Medigap Plan F and Plan G both offer coverage for many of the 9 Medicare costs that can be covered by a Medicare Supplement Insurance plan. The main difference is that Plan F covers the Medicare Part B deductible. Plan G does not cover the Medicare Part B deductible.
Fortunately, Plan F and Plan G both have 100% coverage for the following 2020 Medicare costs.
Beneficiaries have to meet a $1,364 deductible for each benefit period in 2020 before Medicare Part A begins to pay its share of health care costs. Both Medigap Plan F and Plan G both cover the Medicare Part A deductible, no matter how many benefit periods you have in one year.
After meeting the Medicare Part A deductible, you must pay a coinsurance fee of $341 per day (in 2020) for days 61-90 of inpatient hospital care. The coinsurance is $682 per day for a stay that’s longer than 90 days. After that point, it’s out of pocket. Medigap Plan F and Plan G both cover all of these Medicare Part A coinsurance costs.
After Part B recipients hit the Medicare Part B annual deductible ($185 in 2020), Medicare expects a 20% coinsurance fee for all covered services. Medigap Plan F and Plan G both cover all Part B coinsurance or copayment costs.
Part A beneficiaries in hospice care may face copayments for prescription drugs, along with a 5% coinsurance fee for inpatient respite care. Medigap Plan F and Plan G both cover any Part A hospice care coinsurance or copayments.
Extensive stays in a skilled nursing facility require a copayment of $170.50 per day for days 21-100 of a visit in 2020 after meeting the Part A deductible. After day 100 of a stay in a skilled nursing facility, Medicare requires you to pay all costs. Medigap Plan F and Plan G both cover these Part A hospice care coinsurance costs.
If you a health care provider that does not accept Medicare, you may be subject to an excess charge of up to 15% of the Medicare-approved cost for any services or products covered by Medicare Part B. Medigap Plan F and Plan G both cover Part B excess charges.
Original Medicare does not cover the first 3 pints of blood that are needed for a blood transfusion. Plan F and Plan G both cover the costs of the first 3 pints of blood.
In 2016, 55% of all Medicare Supplement Insurance beneficiaries were enrolled in Medigap Plan F, making it the most popular supplement plan in the market. Plan G was the second most popular, though it only was used by 10% of all Medigap enrollees.
There are three differences found in the Medicare Supplement Plan F vs. Plan G:
Medicare Supplement Plan F and Plan G are sold by private insurance companies, which means the cost will vary by company. While plans offering more coverage generally cost more than plans with less coverage, Medicare Supplement Plan F may cost more than Plan G.
The type of Medicare Supplement Insurance Plan F and G may not be available in every region. For example, some can purchase Plan F but not Plan G, while others may be able to buy Plan G but not Plan F.
As of 2016, 84% of insurance companies who sell Medicare Supplement Insurance offered Medigap Plan F, while only 57% sold Medigap Plan G. If insurance companies sell Medicare Supplement Insurance, by law they must offer Plan A. If they choose to sell any other plans, they must offer either Plan C or Plan F.
Your monthly Medigap premium depends on many circumstances such as your current health, age, gender, and the company you choose for your Medicare Supplement Insurance. While Plan F is more costly, many choose Plan F because it offers full coverage. For example, if you spend a lot of money on your Medicare Part B deductible, having it covered by a Medicare Supplement Insurance plan is important for you. But, if it’s not critical for you to have your Part B deductible covered, or if Plan F options are more expensive per month than Plan G, you can save money by option for Plan G and pay your Part B deductible out of pocket.
Another important note is that there’s a high-deductible Plan F option that offers a lower monthly premium, but recipients must meet the $2,300 (in 2020) annual deductible before the plan kicks in to cover any costs.
If Medicare Supplement G is cheaper than Plan F in your area, then it makes sense to be covered by Plan G. While you’ll pay the Part B deductible once per calendar year, the annual savings in premiums can compensate for that amount by several hundred dollars.
In order to fully understand your options and which plan would best fit your lifestyle, speaking with a licensed Insurance agent is incredibly helpful. Call 1-844-236-0228 to speak with someone today!
As of 2020, any new Medicare beneficiaries will not be allowed to obtain Medigap Plan F due to a new Federal Law which prohibits any Medicare Supplement Plan from covering the Medicare Part B deductible. Those who are already enrolled in Plan F (prior to 2020) can continue with their coverage.
No, Medicare and Medigap plans do not cover routine dental care maitenance and appointments.
By now you know that as a beneficiary of Medicare Supplement Plan G, you are paying Medicare Part B annual deductible out of pocket. After that deductible has been met, Plan G will pay the 20% coinsurance. This, combined with Medicare will allow you to visit the chiropractor for any medically necessary work at no charge.
According to Medicare.gov, if you have Medigap Plan C, D, E, F, G, H, I, J, M or N you will be covered for:
Most carriers are no longer offering Silver Sneakers with any type of Medicare Supplemental Coverage. United Healthcare was the last carrier offering it, and they have even started phasing it out as many were no longer using the plan.
While Medicare Plan G will cover the coinsurance on any Part B medications administered in a clinical setting such as chemo, autoimmune disease injections, it does not include any prescriptions of outpatients.
This is one of the most asked questions of the Medicare 2020 insurance agents. In the end, it comes down to your health and lifestyle. As stated above, Medicare Supplement Insurance Plan F covers the Medicare Part B deductible, but Medicare Plan G does not. If that deductible isn’t something you need, Plan G is most likely your best option as the money saved with its coverage can offset the difference of your Part B deductible.
Now that you’re equipped with knowledge behind choosing between Medigap Plan F or Plan G, it’s time to talk with a licensed insurance agent representing only the top and most reputable insurance companies to assist you in finding the right Medicare supplemental plan. Our services are free and available with no obligation to purchase. Whether you are just beginning your enrollment journey or shopping Medigap plans at any time of the year, the next step is to contact one of our expert agents today at 1-844-236-0228.