Medicare Supplement [Medigap] Plan G is by far the most popular plan sold today. The simplest reason for this is that is has exactly the same benefitsas the very popular Plan F. The insurance companies that sell Medigap Plan F include a built in extra premium that pays for the annual Medicare Part B deductible. In 2017 this deductible, which is set by the government is $183 annually.
On Medigap Plan G you are responsible for paying up to the $183 by services that are covered under Part B of Medicare, and approved by Medicare. Once you pay this out of pocket deductible then you have exactly the same coverage as Plan F. It’s sort of like pay me now, or pay me later.
So why bother with Plan G if the insurance company takes care of this deductible for me under Plan F? Well the difference in premium is always going to be greater than $183 and in most cases it could be $400-$500 per year more to enroll in the Plan F. We recommend saving that money for either your Part D Drug Plan or a Dental Plan.
The Benefits of Plan F and Plan G
Get a Quote on Medicare Supplement Plan G
Insurance companies charge different premiums for Medicare Supplement Insurance because it’s a competitive business and they want your premium dollars. It’s important to make sure that you have access to all the insurance companies in your zip code to make sure you are seeing the lowest possible rates. However, just because a company has a super low rate on Plan G it still requires further research. Why do they offer this rate, what is their track record of rate increases and how long have they been in the Medicare Supplement [Medigap Insurance] business, and last but not least what is their financial overall rating from A. M. Best.
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