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January 26, 2022
Should I Switch from Plan F to Plan G? A Q&A with Luke Hockaday

Should I Switch from Plan F to Plan G? A Q&A with Luke Hockaday

Switching from a Medicare Supplement Plan F to Plan G is something many Medicare users are considering.

With increased rates and Plan F being phased out for those who aged into Medicare after January 1, 2020, it’s easy to see why so many Medicare users wonder if it’s time to make a switch.

We have compiled some of the most common questions about Plan F and Plan G with hopes that it will help those who are wondering what to do come to an answer that fits their coverage needs.

Q: Is it possible to switch from Plan F to Plan G?

Yes, you can switch from Plan F to Plan G, but only if you can pass underwriting. Underwriting reviews your medical history in order to check if you're eligible for the new plan. Some plans do not cover pre-existing serious medical concerns.

As always, requirements may vary based on plan and carrier so make sure you do your research to ensure you select an option that works for your needs.  

Q: What is the difference between Plan F and Plan G?

The only real difference in coverage between a Plan F and a Plan G is the Part B deductible, which is $233 in 2022. What’s nice about Plan F is the convenience factor of having the Part B deductible included in the plan benefits. But both offer nearly identical coverage.

Q: Is Plan F or Plan G better?

Both plans are great – they are very similar. The only major difference is the Part B deductible. What’s best for you is which plan design you prefer and which premium makes sense for your budget. A lot of folks enjoy the Part B deductible coverage that comes with an F, whereas a lot of folks prefer the premium savings of a G.  

Here’s what I tell my clients: You have to ask yourself if you would rather pay more in premium and let the insurance company pay the Part B deductible. Or, would you rather pay less in premium and be responsible for the deductible? Your answer to that is going to determine which plan would be better for your needs and your situation.

Q: Why have the premium rates raised for Plan F?

As we mentioned earlier in this article, Plan F is no longer available to newly eligible Medicare consumers. For those who’ve had a Plan F for a very long time, their Plan F rates have likely increased quite a bit.

However, companies who have more recently entered the Medicare market and have introduced a Plan F are offering incredible premiums. The difference is actually pretty massive! We often refer to these as "old" Plan Fs versus "new" Plan Fs.

If that's confusing, here's all you need to know: if your current Plan F has really high premiums that seem to keep going up, let's shop the market again and see if we can get you a much lower rate.

Q: I’ve heard about Plan F rates being high, but I’m not seeing that in my own coverage. Why might that be?

What I’ve noticed is that new companies coming into the market are coming out with new Plan Fs. For those companies, their initial Plan F rates are actually fairly low.

New Plan F rates are very competitive and so you might be reaping the benefits, so to speak, of that marketplace competition.

Q: If I am already on Plan F, should I be looking at Plan G?

If you’ve been on a Plan F for many years, it’s definitely worth shopping around and making sure your plan is still the right plan for your needs. Your rates may be skyrocketing, and we could either switch you to a different Plan F or take a look at Plan G, which is very similar to your current plan.  

But don’t discount Plan F altogether just because it’s not available to new folks. If you still qualify for a Plan F (meaning, if you were eligible for Medicare before January 1, 2020), take a look at Plan F. It’s convenient and many companies have killer rates, especially if they’re new to the market.

Companies like American Benefit Life (ABL) and Accendo/CVS Health have some newer options that might be exactly what you’re looking for.

The key is finding what works for you. By shopping around, you’re able to make an informed decision.

Q: I’ve decided to look for new Plan F and/or Plan G options. Where do I start?

The best place to start is to find out what is available in your area. To do that, I recommend reaching out to our office and speaking to a licensed insurance agent.

Here at Medicare Allies, we have experts who are able to help you navigate your options. Get quotes and make easy price and plan comparisons with the help of a Medicare expert. Just give us a ring at 833-801-7999!

The Takeaway

Plan F and Plan G are both similar options that offer great coverage.

Depending on various factors like health, age, and physical location, your options can vary as to which plan would work best for you. But the only way to know for sure is to shop around and be informed.

Contact Medicare Allies and get a quote to help you find the coverage option that works best for you.

Luke Hockaday
Luke Hockaday
Luke Hockaday is a Customer Success Rep here at Senior Allies. Luke has been helping Medicare-eligible clients with their insurance and retirement-planning needs since 2011. Luke is passionate about 3 things, and 3 things only: senior insurance, football, and food!

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