Got 100 On That B What You Know About Math The Lexus of the Medicare Supplement Line: Plan F Versus Plan G

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The Lexus of the Medicare Supplement Line: Plan F Versus Plan G

If you had to buy a new car, what would be most important to you? The brand or the actual quality of the car? Let’s say you really admire Lexus as a luxury brand (this is my personal preference). But what about the Toyota? It has the same characteristics, quality, stability; the only difference is the brand. What would you do? Which car would you choose?

Now, I know that buying a car is not the same as buying a Medicare supplement, but bear with my analogy for now.

There are 10 Medicare supplement plans, along with a high-deductible version of Plan F. However, the original Plan F has become the official champion of the Medicare supplement world, leaving all other plans in the dust.

Plan F has been marketed as the best of the best, the luxury car in the Medicare supplement line. However, many consumers are never officially introduced to Plan G. There are a few reasons why this seemingly identical plan has been left on the sidelines during sales pitches.

1. It costs less, so agents will make a smaller commission… meaning Plan G is not as lucrative as selling expensive Plan F

2. Agents market this plan as a “nuisance” compared to Plan F; that is, consumers are afraid to think that Plan G would require more effort on their part.

Let’s talk about the first reason. The average price difference between Plan F and Plan G is about $20-30 (not the actual average, but my own personal assessment). That’s a savings of roughly $300 a year, or as an agent would see it, $60 less than a Plan F would get in commissions. This might not be worth an agent’s schedule, but if you sell 100 policies every 6 months, that’s about $6,000 down the drain. Does it sound worth it now?

However, if the agent actually finds you the best policy that fits your situation, they won’t steer you away from a Plan G. I always tell my prospects about Plan G, which brings me to the second reason:

You, the consumer.

It’s hard to sway your opinion of Plan F. Many of you think Plan F is the only plan worth your money. The only difference between Plans F and G is a little thing called the Part B deductible. This deductible costs $147 a year and must be used up in full before Medicare or your carrier will cover anything. Let’s do some more math. If switching to a G plan could save you $25 a month, you’d still be saving $153 a year even paying the $147 annual Part B deductible.

It’s a conundrum, but some people give up paying that $147 a year out of pocket (it’s a deductible, no need to send a bill anywhere) to spend $20-$30 more a month on Medicare’s Lexus. supplements

Sure, all your friends might have the shiny new Plan F, but you can get the same coverage for less and become the group’s Medicare supplement guru. If my prospects are comfortable, I try to steer them towards Plan G. I don’t always succeed, but I hope that Plan G will become more popular in the future.

If I had to choose between a Lexus and a Toyota, I’d probably choose the Toyota. Not because Lexus is unreliable, but because I know I’d be just as happy with a Toyota in general as I would be with a Lexus, and they’re a lot cheaper.

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