This question is asked of me almost daily. Or people have the notion that their plan (usually Plan F) is the best. The simple answer is that all plans are the best and that no plan is the best. The best plan is the one that provides you with the coverage you need at the best possible price.

When discussing Medicare supplements I ask “Why did you choose Plan F?” The answer I hear almost all the time is “It’s the best.” And it is the best unless you factor in the premium.

Many times when an insurance agent suggests Plan F it’s because it’s easy to explain. With Plan F there is no out of pocket costs for services covered by Medicare. Any other plan would require the agent to 1) understand insurance and 2) spend a few minutes in discussion. Many agents or company representatives don’t want to bother with either.

If you are looking into plans either a someone just joining Medicare or to try to save some money please look at Plan G and Plan N. Both are better values for most people than Plan F.

To keep this simple let’s look at Plan G. The ONLY difference between G and F is who will pay the annual Medicare Part B deductible of $183. For most people, the premium savings by moving from F to G is about $450. So by willing to pay $183 you save $450.

Looking at this another way, you would be paying $450 to an insurance company in exchange from them paying $183. As I tell my clients, this is why so many buildings have the name of an insurance company at the top.

Do yourself and your bank account a favor. Do some shopping or let an independent agent do it for you. We’re happy to help and if you do indeed have a great deal we’ll let you know.