The 10 Medigap Plans on their own are confusing enough, let alone, add the unsolicited phone calls and importance of making the right MedSup choice and the whole experience can be stomach turning.
After doing just a little research, you will find that Medigap Plan F has been the
most popular plan, but it will cease to enroll new members as of January 1st, 2020. When you finish this article, you will understand the long-term potential problems of enrolling in Medigap Plan F.
We will explain what is Medigap Plan F, the cost of Medicare Supplement Plan F and the comparison of rates between Medigap Plan F and Medicare Supplement Plan G.
Medigap Plan F Health Insurance Coverage
For many years Medigap plan seekers have chosen Plan F for its simplicity because it offers the most comprehensive coverage.
Medigap Plan F Coverage Include:
- Medicare Part A hospital coinsurance and hospital stay costs up to 365 days after you exceed the number of days Medicare will cover
- Medicare Part A hospice care coinsurance
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part B doctor excess charges
- Medicare Part B coinsurance costs
- First three pints of blood
- Skilled nursing facility coinsurance
- Foreign travel emergency up to plan limits
Two of the loved coverage’s that Supplement Plan F offer are the payment of the Medicare Part B deductible and the payment of the doctors excess charges.
Of course, this supplement plan is also the most expensive.
Medigap Plan G offers the same comprehensive coverage with the only difference being that you have to pay the Medicare Part B deductible.
Plan G also covers doctors excess charges and all the other comprehensive coverage’s that Plan F offers.
What Is Going On With Medigap Plan F And Is It Being Canceled?
Well to be clear, Plan F will not be cancelled.
Effective January 1, 2020, private insurance companies will no longer be able to sell any more Plan F Supplemental policies.
But those that already have a Medicare Supplement Plan F policy will be allowed to stay on the plan indefinitely.
The problem is that since it was announced that no new participants will be allowed into Medigap Plan F after the end of 2019, the premiums have started to climb.
This was expected as this is not the first Medicare Supplemental Plan to be discontinued.
Since less new healthy 65-year old’s are being added to the Plan, the age of the Plan F participants is increasing.
As the Plan F participants age so does the likelihood of more health issues which drives up the cost of Plan F to the insurance companies.
That increased cost is then passed on to the Plan F policy holders in the way of increased insurance premiums.
Once the plan is no longer able to enroll healthy 65-year old’s, the premiums are expected to increase at a rate higher than plans still accepting new enrollment.
Whether you are 65 and in your open enrollment period or are presently enrolled in Medigap Plan F, you should speak with a Medicare Expert about all of your options and alternative Supplement plans.
- Male
- Female
Check out these sample rates for Plan N, Plan G & Plan F.
| Age | Plan n | Plan g | Plan F |
|---|---|---|---|
| 65 Years Old | $105.62 | $131.00 | $161.00 |
| 66 Years Old | $111.00 | $131.00 | $165.00 |
| 67 Years Old | $116.00 | $131.00 | $169.00 |
| 68 Years Old | $117.00 | $131.00 | $175.00 |
| 69 Years Old | $121.00 | $135.00 | $190.00 |
Sample Quotes: Male – Non-Tobacco – Living in Hagerstown, MD
Check out these sample rates for Plan N, Plan G & Plan F.
| Age | Plan n | Plan g | Plan F |
|---|---|---|---|
| 65 Years Old | $92.00 | $119.00 | $151.00 |
| 66 Years Old | $97.00 | $119.00 | $151.00 |
| 67 Years Old | $101.00 | $119.00 | $151.00 |
| 68 Years Old | $105.00 | $122.00 | $157.00 |
| 69 Years Old | $110.00 | $126.00 | $163.00 |
Sample Quotes: Female – Non-Tobacco – Living in Hagerstown, MD
Comparison of Medigap Plan F versus Medigap Plan G
Medicare Supplement Plan F offers the most comprehensive coverage and is priced the highest.
The cost of a Plan F insurance policy is usually much more than the Medicare Part B deductible when compared to a Plan G policy.
For instance, if a 65 year old male non-tobacco in Hagerstown Maryland wanted to purchase a Medigap Plan F policy, the cost would be $168 a month.
The same man could purchase a Medigap Plan G policy for only $130 a month.
| Plan | Premium | Part B Deductible | Annual Cost |
|---|---|---|---|
| Plan G | $130.00/month | $183/year | $1,743.00 |
| Plan F | $168/month | Included | $2,016.00 |
The cost difference between the Plan F premium and Plan G premium is over $38 dollars a month or $456 a year to purchase a Plan F health insurance policy.
But remember, the only difference between Plan F and Plan G is that you are responsible for paying the Medicare Part B deductible.
The Medicare Part B deductible cost $233 in 2022 and will cost $226 in 2023.
By selecting Medigap Plan G our male example would save an estimated $175 a year.
“So, which is better? Plan F or Plan G? A majority of the time Plan G will be the better bet for overall cost. You’ll have to compare the pricing of both. If plan G is at least $15.25 per month less, then you’ll save $183 a year which is equivalent to your Part B deductible.”
Sean Senseman of Medicare About You
This is not including the projected premium increases expected for Medicare Supplement F after the plan stops accepting young healthy 65-year olds.
Take Action!
Senior Benefit Services will be able to help guide you through choosing a Medicare Supplement Plan.
There are many factors that determine the Best Medicare Supplement Plan for you.
The Experts at Senior Benefit Services have been specializing in helping seniors make the best Medigap insurance choices for over 50 years!
Call now at 1-800-924-4727 or fill out the easy and convenient ‘Start Free Comparison’ form in this article.