Hey folks Greg Gudis from BGA insurance group here, your Medicare guide. I’m reaching out to you today because a lot of folks ask me this question all the time, I get this every day. What is the difference between Plan F from plan G?
Why would I pick one over the other? So, on my screen right now you can see I’m going to highlight this for you, you can see this Medigap outline of coverage. It’s a crazy looking chart. If you have a Medigap plan now, you’ve seen this chart hopefully.
Your agent should have provided them for you. But we’re going to list, it’s pretty confusing looking. I mean you see all the plans that are available right now. We’re just focusing here on F and G. They’re virtually the same in every which way. So, you have your Medicare benefit here and then how F and G cover here.
We’re going to do a little bit easier though. So, I’m going to go to my next screen and I’m going to just give you the differences, so you know what’s what with these two plans. So first and foremost, neither plan has co-pays.
F plan no co-pays, G plan no co-pays. Great! Go to the doctor, go to a specialist you pay nothing. Medicare pays 80%, your plan will pay the other 20%. Now here’s your one difference, Plan F has no deductibles. It covers the Medicare Part a Hospital deductible, it also covers the Medicare Part B medical deductible.
The plan G is going to have an annual deductible of a $185. That’s the Medicare Part B deductible, its annual. So, if you have a plan F and you switch to a G in the middle of the year and you already satisfied your Part B deductible from the plan F, you don’t have it again.
It doesn’t start again until January. Other than that, they’re the same in every way now. Covers excess charges for F, covers excess charges for G. If you don’t know what excess charges are, again that’s something we’re going to do in another video. No referrals for F, no Network for F. No referrals for plan G, no Network for plan G. Whatever Medicare’s accepted, you’re accepted as well.
So, what does that come down to for dollars and cents? Let me shrink myself down here a little bit and let’s talk about dollars. So then price I’m showing you is for a 65-year-old female in southern New Jersey.
So, whatever you are in the country, this could be a little different. But these are just general prices and the difference in the cost between the two planes is roughly the same for most ages and most areas.
So, for Plan F this woman would be paying $165.18 a month. She would pay $1983 if it was an annual premium. For a G plan it’s $130.461 a month or $1616 a year. That’s a pretty big difference and again the only difference is that with G you have this $185 out-of-pocket cost.
So, what is that total out to? Well it’s a difference of $387 per year in premium, okay. So, if you pay your $185 and you have this lower premium all year, you’re saving about $202 per year. So that’s not going to make you rich, but in my opinion why should two hundred and two dollars not be in your pocket? It should be in your pocket, not the pocket of the insurance company.
So, if you have questions, if you’d like to go over this, if you’d like to see some different pricing for what it could save you, give me a call. You can reach me at (855) 494-0097 ext. 302.