Is Medigap Plan F Worth it?

Out of all the supplement plans available, only one plan pays 100 percent of all the expenses that Medicare Part A and Part B do not cover, and that’s Plan F. But is Medigap Plan F worth it? For some it might be, but for those who love to save money there is likely a better option.

What Plan F Covers

Medigap Plan F is so popular because it pays 100% of the gaps in Medicare, meaning you never see a medical bill for all Medicare-approved expenses. Some people might say this makes it the “best” coverage, and in terms of benefits it certainly is Medicare’s most comprehensive plan. But “best” is a relative term and you need to decide what you’re willing to pay for your coverage.

With Plan F there are NO deductibles, NO co-payments, and NO coinsurance to pay. There also is no network as with all the plans, because it simply follows Medicare wherever it goes and that of course is a federal program.

Cost of Plan F

Given all these great benefits, you might imagine that Medigap Plan F is also the most expensive plan and that is true.  Combined with the fact that each company offers the same benefits for their plan F, yet all charge different premiums, it is very important that you are careful in choosing which Medigap plan will be your best option.

In fact the rates for plan F can vary as much as 60% between different companies.

Is There a Better Option?

Another plan that is very close to plan F in benefits becoming increasingly popular is Medigap plan G.  The fact there is only one that difference between plan G and plan F and is a very small one.  That difference is who pays the annual part B deductible all $147 each year.  With a plan F that deductible is paid for you however they are using your money to pay it.  This money comes of the form of higher monthly premiums.

With plan G you must pay this deductible out of pocket yourself each year prior to Medicare paying any of your bills.  The plus side of this is that you get lower monthly premiums.  In almost every case plan G will save you money over plan F due to these lower premiums, and that’s even after you pay the deductible.  Plan G is also known for lower rate increases each year than plan F.

How to Decide

The decision between plan F and G does not have to be a difficult one.  In all the plans of the type of coverage you are willing to pay for.  If you are somebody who likes to have all of your medical bills paid for you, that plan F might be the way to go.  However, if you are watching every dollar and on a limited income than plan G might be your best option.  Is Medigap plan F worth it?  Enter your zip code below to check the rates for both plan F and plan G to decide which one to fit your needs the best.