How easy is it to switch to Medicare supplement Plan F from Plan G?
Quite often I get questions about whether or not it is advisable to switch to a different Medicare supplement plan.
Most often the plan that people want to switch to is Plan F. This is typically due to a realization that the plan originally chosen requires more out-of-pocket costs than Medicare supplement Plan F. In this case the reader had medicare supplement Plan G.
In the following video, I answer a reader’s question about switching plans and discuss some of the things to consider. The assumption I made was that the individual was not entitled to Guaranteed Issue Rights nor were they in their Medicap Open Enrollment Period.
Comparing Plan F to Plan G
As you review the benefits chart for all Medicare supplements, you can see that the only difference between Plan F and Plan G is that with plan G you will be required to pay the Part B deductible.
The other difference, which you will find out when you compare the same plan from different companies, is the monthly premium. Often the premium can vary over $100 per month between companies.
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Medicare Supplement Plans Benefit Checklist
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||||||||||
|
A
|
B
|
C
|
D
|
F*
|
G
|
K
|
L
|
M
|
N
|
|
| Basic Plan (Part A Coinsurance up to an additional 365 days) |
x
|
x
|
x
|
x
|
x
|
x
|
x
|
x
|
x
|
x
|
| Basic Plan (Part B Coinsurance/ Co-payment; 1st 3 Pints Blood; Part A Hospice Care Coinsurance/ Co-payment) |
x
|
x
|
x
|
x
|
x
|
x
|
50%
|
75%
|
x
|
100% except up to $20 co-pay for office visits and $50 co-pay for ER visits |
| Skilled Nursing Co-payment ($148/day for days 21 – 100 for 2013) |
x
|
x
|
x
|
x
|
50%
|
75%
|
x
|
x
|
||
| Part A Deductible ($1,184 for 2013) |
x
|
x
|
x
|
x
|
x
|
50%
|
75%
|
50%
|
x
|
|
| Part B Deductible ($147 for 2017) |
x
|
x
|
||||||||
| Part B Excess Charges (additional 15% for providers not accepting Medicare assignment) |
x
|
x
|
||||||||
| Foreign Travel Emergency |
x
|
x
|
x
|
x
|
x
|
x
|
||||
| Out-of-Pocket Maximum |
$4,660
|
$2,330
|
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* Plan F includes a high deductible option where $2000 is required before benefits are paid.
What is the biggest drawback of buying F high deductible as opposed to Plan F or plan G besides the $2100 something deductible? Let’s assume I can afford the deductible. The plan I am considering has a premium of $70/mo for high deductible F, $221 for plan F.
Bob, As long as the deductible is not an issue there isn’t any.
Thank u for quick response! Another question if I may…any thoughts when choosing a standard or select plan as part of plan g or N?
Bob, You would really want to research the provider network and decide if it would fit your lifestyle especially travel plans.
Thank you once more.