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Medigap Monday: Plan G is a Greater Value than Plan F

Medicare Bob
Medigap
Medicare Supplement Plan G is exactly the same as the Medicare Supplement Plan F in all but one thing.
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G vs. F: What's the difference?

The Medicare Supplement Plan G is exactly the same as the Medicare Supplement Plan F in all but one thing. The Medicare Supplement Plan F pays your Medicare Part B annual deductible and the Medicare Supplement Plan G does not. After that deductible is met, the Medicare Supplement Plan G covers exactly like the Medicare Supplement Plan F. There are three main reasons why the Medicare Supplement Plan G is a greater value than Medicare Supplement Plan F.

Medicare Plan F vs Plan G.png

Three reasons why G trumps F

Simple Math: Medicare Supplement Plan F is normally $300 to
$800 more expensive annually than the Medicare Supplement Plan G. If the
only difference between the two plans is Medicare’s Part B annual
deductible of $233 for 2022, paying an insurance company an additional
$300-$800 a year for them to only pay $233 on your behalf is a waste of
money.

Medicare Supplement Plan F is the guaranteed issue plan: This
means that there are certain situations that Medicare Supplement Plan F
must accept unhealthy people. Whereas the Medicare Supplement Plan G,
unless you purchase it when you first turn 65 or are new to Medicare
Part B, there is no exception and you must medically qualify. Because of
this, we have seen a much more stable increase with the Medicare
Supplement Plan G over the Medicare Supplement Plan F. We have seen a
double-digit rate increase percentage-wise for the Medicare Supplement
Plan F compared to a single-digit increase for Medicare Supplement Plan
G.

Medicare Supplement Plan F was discontinued in the year 2020: If
you had the Medicare Supplement Plan F before January 1, 2020, you can
still keep it. However, Medigap Plan F is going to be an aging block.
Statistically, anyone ages 65 thru 67 is going to have fewer claims than
those ages 75 thru 77. By the year 2030, the youngest person in the
Medicare Supplement Plan F is going to be 75 years old and filing more
claims, whereas Plan G may still accept those people turning 65. The
Medicare Supplement Plan G is expected to be a much more stable plan.
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