Today Medicare announced the 2012 Medicare information, including the 2012 Part B deductible. All of the facts and figures about Medicare costs can be found on www.medicare.gov. The one that we are most interested in because it pertains most to Medicare Supplement plans is the 2012 Medicare Part B deductible. In a move that has to be considered surprising, that deductible has decreased (that’s right, decreased – not much in insurance decreases) to $140/year for 2012.
This is a huge “win” for people who have made the wise choice to select Medigap Plan G, which doesn’t cover the Part B deductible but usually saves the insured $20-25/month on premiums. The two plans, F and G, are otherwise the exact same, the only difference being coverage of that Part B deductible. Many people choose ‘G’ for the rate stability, as it historically more rate-stable over time than Plan F.
In the past the premium savings have been greater than the Part B deductible, but not by as much as they will be now. Now, in most ages and zip codes, you can get a Plan G for approximately $300-350/year less than ‘F’. Take out the Part B deductible, which you have to pay on ‘G’, and you’re still saving a couple of hundred dollars a year. Plus, you’re getting a plan that typically increases 75% as much as ‘F’.
I believe most will be very surprised to learn of these changes to the Medicare Part B deductible for next year. It should make Plan G much more attractive, moving forward. Of course, many companies “push” Plan F (for obvious reasons). Some companies don’t even sell Plan G (i.e. AARP, most of the “Blues”). And because of that, many Medicare-eligible people don’t know about ‘G’ or just blindly take the advice that ‘F’ “covers everything”. That is true, but Plan G covers everything except the deductible and you will have a couple extra hundred bucks in your pocket!
If you have questions about how the plans work or want to get quotes based on your age and zip code, you can call us at 877.506.3378 or request a quote on our website Medicare-Supplement.US.