Medigap plan G may be your best value. Discover why most agents never tell you about Medicare supplement plan G. How much money have you wasted over the years, paying extra for Medicare supplement plan F? Is plan G right for you or should you stick with Medigap plan F? Which carriers offer plan G? Which ones don't and why not?
Medigap Plan G, Your Best Value?
If you have been searching for Medicare information you probably already know about plan F. Chances are good that your friends know about plan F, and that is what they bought.
Why should you be any different? Why should you consider Medicare supplement plan G over plan F?
Medigap plan G is exactly like plan F in every way after you satisfy your Medicare Part B deductible.
If you had to go to the doctor, have some lab work and a few other tests, could you afford to pay $147 for that visit? Would it be any easier to pay if you were saving $300 a year on your other Medicare expenses?
If you learned how to save $300 without any loss in coverage but you might have to spend half of that, one time, and only if you got sick, would that be a fair trade off?
If so, perhaps Medigap plan G is right for you.
Here's why plan G can save you money.
Let's look at Brenda's situation and see how she discovered the benefit of plan G.
Brenda is turning 65 and lives in Macon, Georgia. She and her twin sister own a successful retail store and are trying to learn about Medicare. Brenda is looking to save money any way she can but she doesn't want to sacrifice quality.
Brenda is a member of AARP and has talked to them about Medigap options. She wants to keep her same doctors and doesn't want to be forced into picking a new doctor ever year from a list provided by an insurance company. Original Medicare and a good supplement plan is what she wants.
AARP quotes her a monthly premium of $156.75 for plan F.
That's a little more than she had planned on spending, but she trusts AARP to do right by her. Still, she contacts Bob Vineyard at Medicare Plans of Georgia. Bob handled insurance needs for Brenda's daughter and son-in-law for years and so she felt comfortable talking with him.
She discovered she could enroll in plan F with a different company, have the exact same benefits as offered by the AARP plan, but her premium would be $127.89 a month instead of $156.75. That's a savings of almost $350 per year.
Her savings didn't stop there.
Bob told her that most of his clients pick Medigap plan G, which is exactly like plan F once your Part B deductible is satisfied. Brenda learned her premium for plan G would be $102.56, saving her an additional $300 per year over the lowest price plan F. Compared to the AARP plan F, Brenda saves $650 per year.
Now she wonders what AARP would charge her for plan G.
The problem is, AARP doesn't offer their members plan G. When you can save enough money each month to treat yourself to dinner at the Tic Toc Room in Macon and still have money left over, isn't it worth it?
Why most agents never tell you about Medicare supplement plan G
We know why AARP didn't tell Brenda about plan G, but why don't other agents mention it? Currently you can buy plan F from 36 different Medigap carriers in Georgia, but only 22 also offer plan G.
That explains some of it.
One reason may be, if you have made up your mind that plan F is the one you want, an agent may take the easy way out and give you what you asked for.
Another reason may be the agent earns a higher commission by taking your order for plan F rather than trying to help you save money with plan G.
So how much could you have saved with plan G?
If your current agent had taken the time to educate you about plan G, would you have bought it instead of plan F? How much would you have saved over the years?
$5,000 or more?
Would Medicare supplement plan G have been right for you? Could you have budgeted the annual Part B deductible out of your savings or were you better off paying extra for Medigap plan F?
As we have seen, some carriers don't offer plan G. To be perfectly honest, I don't know why. Plan G is the 2nd most popular plan bought, right behind plan F.
Among my clients, Medigap plan G is by far the most popular plan. Roughly 90% of my clients buy plan G.
Currently you can purchase plan F from 36 different carriers in Georgia. Depending on your age and zip the highest plan F rate is over 2x higher than the lowest premium.
If you want plan G you will have only 22 carriers to pick from and the highest premium plan is again more than twice the rate of the lowest premium plan.
Most of my clients save over $500 per year with plan G vs. their current plan F. I showed one Georgia couple how to save over $1700 per year vs. their Mutual of Omaha plan F.
I can't guarantee you that much savings but I do believe it is worth a 5 minute phone call to find out how much you can save and if you can qualify for plan G.
Medicare supplement plan G is a great option for most, but you never know until you shop and compare.