Medigap Plan G vs. Plan F may be a more affordable option for seniors over the age of 70. Many seniors ask us about the difference between Medicare Supplement Plans. Medigap Plan G and Plan F are without a doubt the two most popular Supplement plans available.
Medigap Plan F offers nearly 100 percent coverage and is nick-named the “Medicare excess charge” plan because it covers costs that are in excess of the Medicare-approved amounts. This plan will provide you with as close to zero out-of-pocket costs as possible for doctor’s office visits and hospital care. Therefore, the plan pays 100% of any excess charges that Medicare doesn’t cover. This plan allows providers to charge only 15% over Medicare limits. There are low premium deductible and high deductible plans available with Plan F and the average deductible is usually around $2,500.
Medigap Plan G offers a very affordable option, especially if you are over the age of 70. It covers everything the Plan F covers but at a lower premium. The only difference is there is a small deductible in a Plan G which is actually your Medicare Part B deductible. You Medicare Part B deductible in 2013 was $147.00. Once you meet this annual deductible your Plan G acts like a Plan F. Since this is the Medicare Part B deductible you only have to meet it one time every year, so if you move to a Plan G with another company and you have already met your deductible for the current year you do not have to meet it again. It’s a great option if you want a lower monthly premium. And it’s worth looking into especially if you are over the age of 70 and on the Plan F. At age 65, there’s not much of a premium difference, but when you are older, the difference can adjust to a savings in premium.
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