Is Plan G replacing Plan F?

Is Plan G replacing Plan F?

We’ve been saying for years that Plan G is the superior Medigap plan. Now that Plan F is being phased out, it really does seem like the replacement.

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★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:37 Medicare Supplement Plans
1:01 Original Medicare Costs
2:21 The Plans
2:44 Plan F vs. Plan G
9:14 When to Enroll
9:59 Final Thoughts

Medicare supplement plans fill in teh financial gaps of Original Medicare. You can think of them as your all inclusive approach to healthcare. Basically, you’ll pay a little more on a monthly basis, but Medigap plans will help to cover your deductibles, and copays and coinsurance. They can even impose an out of pocket maximum which is not part of Original Medicare.

Basically, Original Medicare will cover your hospital and medical needs. You’ll pay a monthly premium, at least for Part B to keep this coverage active. Then when you need to use your coverage, you will have to meet a deductible and have reduced copays or coinsurance rather than a full cost of services. So, what are these costs?

Part A is your hospital insurance. Usually there is no premium for Medicare Part A, but there are deductibles and coinsurance.

Then there is Part B. Part B will basically cover everything else. There is a premium for Part B and it based on your income. But in 2023, the base Part B premium is 164.90. You also have deductibles and copays and coinsurance.

So, without a medicare supplement plan you would be responsible for all of these costs whenever you need to make use of your benefits. Remember, a Medigap plan will not offer additional benefits, like vision, hearing, dental or prescription drug, but it will cover financial gaps.

There are 10 different plans to choose from with varying levels of coverage. Although these plans are offered by private carriers, if your doctor accepts Original Medicare, they accept your supplement plan regardless of who your carrier is. So, make sure to pick a carrier with a history of low and stable price increases.

Plan F and G are identical except for the Part B dedcutible. Plan F covers the Part B deductible, but Plan G does not. Plan F is usually much more expensive than Plan G.

So, Plan F is no longer being offered to new enrollees. So, if you are new to Medicare and interested in the most comprehensive plan available, then Plan G would be the way to go. BUT, even if you are enrolled in Plan F, we would urge you to consider Plan G instead. You will likely save a good amount of money exchanging a lower premium for the once annual Part B deductible.

Remember, there is no specific enrollment period for supplement plans. You can enroll at any time of year. So, if you need assistance, please do not let the grass grow under your feet, make an appointment with a qualified broker today!

That being said, you are best served enrolling in a Medigap plan when you first become eligible. This would be the 6 months after your turn 65 and enroll in Part B. During this time, you will not be subject to medical underwriting. After this time, you may be subject to medical underwriting which means you could be charged more or denied outright.

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[Mattressinsptr]

Thanks for your informative video. I'm assuming it popped up tonight because I was shopping for a new company. My Aetna Plan G is going up 30.00 a month starting 4/1/23.