Medigap changes can often be scary. There was recent legislation passed by Congress ( click here ) that is to do away with all plans that pay the Part B deductible which is Plan C and Plan F. No this doesn't mean you will lose your Plan F coverage, but what it does mean si that there will no longer be folks signing up for those options. Often times as with any closed block of business, that means rates may have a tendency to increase much faster than expected. This is one reason why we typically recommend Plan G.
Difference in Cost Between Plan F and Plan G
While it's not always cut and dry when comparing costs, fortunately in the case of Medigap Plan F vs. Plan G, it is very straightforward and easy to understand.
What is Plan F REALLY covering,compared to Plan G ?
The ONLY thing that plan F covers above Plan G, is the Part B deductible (this is the coverage that Congress eliminated).
That deductible, in 2017 is $183
Yes, you read that right, that is the ONLY difference.
The ONLY expense that medigap plan F covers over medigap Plan G, is a mere $183 (in 2017).
In our experience, and in MOST cases throughout the states we work in, when you compare quotes, the difference between plan F and the next lowest plan (Plan G) is far more than $183!
The difference in premiums for medigap Plan F can be as much as $400 per year or more, just to cover your $183 deductible.
That means you are paying the insurance up to $400 per year to write a $183 check. Sound crazy? Well then you aren't alone.
Rising Premiums over time
Even MORE important to consider, is potential premium increases over time, like I mentioned above, once the plan is closed to the "new-to-medicare" crowd.
If you know anything about how insurance works, and actuarial principles, you know that premiums always go up as claims go up. The insurance companies don't want to lose money. The healthier the pool of beneficiaries, the lower the premiums. If no new folks can get on the plan, the likely hood of premiums rising are inevitable.
We recommend you review all of your options when deciding on coverage, but want you to consider the value that Medigap Plan G or even Medigap Plan N might be for your situation. Contact Us to compare plans and pricing
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