For years, the Medicare Supplement Plan F has been the most popular of the Supplemental plans. The plan is currently the richest benefit Medicare Supplement available in most states. It provides coverage for all the gaps in Original Medicare. The extremely high level of benefits has drawn Medicare shopper’s attention and has helped it develop a well-known reputation with consumers of Medicare Supplement plans. Despite being the richest benefit plan, we often find there is a better plan option when a comparison is made.
The Plan G is almost identical to the Plan F with one exception- the Part B deductible. The Part B deductible in 2018 is $183. The Plan G does not provide coverage for this deductible which means the member would be responsible for paying this amount of $183 out of pocket when incurring Medical expenses for things like doctor’s office visits. Once the Part B deductible is met, the Plan G pays exactly the same benefits as the Plan F.
In recent years, the monthly premiums for the Plan G have become significantly less than the Plan F premiums. These lower premiums have made the Plan G a very attractive plan for shoppers.
Comparing the two plans is actually pretty simple. If the premium savings over the course of the year exceeds the Part B deductible, the Medicare beneficiary will be better off on a Plan G. For example: If the Plan F is $150/month and the Plan G is $120/mo, the beneficiary will save $30 per month on Plan G. That is a $360 difference in premium over a year, but then figure in the Part B deductible (which is $183 in 2018) and the total savings over the year equals $177. Because the math almost always makes the Plan G a better fit, we have seen this plan significantly grow in popularity over the past several years.
It’s important to do this comparison when considering these two options. Let our Medicare Advisors help you through this process and see whether you could save money by comparing the difference in the Medicare Supplement Plan F vs Plan G. If you are an existing Blue Cross Blue Shield of NC Medicare Supplement member, you are able to make a change to your Medicare Supplement plan during the month of May without having to answer health questions in order to qualify.
For more information on North Carolina insurance coverage, please visit our website at www.nchealthplans.com or call our toll free number 888-765-5400 and speak with one of our experienced and professional agents.