Navigating the complex world of Medicare can be difficult, especially when additional coverage is needed. Selecting the best plan with you is dependent on many factors, but the most important thing is for you to understand what each plan can offer you to decide which one will best suit your needs. Two of the most popular Medicare Supplement plans available are Plan F and Plan G.
An important piece of information to note is that as of January 1st, 2020, Medicare Supplement Plan F is going away. Those who have Plan F now are not forced to switch to Plan G, but may experience rate increases, especially considering that many of Plan F’s users are the elderly, who have more health needs and expenses than others. To combat rising premiums, Plan F recipients may want to consider switching to Plan G, since this change may lower costs for some.
Medicare is split into two parts, Part A and Part B, that together are known as “Original Medicare.” Part A is your Hospital Coverage, which pays for your room and board in a hospital, should you need to stay in the medical facility. Part B is your Outpatient Coverage, which includes medical attention outside of the hospital. Doctor visits, equipment, lap-work, surgeries, diagnostic tests, and more are included in Part B.
Plan F and Plan G are both popular Medicare Supplement Plans in the United States. Medicare Supplement Plans are additional policies that cover the gaps in Medicare coverage. Both Medigap Plan F and G cover the Medicare Part A deductible, but their coverage of the Medicare Part B deductible vary.
Plan G covers the deductible, copayment, and coinsurance under Medicare Part A, but does not cover the Medicare Part B deductible. This deductible in the year 2020 will be $198, and this amount refreshes every January 1rst. A deductible can be met by using health services, like going to the doctor, labs, x-rays, and other medical work that is outside of what is covered in Part A. You would pay your expenses until your total met the $198 deductible, and then Plan G would cover one hundred percent of all deductibles and copayments under Medicare Part A and B.
The $198 Part B deductible for Plan G averages out to $16.50 per month. If you can access a Plan F program that is consistently no more than $16.50 per month to maintain, and it is essential to you to have coverage for the Part B deductible, it may be more beneficial for you to stay with Plan F. However, this is often not the case, and Plan G ends up being less expensive for previous Plan F beneficiaries.
Deciding on the best Medicare Supplement Plan can be complicated, so it is always best to seek professional help when deciding which plan best fits your needs. Contact an Avery Hall agent today with any questions you may have about your coverage.