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April 12, 2016

Consider the saving on a Medigap Plan G over a Plan F

Consider the saving on a Medigap Plan G over a Plan F

Here is a comparison chart between Medicare Supplement (Medigap) Plan F and Plan G

Basically the only difference in coverage between the plan F and plan G is the Part B deductible, which plan G does not cover. Except for the Part B annual deductible, part G is identical in coverage with plan F. Most people who have Part B in 2016 will pay $166 annual deductible, which comes down to about $14/month. 
When you are interested in choosing whether to buy a plan F or a plan G, it is very important to have a trusted independent agent compare the quote between the two plans among highly rated companies that offer both plans in your area. The savings between plan G and plan F can be very significant from case to case. In my experience of running those quotes side by side in the state of Colorado for hundreds of clients have ranged between 30-70% in savings per year. 
Even though plan F continues to be more popular than plan G, based on 2014 enrollment data, most people do not take a closer look at the difference between monthly premiums of both plan F vs plan G.
A good rule of thumb for 2016 is that, if the difference in monthly premiums between plan F and plan G is higher than $14, then you are paying too much for your plan F. 

Another thing to consider when choosing a plan G, is premium rate increases. A plan F will likely increase at a higher rate than a plan G. 

If you have further questions and would like to review your options when choosing the best Medigap plan that fits your needs, please visit our website at:
You can also contact us directly at (719) 360-2795 or by e-mail at: [email protected]

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