When a person first looks at the Medicare Supplement plans available they immediately zero in on plan F. This plan is the plan with all the boxes checked meaning it has the most complete coverage. Plan F is also the most popular plan available, but most popular does not always equate to the best deal.
If you take a look at the next plan down from F, plan G, you will see that it has almost the exact same coverage with the exception that G does not pay the Medicare part B deductible. The Medicare part B deductible for the year 2011 was $162. This is how much you will pay one time per year for out-of-pocket doctor’s office charges.
So let’s do some math. Once you have your Medigap quotes you will see that plan G’s monthly premium is less expensive than plan F’s. So subtract plan G’s monthly premium from plan F’s. Now multiply the answer that you get by twelve (the number of months you pay your premium per year). The answer that you get is how much more plan F costs to have than plan G per year. Now subtract the Medicare Part B yearly deductible from how much more it will cost to have plan F. This is how much you will save by having plan G.
For 2011, if the premium difference between plans F and G is greater than $13.50 per month, then Medigap plan G makes the most sense. Many people can save $100 – $300 per year even after having to pay out that $162 per year Medicare Part B deductible! Now if the savings is not that much and you simply don’t want to fool with having to pay the part B deductible, then maybe Medigap plan G is not the best choice for you. But it is defiantly worth taking a look at.
Often insurance agents are reluctant to point out the possible savings available by purchasing a Medicare supplement plan G in lieu of plan F. This is because insurance agents make a little more when a person purchases plan F. A trustworthy independent insurance agent is always a huge asset when it comes to getting the best deal with Medicare Supplement Insurance. An independent agent does not work for a single insurance company. An independent agent licensed by your state and can sell you insurance from any insurance company in that state. This gives you the best opportunity to save.