of each carrier.
But we have a very good idea of if you’ll get through or not.
So give us a call at 1-888-891-0229 if you’ve got a Plan F, or you’d like to enroll in Plan G.
Leaving Your Medicare Advantage Plan? We’ve got you covered!
If you’re currently on a Medicare Advantage Plan, then give us a call now if you’re looking to come back to Original Medicare and a Medigap Plan.
Sure you have to wait until the enrollment period that happens each year, which is between October 15 and December 7. But the sooner the better to see what’s out there.
Then once that period comes up, we’ll make the switch very easily.
We look forward to speaking with you soon and helping you with your coverage!
Click below to get Medicare supplement quotes online!