Medicare Supplement Plan G has been a hot topic lately in the Medicare arena. As senior citizens become more educated on the various Medicare supplement plans and are starting to do more research, many seniors are starting to realize that the almighty "Plan F" might not necessarily be the best financial plan option after all.
One might wonder, what is the difference between Medicare Supplement Plan F and Medicare Supplemental Plan G, and the answer is actually quite simple. In fact, the ONLY difference between the Plan F and Plan G is that the Plan G does NOT pay the annual Medicare Part B deductible, which is currently $140 for the calendar year of 2012. The Plan F does not have a deductible. Therefore after the Part B deductible is met on the Plan G, the two plans are essentially identical in coverage.
When senior citizens are comparing the prices for Medigap Plan G, you will find that the price of the Plan F is generally about $20 -- $30 more per month. If you multiply say $25 per month X 12 months in a year, that is a difference of $300 in premium that you would pay in additional just to have "Plan F". When you consider that the only difference is a $140 deductible (in 2012), you would be better off by purchasing the Plan G and paying that $140 deductible yourself, effectively saving you $160 that year in our example.
In addition to this, many people do not realize or think about it, however when an insurance company takes a rate increase (like they all do about once-per-year), the Plan F generally takes the highest percent of increase (generally about 15% annually), whereas the Plan G usually takes a smaller increase (maybe 9% or 10%). In the long run of having a policy, the Plan G can help you save hundreds of dollars every year by knowing this simple fact.
If you would like to learn more, compare prices, or apply for the Medicare Supplement Insurance Plan G, you can full out the quote form by clicking the "get quotes" button, or by calling us directly at (855) 419-3826.
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