Supplement Plan F
By far the most comprehensive plan is Supplement Plan F. It covers just about everything that Medicare doesn’t. From three pints of blood to an extra year in a hospital, Plan F is ideal for those who have chronic health conditions who want to make sure that their medical costs are predictable. For those who want a lower monthly premium, higher deductible plans are available. However, even those start paying if Medicare itself has a higher deductible than the plan.
Those who are interested in pursuing Plan F should know that all that extra coverage does come at a cost; of the three plans discussed here, it is by far the most expensive. Also, it is being phased out in 2020, so interested seniors should make sure to find a way to sign up quickly. However, those who already have a Plan F will be allowed to keep it.
Supplement Plan G
Plan G is slightly cheaper across the board than Plan F, and it is the second most popular plan. It is slightly cheaper, because there is only one real difference between Plan G and Plan F; the Part B deductible is still required on Plan G. Currently, that’s around $198. Additionally, Plan G allows providers to bill Medicare more for the procedure, with the insurance company picking up the tab. That means that any providers who tend to shy away from Medicare patients have an incentive to work with them.
Also, Plan G isn’t going anywhere, so for those who can’t get on Plan F, Plan G is a slightly less comprehensive option.
Supplement Plan N
The least comprehensive of the three most popular Plans, Plan N does not cap excess chargers in Part B, meaning that those who are going to see a doctor frequently will not save here. Additionally, Plan N requires patients to pay a copay. Beyond that, it is identical to Plan F or Plan G. Because of this, it is the plan of choice for seniors who feel that F or G would be too expensive, or who are in excellent health but still want great peace of mind.
Every senior has a different health situation, and a different financial background, so there is no right answer for everyone. However, Plans F, G, and N offer many of the same coverages, with differences in cost and coverage to allow more people to take advantage of what all these Medicare Supplemental Insurance plans have to offer.