New Report Exposes Serious Medicare Plan F vs Plan G Financial Gap

Medicare supplement insurance carriers found to be increasing rates on Plan F policies faster than Plan G, leaving millions of seniors paying too much for their healthcare coverage.

Prescott, United States - February 1, 2021 /PressCable/ —

A new MedicareWire report, released yesterday, exposes the financial value gap between 2021 Medicare Plan F policies versus Plan G.

The complete Medigap costs analysis report is available at https://medicarewire.com/medigap/medicare-plan-f-vs-g/

Medicare supplement Plan F (also known as Medigap Plan F), has long been the gold standard in the Medicare insurance industry. However, after comparing quotes for more than 1,000 Medicare beneficiaries during the 2021 Annual Election Period (AEP), the report authors discovered a significant cost gap between Plan F and Plan G.

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 report authors claim.

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 Centers for Medicare and Medicaid Services. According to congress.gov, starting in 2020, Medicare Supplement plans that pay the Medicare Part B deductible will no longer be sold to those newly eligible. This change is part of the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA).

“Congress did away with Medicare Part B deductible coverage in Medicare supplements as a means to stop frivolous doctor visits”, says David Bynon, founder of the MedicareWire service. “Now it appears that insurers are following suit 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 Plan G policy, plus the annual Medicare Part B deductible, was less than the annualized Plan F policy for the same beneficiary. In some instances, the cost variance was over $200 per year.

“I think $200 is a lot of money to simply write a check,” Bynon exclaims. “I 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.”

MedicareWire, which is not a health insurance agency or broker, offers a free Medicare supplement rate comparison service to help people find the best rates without having to divulge their personal information.

Contact Info:
Name: David W Bynon
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Organization: MedicareWire
Address: 101 W Goodwin Street Unit 2487, Prescott, AZ 86302, United States
Phone: +1-855-266-4865
Website: https://MedicareWire.com

Source: PressCable

Release ID: 88995667