Welcome back to the Dynamic Duo with me, Allie Shipman, and my partner, John Shinn. We are with Empower Brokerage. On the last couple of videos, we were talking about Medicare Part A and Part B and how you can explain it to your clients. Today, we’re going to talk with you, the agents, about Medicare supplements and how you can explain those easily to your clients. The first thing you need to know is the two most popular Medicare supplement plans designs are Plan F and plan G.
Medicare Supplement Plan F
With Plan F your client would not pay for any of the costs that come with Medicare Part A or part B. They don’t pay the deductible for part A. If they have an accident and are there for an extended period, they also wouldn’t pay for the extended stay at the hospital. They don’t pay for the Part B annual deductible or the 20% of doctor visits. Plan F is probably the best value for your client when it comes to Medicare supplements.
Medicare Supplement Plan G
Now, Plan G is almost identical to Plan F. It’s the same where your client won’t pay most of those costs. The only thing that your client would pay for is the Part B annual deductible of $183. So, Plan G premiums are a little bit less than Plan F premiums because they pay for that deductible. It’s really easy to sell if your clients are going to the doctor on a regular basis and those costs are adding up. Medicare does a great job of covering most of the costs, but those expenses can still add up; that’s where Medicare supplements come in.
John Shinn Goes into Detail
I’m really glad that we’re covering plans F and G today. The agents that we work with really need to know how these plans work. The advice and education you, the agents, provide to the consumers is extremely important. Plan F and Plan G are 2 of the 11 plan designs of Medicare supplements. These plan designs are standardized, so the Plan F with one company is exactly the same as Plan F with another company. And of course, it’s the same thing with a Plan G. These are the two most popular plans, and there’s a reason for that.
For example, Medicare Part B doesn’t pay for the annual deductible of $183 this year. Plan F would pay that deductible. In contrast, the Plan G is identical to the Plan F in every way, except it doesn’t cover their Part B deductible. That is the only difference; Plan G doesn’t cover the $183. And because of that, the premiums are lower. So, we see the Plan G as being a very popular option today. We work with agents all over the United States with multiple carriers and Plan G is very popular.
If you want to know a lot more about Medicare supplements and original Medicare, the best place to start is always Medicare & You, the official guide to Medicare. Choosing a Medigap is another government publication, as well as Medicare.gov. We also have presentations here just like the one I’ve been looking at here; we have them at Empower Brokerage, and we’ll be more than happy to help you with this information. The thing that we want to do with you, the agent, is make sure that you can easily and properly educate your clients. I hope that helps! Let us know if we can help in any other way.