AARP Medicare Supplement Plan F vs Plan G: Which One Is Best for You in 2024?
Description: Not sure whether to choose AARP Medicare Supplement Plan F or Plan G in 2024? This guide compares the two plans, covering their benefits, costs, and how to choose the right one for you.
AARP Medicare Supplement Plan F vs Plan G: Which One Is Best for You in 2024?
Choosing the right Medicare Supplement plan can feel overwhelming, especially with so many options available. Among the top choices are AARP Medicare Supplement Plan F and Plan G. Both offer comprehensive coverage, but they differ in important ways. In this article, we’ll break down everything you need to know about these two popular plans, helping you decide which one is right for you in 2024.
What Is AARP Medicare Supplement Plan F?
Medicare Supplement Plan F is considered one of the most complete Medigap plans. It was designed to fill all the gaps left by Original Medicare (Part A and Part B), meaning it pays for most of the costs that Original Medicare doesn't cover, such as coinsurance, copayments, and deductibles.
Key Benefits of Plan F:
- Comprehensive Coverage: Plan F covers everything, including Part A and Part B deductibles, which no other plan fully covers.
- No Out-of-Pocket Costs: After you’ve paid your monthly premium, you won’t need to pay anything for Medicare-approved services. Plan F picks up the rest.
- Accepted Nationwide: Plan F is accepted at any doctor or hospital that takes Medicare.
While Plan F is the most comprehensive option, it’s important to note that new Medicare beneficiaries (those who became eligible after January 1, 2020) are no longer able to enroll in Plan F. If you’re already enrolled, you can keep it, but if you’re new to Medicare, you’ll need to consider other options like Plan G.
What Is AARP Medicare Supplement Plan G?
Medicare Supplement Plan G offers nearly identical benefits to Plan F, but with a slight difference—it doesn’t cover the Medicare Part B deductible, which is $240 in 2024. Apart from that, it covers everything else, including hospital costs, doctor’s visits, and emergency care abroad.
Key Benefits of Plan G:
- Broad Coverage: Plan G covers all of the same gaps as Plan F, such as Part A coinsurance, hospital costs, and Part B coinsurance.
- Lower Premiums: Plan G generally comes with lower monthly premiums compared to Plan F. The trade-off is that you will need to pay the Part B deductible out of pocket.
- Best Option for New Beneficiaries: Since Plan G is available to all new Medicare enrollees, it’s often the best choice if you’re just starting with Medicare.
Plan F vs. Plan G: Side-by-Side Comparison
When deciding between Plan F and Plan G, the biggest difference comes down to the Part B deductible. Let’s compare these plans in more detail:
| Feature | Plan F | Plan G |
|---|---|---|
| Part A Coinsurance & Hospital Costs | Covered | Covered |
| Part B Coinsurance & Copayments | Covered | Covered |
| Part A Deductible | Covered | Covered |
| Part B Deductible | Covered | Not Covered ($240 in 2024) |
| Foreign Travel Emergency | Covered | Covered |
| Availability for New Enrollees (Post-2020) | No | Yes |
As you can see, Plan G is nearly identical to Plan F, with the key exception being that it does not cover the Part B deductible. This can save you money on your premiums, but you will have to pay the deductible yourself.
Example 1: Sarah's Situation
Sarah is 68 years old and loves to travel. She prefers a plan that will cover all her medical expenses while she’s away from home. With Plan F, Sarah won’t have to worry about paying for any of her Medicare-approved medical services, including when she’s traveling abroad. But since Sarah became eligible for Medicare before 2020, she can still enroll in Plan F.
Example 2: John’s Situation
John is 67 and recently enrolled in Medicare. He likes the idea of having great coverage but wants to keep his monthly premium lower. Plan G works well for him. While John will need to pay the $240 Part B deductible, he’ll save on premiums, making Plan G the best option for his needs.
Cost and Coverage Details for Plan F and Plan G
The cost of both Plan F and Plan G can vary significantly depending on your age, location, and health status. In general, Plan F tends to have higher premiums because it offers more comprehensive coverage. On the other hand, Plan G usually comes with lower premiums but still provides excellent coverage, except for the Part B deductible.
Example Costs:
- Plan F Premiums: Depending on your location and age, premiums for Plan F can range from $150 to $400 per month.
- Plan G Premiums: Premiums for Plan G generally range from $120 to $350 per month, making it a more affordable choice for many beneficiaries.
It’s important to note that you will still need to budget for the Part B deductible ($240 in 2024) if you choose Plan G.
How to Enroll in Plan F or Plan G
The process of enrolling in either Plan F or Plan G is straightforward but requires some planning. Here’s how to get started:
Step 1: Check Your Eligibility
- Plan F: Only available if you were eligible for Medicare before January 1, 2020.
- Plan G: Available to everyone eligible for Medicare, including those who are new enrollees.
Step 2: Compare Plans and Costs
Since the premiums for Medicare Supplement plans can vary widely, it’s important to shop around. AARP, in partnership with UnitedHealthcare, offers competitive rates and may include added benefits for members.
Step 3: Enroll During Your Medigap Open Enrollment Period
- You can enroll in a Medigap plan during your Medigap Open Enrollment Period, which starts when you turn 65 and are enrolled in Medicare Part B.
- If you miss this period, you may face medical underwriting, which could affect your rates or even your ability to enroll.
FAQs: Common Questions About Plan F and Plan G
1. Can I switch from Plan F to Plan G?
Yes, you can switch, but you might have to go through medical underwriting if you are not within a special enrollment period.
2. Why is Plan F no longer available for new enrollees?
In 2020, new regulations were put in place that stopped allowing new enrollees to join Plan F, as it was too comprehensive, leading to higher costs for the Medicare system.
3. Is Plan G a good choice for me?
Plan G is a great option for anyone who became eligible for Medicare after 2020, as it offers almost identical coverage to Plan F but at a more affordable price.
4. What if I move to a different state?
Both Plan F and Plan G are nationwide, so your coverage will stay the same. However, premiums can vary by state, so expect some changes in costs if you relocate.
5. Does Plan G have a high-deductible option?
Yes, Plan G has a high-deductible version, which typically has a lower premium but requires you to pay a higher deductible before your coverage kicks in.
Final Thoughts: Which Plan Is Best for You?
Choosing between Plan F and Plan G largely depends on when you became eligible for Medicare and what you value most: comprehensive coverage or lower premiums. If you were eligible for Medicare before 2020, Plan F might still be the best option for you. However, if you’re a new enrollee, Plan G offers almost the same benefits with the added bonus of lower premiums.
Call-to-Action: Start Your Enrollment Process Today!
Are you ready to secure your Medicare Supplement plan for 2024? Whether you're considering Plan F or Plan G, the next step is to get a quote from trusted insurers. Visit the AARP website or speak with a Medicare expert to compare plans and find the best coverage for your needs. Don’t wait—take control of your healthcare today!