The most popular Medicare Supplement (Medigap) plan in Georgia — and nationally — is Plan F. So, why is it the preferred choice of so many? Well, it is the most comprehensive plan offered by Medigap carriers. There are several standardized plan options, ranging from plan A to N, and insurance carriers will only offer some of the plans available. However, almost all carriers offer Plan F. Basically, Plan F pays whenever Medicare Parts A and B have gaps in coverage. Plan J used to be the most comprehensive plan, but this plan was discontinued in 2010. Now Plan F is the only Medigap plan that pays for all of Part B Excess Charges and the Part B deductible. The Plan F benefit summary is below:
Plan G is very similar to Plan F and is the next most comprehensive plan. The only difference is that Plan G does not pay for the Part B deductible — so on the above chart, the Medicare Part B Deductible would be the only benefit unchecked. Now, the Part B deductible in 2013 is $147. So, if plan G costs less than $147 per year, then it is a smart choice. Premiums vary by carrier, so it is a good idea to look at all the plan options and prices. Some carriers have very strong Plan F rates and others focus on Plan G or other plans. To see a benefit snapshot of the all the Medicare Supplement plans, click here (thanks to Weiss Research). The plans shown are those offered in Georgia and most other states. Some states have their own standardized plans.
Also, keep in mind that Plan F tends to see higher rate increases each year than all other plans. Another important factor to consider is that carriers do not allow you to switch to another plan (without undergoing full medical underwriting) even if the benefits with the new plan are not as strong. There are exceptions to this rule, but it’s important to consider this when first choosing a plan.
Peachtree Insurance Adviors 678-236-1600 www.insuranceAdv.com
