With so many Medicare plan options available, it’s hard to know which plan will meet your medical needs—especially when it comes to coverage. Plans F and G are known as Medicare (or Medigap) Supplement plans. They cover the excess charges that Original Medicare does not, such as out-of-pocket costs for hospital and doctor’s office care.
It’s important to note that as of December 31, 2019, Plan F is no longer available for new Medicare enrollees. However, if you enrolled in Medicare before 2019 or already have Plan F, the decision between Medicare Plan F vs. Plan G is still an important one.
By comparing Medicare Plan F vs. Plan G, you can determine whether staying with Plan F or switching to Plan G can better supplement your existing coverage.
Is Medicare Plan F being discontinued?
Yes, Medicare Plan F has been discontinued for anyone who is new to Medicare after December 31, 2019. If you currently have Medicare Plan F, you can continue with the plan, if you so decide. If you joined Medicare on or before December 31, 2019, you can enroll in a Plan F if one is available in your area and you meet the plans eligibility requirements. This distinction is worth noting when reviewing the differences involved with Medicare Plan F vs. Plan G.
What do Medicare Plan F and Plan G cover?
Medicare Plan F and Plan G are similar and offer the same basic coverage benefits, which include:
Part A coinsurance and hospital costs.
Part B coinsurance or copayment.
Blood (first three pints).
Part A hospice care coinsurance or copayment.
Skilled nursing facility care coinsurance.
Part A deductible.
Part B excess charges.
Up to 80% of medical emergency costs during foreign travel.
No out-of-pocket limit.
What’s the difference between Medicare Plan F and Plan G?
Although the plans have several similarities, there is one key difference between Plan F and Plan G: With Medicare Plan F, you’re getting the plan with the most coverage available. In addition to the above coverage, Plan F also covers Medicare Part B deductible payments. Plan G does not.
This much coverage means that Plan F may come with a higher premium. However, choosing a high-deductible option for Plan F could help keep your premium down. If you’re currently enrolled in the Plan F high-deductible option for 2022, you are required to pay for Medicare-covered costs up to the deductible amount of $2,490 before your Medigap plan begins to cover any expenses.
Which is better: Medicare Plan F vs. Plan G?
No Medicare Supplement plan is better than another. It really depends on your needs and budget. However, as of December 31, 2019, Plan F is no longer available for new Medicare enrollees. Here are two things to consider as you evaluate keeping your Medicare Plan F.
If coverage for the Part B deductible is important to you, you may want to stick with Medicare Plan F. If you enrolled in Plan F before 2020, you will be “grandfathered” into the plan. This gives you the choice to keep the plan past 2020.
Although Plan G does not cover the Part B deductible ($203 in 2021), the premium savings could offset the cost of the yearly deductible. For example, the average 2021 premium ranges from $167 to $215 for Plan G and $182 to $250 for Plan F for a 65-year-old Florida woman who does not use tobacco. Plan G costs approximately $15-$35 less per month. That’s a savings of around $180-$420 a year, which pays for the annual Part B deductible.*
Should I change from Plan F to Plan G?
If you’re considering switching from your grandfathered Medicare Plan F to Plan G, it can feel like a constant game of tug-of-war. Some Medicare Supplement plans are “guaranteed issue,” which means you can’t be refused for pre-existing conditions. But, it’s important to note that you might be required to undergo underwriting when switching Medicare Supplement plans. That means a plan carrier can increase your rate based on age and health factors or decide not to sell you the plan at all.
Explore your Medicare Supplement options With HealthMarkets
The Medicare Plan F vs. Plan G decision doesn’t have to be complicated. HealthMarkets can help you get the right Medicare Supplement plan for your needs. Best of all, this service comes at no cost to you. Compare plans online today or call (800) 439-6916 to speak with a licensed insurance agent.
Plan F offers the most coverage, but it's not available to everyone. Plan G covers nearly as much as Plan F — and it's available for any Medicare member. Both Plans F and G also offer a high-deductible Medigap
Medigap
Medigap Plan M is a Medicare Supplement Insurance plan that covers certain out-of-pocket expenses for Medicare members, including copays, coinsurance and deductibles. Plan M is nearly identical to Medigap Plan D, which is one of the more comprehensive plans.
Plan G is often considerably less expensive than Plan F. You can often save $50 a month moving from F to G. Even though you will have to pay the one time $240 for the Part B deductible on Medigap G, the monthly savings will be worth it in the long run.
Plan G doesn't cover dental, vision, hearing exams or services, or prescription drug services. Medicare Advantage plans may include these benefits on top of health insurance, but Medigap plans do not. You could buy a Part D plan to cover your prescriptions along with Medigap Plan G.
“Plan G is most popular because it's the most comprehensive [Medicare Supplement plan],” says Murdoch. “You do pay a monthly premium for Plan G, but after you pay the Part B deductible, Plan G kicks in to pay remaining costs—copays, coinsurance and out-of-pocket expenses.”
By and large, Plan F is the most popular Medicare Supplement plan due to its coverage of more out-of-pocket Medicare costs than any other Medigap plan type.
Plan F offers the most coverage, but it's not available to everyone. Plan G covers nearly as much as Plan F — and it's available for any Medicare member. Both Plans F and G also offer a high-deductible Medigap plan in some states. Because Plan F covers more than Plan G, it also costs more.
Why is Medicare Plan F no longer an option for most people? In short, Medicare Plan F is being phased out because of the first dollar coverage that made it so popular. As federal lawmakers saw it, that kind of coverage has the potential to be overused at the expense of the Medicare program.
High deductible plan G does not cover the Medicare Part B deductible. However, high deductible F and G count your payment of the Medicare Part B deductible toward meeting the plan deductible. 2Plans K and L pay 100% of covered services for the rest of the calendar year once you meet the out-of-pocket yearly limit.
Is Medicare Part C discontinued? Medicare Part C has not been discontinued. However, Medigap Plan C is no longer available to new Medicare enrollees from January 1, 2020. Medicare is a federal insurance plan for people aged 65 and older.
If you want to maintain benefits like foreign travel insurance and cost coverage for Part A, Part B deductibles and Part B excess charges, it may be worth it to keep your Plan F policy. However, because Plan F offers the most comprehensive benefits of all Medigap policies, it may be more expensive than other options.
Why we like it: AARP and UnitedHealthcare make Medigap Plan G policies widely available with low prices and few member complaints. Unless you're looking for specific side benefits or a high-deductible Plan G option, AARP/UnitedHealthcare Plan G can be hard to beat.
If you want to maintain benefits like foreign travel insurance and cost coverage for Part A, Part B deductibles and Part B excess charges, it may be worth it to keep your Plan F policy. However, because Plan F offers the most comprehensive benefits of all Medigap policies, it may be more expensive than other options.
(If you're still working after 65 and covered by a group employer plan that is deemed creditable coverage, your six-month period starts after you've ended active employment or no longer have that insurance.)
Medicare Plan G is not going away. There is a lot of confusion surrounding which Medigap plans are going away and which are still available. Rest assured that Plan G isn't going away. You can keep your plan.
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