Of the 10 different Medicare Supplements, 2 plans (F and G) are the most popular. These plans provide the most coverage of any of the other options, and many companies offer them.
Of the 10 supplement plans (A, B, C, D, K, L, M, and N), plans F and G offer the overall most coverage. Plan F includes:
The only difference between F and G is that G does not cover your Part B deductible.
These plans are popular for a reason—when you’re investing in a supplement plan, you probably want one that’s going to cover everything you may possibly need or want in the future. But, with more coverage comes a bigger price tag.
Compare, for instance, the lowest-coverage option, plan A:
This plan roughly covers half of what’s included in plans F and G. Less benefits, however, means less money. Oftentimes, however, you get the most bang-for-your-buck from a higher coverage option if you enroll early on with a good rating system.
There are 3 ways insurance companies typically set the price of your supplement plan—community, issue-age, and attained-age rating. Community ratings are set at a basic standard for all beneficiaries, so you know the exact price you’re getting and how it will last over time.
Issue-age rating is based on your age at the time of enrollment. So, a 65-year-old new enrollee will pay less than a 75-year-old. This system is typically used when the individual has missed their supplement open enrollment.
Finally, the attained-age rating changes with you. So, every year you have the plan, your premium will increase, typically by just a few dollars.
So, if you get a good rating, the cost should be more than reasonable, and well-worth the extra coverage.
Plans F and G are so similar that it can be hard for many to determine which is better. However, in the past year or so, Medicare has begun to roll back a lot of plan F coverage. If you became eligible for Medicare after January 1st 2020, you may struggle to find one. However, this change is not in full effect as of yet.
Plan G, on the other hand, is still as reliable as ever. Not only that, because it does not include your Part B deductible, you get to pay a much lower premium as well. On the other hand, some people just like to have it taken care of without a second thought. Either way, both plans are a good option, these are just some factors to keep in mind when making a decision.
There are a lot of supplements to choose from. Not only that, but there are a lot of companies to negotiate with as well. There’s a lot of work ahead of you, but Schwenker Senior Insurance can take care of it—to get started, call 563-579-6116, or email jon@schwenkerins.com.
