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The Lexus of the Medicare Supplement Line: Plan F Versus Plan G
If you were to buy a new car, what would be most important to you? The actual brand or quality of the car? Let’s say you really admire Lexus as a luxury brand (that’s 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 buying a car isn’t the same as buying a Medicare supplement, but bear with my analogy for now.
There are 10 Medicare supplement plans, plus a high-deductible version of Plan F. However, the original Plan F became 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 automobile in the Medicare Supplement line. However, many consumers are never officially introduced to Plan G. There are several reasons why this seemingly identical plan was dropped during sales presentations.
1. It costs less, so agents will earn a smaller commission…meaning Plan G isn’t as lucrative as selling the expensive Plan F
2. Agents market this plan as a “hassle” compared to plan F; which means consumers are afraid to think that Plan G would require more effort on their part.
Let’s discuss the first reason. The average price difference between Plan F and Plan G is around $20-$30 (not the actual average, more like my own personal assessment). That works out to about $300/year in savings, or as an agent would see it, $60 less than an F plan would earn in commissions. It might not sound good on an agent’s schedule, but if you sell 100 policies every 6 months, that’s about $6,000 lost. Worth it now?
However, if the agent really finds you the best policy to fit 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 tiny thing called the Part B deductible. This deductible costs $147/year and must be fully used up before Medicare or your insurer covers anything. Let’s do some more math. If switching to a Plan G could save you $25/month, you’d still save $153/year even paying the Part B deductible of $147/year.
It’s anyone’s guess, but some people forego paying that $147/yr out of pocket (it’s a deductible, you don’t have to send a bill anywhere) in order to spend around $20-$30 more per month on Lexus Medicare Supplements.
Sure, all your friends could have the shiny new Plan F, but you could get the same coverage for less and become the Medicare supplement guru of the bunch. If my leads are comfortable, I try to steer them towards Plan G. I’m not always successful, but I hope Plan G will become more popular in the future.
If I had to choose between a Lexus and a Toyota, I would probably choose the Toyota. Not because Lexus is unreliable, but because I know I’d be just as happy with a Toyota overall as I would be with a Lexus, and they’re a lot cheaper.
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