Business & Economics
Why Do Insurers Charge So Much for their Medigap Plan F Policies vs Plan G? Not surprisingly, they found a financial value gap between Medigap Plan F policies and Plan G, but why? You'll find MedicareWire's Plan F vs Plan G information on this MedicareWire page. Medicare supplement Plan F, has long been the gold standard in the Medicare insurance industry. After comparing quotes for more than 1,000 Medicare beneficiaries during the 2021 Annual Election Period, the report authors discovered a significant cost gap between Plan F and Plan G. If you have a Plan F policy, you'll be interested in what they discovered. The premiums on Plan F policies, which are no longer available to people qualifying for Medicare as of 1 January 2020, are increasing faster than the combined cost of Plan G policies and the annual Medicare Part B deductible. The only difference between a Plan F and Plan G policy is the Medicare Part B deductible, which, for 2021 has been set at $203 per year by the Center for Medicare and Medicaid Services. Gov, starting in 2020, Medicare Supplement plans that pay the Medicare Part B deductible will no longer be sold to those newly eligible. Now it looks like Medicare supplement insurance carriers are following Congress's lead by hiking their premiums on Plan F policies faster than Plan G policies. The MedicareWire report claims that in all cases examined, the annualized cost of a Medicare Supplement Plan G policy, plus the annual Medicare Part B deductible, was less than the annualized Plan F policy for the same beneficiary. The folks at MedicareWire say they wish everyone in a Plan F policy right now would check what they are paying with current Plan G premiums. A lot of people are tossing good money out the window with a Medigap Plan F policy. Contact Us At MedicareWire.com for more information.