This is a common question for seniors in the market for Medigap coverage and/or turning 65. If you take into account that Plan G is often $20-40 a month less than Plan F, It is certainly a question worth considering.
Please understand that Medigap plans are standardized. Medigap plans from all companies go by a standardized Medigap coverage chart dictated by CMS. So, a Plan G with one company is exactly the same as a Plan G with any other company. Some companies do offer a few extra benefits.
Here are three great reasons why you should consider Plan G:
1) In most cases you could save money. The only difference between a Plan F and a Plan G is coverage of Medicare’s Part B doctor’s office/outpatient deductible. In 2016, this deductible is $166 a year. The premium difference between an ‘F’ and a ‘G’ is generally greater than that $166 a year amount. Occasionally, there is as much as $300-400 difference annually, which would mean a couple hundred dollars savings a year for you.
2) Medigap Plan G rates are historically more stable over time. This means that, over time, there could be fewer and or smaller rate increases.
3) Lastly, recent legislation has impacted the “first-dollar” coverage plans (Plan F and Plan C) but not Plan G. Plan G has not been impacted by these changes. So, Plan G appears to be the better long-term choice.
If you have any questions about Medicare Supplement Plans or simply would like to get a Texas Medicare Supplement comparison of the plans for your age and zip code, you can Sonia Ashford at 817-689-3536.
Sonia Ashford is an independent insurance agent in the Medicare field, and has delivered hundreds of speeches about turning 65, Medicare Advantage and Medicare supplement insurance to consumers in Tarrant County. A respected agent within the Medicare insurance industry, she is the owner of Ashford Insurance Services. Visit Sonia's agency website http://ashfordinsuranceservices.com/ to learn more about how she can help you with your Medicare decisions.