Insurance Plans for Seniors: The F vs the G
Plan F and Plan G are both Medicare supplement plans. These plans will help pay for out-of-pocket expenses incurred by the Medicare recipient, such as copayments, coinsurance, and deductibles that exceed what is paid for under Parts A and B of traditional Medicare coverage. As you might have guessed from the name “supplemental” these plans won’t cover everything on your behalf – they will only come into play if you need to use them. But, there are some differences between them. Medicare Supplement Plan F vs Plan G, which one to choose?
The two plans, Plan G and F are similar to each other in some ways. They both provide coverage for out-of-pocket expenses that Medicare Part A and B don’t cover. The biggest differences between the two is what they offer when it comes to prescription drugs:
Plan G offers a co-pay which is low at $150 per year and covers 80% of the cost for your prescriptions while Plan F pays up to 100% coinsurance on most brand name meds but requires you pay a deductible of $250 per calendar year before any benefits start taking effect.
Also, Plan G will cover your out-of-pocket costs if you need to stay in the hospital long enough for Medicare Part A coverage to expire, while Plan F won’t.
You’ll want to evaluate which one is better suited for you based on how much prescription drugs cost and whether or not it provides a benefit if you end up being hospitalized before Medicare covers everything.
They both cover copayments , coinsurance and deductibles that exceed what is paid for under Parts A and B of traditional Medicare coverage. If you’re looking at one, it’s worth checking out the other so see if there are any additional benefits you might get from switching plans or if Plan G will work better for your needs now.