Medicare Supplement Overview
Plan F and Plan G Are The Most Popular Plans.
Medicare Supplement Insurance plans have letter designations (A-N) indicating the benefits included with each plan. Under federal law, all Medicare Supplement plans (A-N) benefits are the same with all companies. The two most popular plans are Medicare Supplement Plan F and Plan G. Plan G is becoming more popular since June 1, 2010.
Plan G offers identical benefits to Plan F, with the exception of the $183 the Medicare Part B calendar-year deductible in 2017. Plan F pays the Medicare Part B calendar-year deductible and Plan G does not. That is the ONLY difference between Plan F and Plan G Plans. Once you have paid the $183 of expenses for covered services, the Part B deductible does NOT apply to any other covered services (s) you receive for the rest of the year. Understanding this difference is the first step to comparing these two plans.
Two Major Reasons Why Plan G May Be a Better Value.
First and foremost is the difference in price.Depending on your age and gender, the premium savings for Plan G can be quite significant when compared with Plan F. For example: If you save $64 a month ($768 a year) on Plan G premiums and you spend 100% of the Medicare Part B deductible, you still save $602 ($768-$166= $602). When you compare Plan F and Plan G rates among the top insurance carriers in Virginia, the savings are quite significant. Also, the older you are the greater the savings potential. Savings up to 65%. Do the math yourself and see how much you can save.
The second major reason is that Plan G premium rates are historically more stable than Plan F rates.Federal law requires Plan F to be offered on a “Guaranteed Issue” basis when an individual loses his employer group or Medicare Advantage plan coverage. Insurance companies cannot require you to answer health questions in this situation; therefore, people applying for Plan F coverage are, on average, less healthy than those applying for coverage that requires medical underwriting. Less healthy people tend to have more medical claims, leading to larger premium rate increases in the future. Insurance companies are NOT required to offer Plan G on a “Guaranteed Issue” basis; therefore, people applying for Plan G coverage in the above situation are, on average, more healthy. PLEASE NOTE: If a person is applying for coverage during their open enrollment period, they are not required to answer health questions for any Medicare plan offered by any insurance company.
Plan F and G Include All These Benefits:With Original Medicare and Plan F or Plan G, you have:
• The right to choose any hospital, doctor or specialist that accepts Medicare patients in the USA
• No networks to worry about
• No doctor referral needed to see a specialist
• No prior approval required.
With Original Medicare and Plan F or Plan G, 100% of all Medicare-eligible charges are covered.
• You pay $0 for Medicare Part A deductible and co-payments
• You pay $0 for all Medicare-eligible hospital inpatient and outpatient services
• You pay $0 for preventive care services
• You pay $0 when you go to a skilled nursing facility
• You pay $0 for any Medicare-eligible excess charges
• You pay $0 for any additional Medicare-eligible medical service.
Compare Medigap plans side-by-sideThe chart below shows basic information about the different benefits Medigap policies cover.
Yes = the plan covers 100% of this benefit
No = the policy doesn't cover that benefit
% = the plan covers that percentage of this benefit
N/A = not applicable
* Plan F also offers a high-deductible plan. If you choose this option, this means you must pay for Medicare-covered costs up to the deductible amount of $2,200 in 2017 before your Medigap plan pays anything.
** After you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medigap plan pays 100% of covered services for the rest of the calendar year.
*** Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don't result in inpatient admission.
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