Medicare Supplement F – Still the Best!
Medicare Supplement Plans were modernized on June 1st, 2010. All in all, four plans were eliminated and two new plans were introduced. Despite all the changes, the most popular and Best Medicare Supplement Plan is still plan F. This is largely due to the comprehensive nature of this plan and the low monthly premium offered by quality insurance companies.
Many insurance companies and agents are talking about the new Medicare supplement plans that have been introduced to the marketplace. However, these plans simply do not offer the same amount of coverage as Medicare Supplement Plan F. While they may be cheaper on a monthly basis, those who need any medical services might find their out of pocket expenses will be higher because of increased copayments and deductibles. In addition, the monthly premium for Medicare Supplement Plan F is often not much higher if you get quotes from all companies to make sure you get the lowest price available.
Medicare Advantage Plans have become quite popular over the last few years. However, with the new Health Care Reform bill that was recently passed these plans will become more expensive and benefits will be cut. This is a direct result of government spending cuts to the Medicare Advantage program, which has been a drain on tax dollars for years. In addition, many doctors and hospitals will likely not accept these types of plans going forward, making them rather useless.
The Best Medicare supplement plan is also the most popular. Medicare Supplement Plan F is the chosen plan among the majority of people who are enrolling in Medicare for the first time. As a result, the risk pool for insurance companies offering these plans is rather large, which brings the monthly premium for people who purchase this plan down, making it a more affordable option.
In addition to having large risk pools, nearly every insurance company offers Plan F because it is indeed the Best Medicare Supplement Plan. All insurance companies want to sell as many plans as possible, which means they must compete on price because plan F has the exact same benefits regardless of which company sells it. This competition further reduces the price for Medicare Supplement Plan F making it even more affordable for consumers who choose this option.
There are other low cost options besides Plan F. The second Best Medicare Supplement Plan is Plan G, which is exactly like Plan F except you must pay the annual Part B deductible, which is $147 in 2013. Plan G is more affordable than Medicare Supplement Plan F on a monthly basis, but there are more headaches associated with this plan because you must pay the annual deductible for physician services. Our recommendation is to stick with Medicare Supplement Plan F if you can afford it.