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3 Options When Medicare Supplement Plan F Costs Too Much

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Tags: Medicare, Medicare Supplement Plan F, Medicare supplement plans

 For people with Medicare looking for the most comprehensive coverage a Medicare Supplement plan F is almost always the answer.

But what if the cost is just too steep?  Or you are generally healthy and just don’t want to pay that much up-front for services you might not use?  But you don’t want to move to a Medicare Advantage plan where you are limited to certain networks.

Here are three alternatives to consider.  A caveat first – not all companies offer all plans.  And if you buy one of these plans and then decide you want more coverage in most cases you will have to apply and answer health questions to qualify.  (One exception is AARP Medicare supplement plans that let you move among their plans without underwriting).

So, here are 3 options to Medicare supplement Plan F for those who want a plan where you pay-up-front for services and face fewer payments when you use the insurance (Medicare Supplement).

High Deductible Plan F – You’ll find all the same coverage as a regular Plan  F EXCEPT you will pay for the first $2,180 in Medicare covered costs before your Medigap policy pays anything.  Once your reach that deductible you get the same coverage you would with a regular Plan F. So to look at your total annual cost for this insurance add up the monthly premium + $2,180 and that would be your total cost for the Medigap insurance plan.

Medigap Plan G- This plan is just like a Plan F except that you pay the Part B deductible ( $147 in 2015). So to figure your plan costs you add the monthly premium + the $147 Part B deductible to get your total Medicare supplement plan costs (remember you are still paying Part B to Medicare too).

Medigap Plan N – With this Medigap plan you will be paying some costs as you use services.  You will pay a copay of up to $20 for some visits and up to $50 for emergency room visits that don’t result in admission to the hospital.  Medigap Plan N pays 100% of the rest of the Part B covered costs just like a Plan F.  So if you do not visit the doctor frequently, this plan might be for you.  To estimate your yearly cost calculate the number of times you visit the doctor in a year and estimate the cost at $20 per visit, then add in your monthly Plan N premium and look at your total yearly cost estimate.

Read More About Medicare Supplement Plans

Costs of these plans vary widely among the different companies.  Some companies price Plan G at a significant difference hoping to shift business into this plan.  In other cases you’ll find little price difference between a Plan F and a Plan G.  You have to compare Medicare plans from several companies to find the best plan at the best price for you.

Medicare Supplement Plan Pricing example:  Look at how plans compare  and you can see why it is so important to shop and compare Medicare supplement plans and companies.

Plan

Low Cost*

High Cost*

Plan F

$131.95

$295.23

Plan G

$104.23

$226.66

Plan N

$93.80

$185.71

F- High deductible Plan

$42.93

$89.64


*Companies rated A or above; plans quotes are from different companies.Female, 67, non-smoker, Feb. 2015, IL     Call 1-800-713-6250 to compare your rates.    

Plan

Low Cost*

High Cost*

Plan F       

$154.11

$352.00

Plan G

$130.95

$269.00

Plan N

$103.96

$242.00

F- High deductible Plan

$35.09

$105.66

 

 

 

 

 

 

 

 

 

 *Companies rated A and above; quotes are from different companies; Male, 68, non-smoker AZ, Feb. 2015. Call 1-800-713-6250 to compare your rates.

Most of these plans are attained age rated plans which means that you may see your rate increase for two reasons:  the rate goes up as you get older and the rate goes up because of normal rise in healthcare costs (not based on your individual usage). 

Also remember if you have a Medicare plan now and want to switch you will probably need to answer health questions to qualify. Always work with someone who is knowledgeable about Medicare coverage and can compare a variety of plans from different companies so you know you are getting the best fit for your health coverage needs.

At Longevity Alliance we help people compare Medicare plans so that they can find the best fit for their health care needs.

 

 

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  • Medicare Coverage

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    or Learn More

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