On our sister site, www.MedicareLifeGroup.com, we looked at the four most popular Medicare Supplement plans. Most people end up choosing between Plan F, Plan F High Deductible, Plan G, and Plan N. So which of these plans is best?
The Best Medicare Supplement Plan
Of the four most popular plans, determining which plan is best relies heavily on two factors: the price of the plan and your own personal circumstances. Let’s address price first.
Medsup Plan F vs. Plan G
We’ve previously compared Plan F and Plan G. The choice between the two plans is almost entirely based on price. Plan F is the most comprehensive plan. Plan G is identical to Plan F except that there is a $183 deductible (in 2017) for Plan G. Once you have quotes for Plan F and Plan G, you can simply compare the annual premiums of each plan. If your annual savings with Plan G are less than $183, we tend to recommend Plan F.
We should mention Plan F High Deductible (HDF) here. Plan HDF is identical to Plan F, except there’s a $2,200 per year deductible before the plan covers any expenses. In rare circumstances the annual premiums for Plan F and Plan G will be so much higher than the Plan HDF premium that it makes financial sense to purchase the high deductible plan based solely on the numbers. A qualified agent can help you figure out if Plan F High Deductible makes the most financial sense.
Beyond a price analysis, you’ll also want to look at your own personal health.
How Often Do You Visit the Doctor?
If you seldom visit the doctor and you have a healthy family history, you might consider Plan F High Deductible or Plan N. Medicare Supplement Plan N has the same $183 deductible for medical expenses as Plan G, but also a $20 co-pay for office visits and a $50 co-pay for ER visits. There’s also an argument to be made that over the long run, Plan N premiums will have more price stability. If you’re healthy and don’t think you’ll be racking up $20 co-pays for hospital visits, Plan N can save you some money over Plans F and G.
The first step in figuring out which Medicare Supplement plan is best for you is to have an agent provide you with personalized quotes. We’re happy to provide you with free, no-obligation Medicare Supplement quotes to help you figure out your options.
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