Is Medicare Plan F or G right for me?

Basic Medicare, while a good benefit available to many Americans over age 65, is not a complete medical insurance solution.  There are “gaps” in the coverage.  To fill these, there are some standardized (by Medicare) policies available from insurers.  These ten standardized policies are Plans (called Plans A, B, C, D, F, G, K, L, M, and N), each having a different level of benefits associated with it.

The single most popular Medigap policy is Plan F.  That Plan is no longer available to new enrollees.  However, those who already are in Plan F may continue to enroll in Plan F.  Plan G is relatively new and has very similar benefits.  The only benefit difference is that Plan F has no deductible associated with Medicare Part B benefits.  (Note this refers to Medicare Part B benefits, not Plan B).  Part B benefits are summarized on the Medicare website. 

 Generally, Part B covers two types of services

• Medically necessary services: Services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practice.

• Preventive services: Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.

Here’s the interesting aspect of this dichotomy:  The annual deductible in Plan G is about $185, while Plan G may be more than $185 cheaper than Plan F.  Further, because older, presumably less healthy, people will be in the Plan F group, its annual premium is likely to rise faster than the premium of Plan G.

If you are currently enrolled in Medicare Plan F, you should investigate if switching to Plan G is beneficial for you.

-Harold Sasnowitz-