You are ready to buy a Medicare supplement and you want the most bang for your money. You have heard that Medicare Supplementary Plan F is the most comprehensive, but have you looked at Plan G?
Medicare supplement Plan G is not as popular as Plan F, but it deserves a look. Ten (10) standardized plans exist and are called Medigap coverages, Medicare supplements, or just supplements. If the plan has more coverage, it will require a higher premium. So how do you find a balance between what you pay in bonuses and what you are willing to pay out of pocket when you receive insurance coverage?
To find the answer, you need to consider your budget, your health, and your general attitude to insurance.
Let’s first look at the differences between the two plans. Plan F pays 100% of your cost for Medicare-covered services. This contains:
- Part A coinsurance
- Part A deductible
- Part A Hospice Co-insurance or additional payment
- Part B coinsurance or additional payment
- Part B deductible
- Part B surpluses
- Preventive Part B Co-insurance
- The first 3 pints of blood
- Specialist Care Co-insurance
- Foreign travel emergency (up to plan boundaries)
That’s 100% of your spend on covered services. If it is not covered by Medicare, a supplement will not help. A supplement fills in the gaps in the services covered so get one here https://www.medicaresupplementplans2019.com
Well, Medicare supplement plan G covers everything except the Medicare Part B deductible, which is now $ 147. Frankly speaking, there is really not much difference between these two plans. What is the main factor when making a choice?
Plan F vs. Plan G: Probability and Mathematics
Comparing Medicare supplements between insurance companies is easy because plans are standardized. The benefits of Plan F are the same, no matter which company you are evaluating.
Once you’ve found the lowest premiums for these two plans, you have to do the math. It’s mostly about the numbers, as the likelihood of needing outpatient services (Part B) is quite high. In most years you will probably need services and you will have to pay the full deductible.
The difference between the annual premiums is a key factor. For instance, if the annual premium for plan F cost $ 147 or greater than Plan G, then you should choose Plan G. But if it is less, choose Plan F. The exception is if you are certain that you will never need outpatient services for the entire year.
You will find that the point is somewhat silenced because the insurance companies will not achieve a lower margin for one or the other plan, unless they have solid actuarial data that indicate different levels of claims development between the two plans.
The choice between Medicare Supplement Plan F and Medicare Supplement Plan G can be influence by your general philosophy about insurance. If you want to buy and forget it, get Plan F. If you want to bet that you are not taking outpatient treatment; purchase Plan G. With both you really cannot go wrong.