In the world of Medicare, there are many different options. When looking at Medicare Supplement Reno plans, most consumers want to enroll in the Plan F or Plan G. But what are the main differences between Plan F vs Plan G? Believe it or not, there are not many differences between these two policies. Before discussing the main differences, there are a handful of similarities when comparing the Plan F vs Plan G:
-Like any Medigap Plan, every Plan F has the same benefits with every insurance company. This is the same for the Plan G.
-Every Medigap insurance company works with the same doctors list. Any doctor or facility that accepts Medicare will take your Medigap Plan.
-Medigap plans do not cover prescriptions. To get drug coverage, you must enroll in a stand-alone Part D drug plan
Plan F vs Plan G Differences
There are two differences between the Plan F and Plan G. The Plan F covers all benefit categories at 100% on Day 1 with no deductible requirements. The Plan G covers all services at 100% after the Part B deductible is satisfied. In 2023, the Part B deductible is $226. When comparing the Plan F vs Plan G, the only out of pocket difference is the Part B deductible.
The second difference between these two plans is the premium. On average, a Plan F will cost $300 – $600 more per year in premiums at the age of 65. This premium difference will increase as you get older. Because of this, Plan F policies are not a better deal for consumers. Even though members get the convenience of not receiving a bill for doctor visits, they will spend significantly more on premiums compared to the out of pocket savings they receive.
The Future of the Plan F
The Plan F was phased out in 2020. For all consumers who qualify for Medicare Nevada before 2020, they will be grandfathered into having Plan F as an option forever. For everyone who qualifies for Medicare after 2020, the Plan F will not be an option to enroll in.
With no new enrollments in the Plan F after 2020, the Plan F risk pool will be shrinking as time goes on. Being enrolled in a shrinking risk pool can lead to volatile premium increases throughout the years. While the Plan F risk pool shrinks, the Plan G risk pool will receive new enrollments and grow. Because of this, experts project low rate increases as well as premium decreases on the Plan G in future years.
Switching from the Plan F to the Plan G
If you have a Plan F and live in Nevada , you can switch to a Plan G, no health questions asked during your birthday month! As of January 1st, 2022 Medicare Supplement plans have their own open enrollment period in Nevada. This is called the “Birthday Rule”. The Birthday Rule allows a person enrolled in Medicare Supplement to change plans without health questions. You can switch from Plan F to Plan G without health history. This occurs for 60 days around a person’s birthday. For more information on the birthday rule, please reach out to one of our brokers. We can help you apply to see if you qualify for a Plan G with any licensed Medigap carrier.