In this video we review what you need to know if you a Florida resident and are researching your Medicare options and are looking for the right Medicare plan for your needs and budget. We review Medicare Supplement Plan N as well as touch on Plan F and Plan F-HD; the Medigap plans best priced for value in Florida.
We mention Medigap Plan F 2020 and what will happen with those who own a Medigap Plan F when it is canceled in 2020.
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…… That leaves us with Medigap Plan N.
Medigap Plan N is the unsung hero of Medicare Supplements. It packs a lot of coverage into a very well-priced, low-cost package. On average, a Medigap Plan N will cost between 25% and 35% less than a Plan F, saving $600 or more in annual premiums.
How is a Plan N different that the complete coverage of a Plan F?
Medigap Plan N is different than a Medigap Plan F is three ways.
First, you pay the annual Medicare Part B deductible. That deductible is just $166 per year as of 2016. It may be more or less in the years ahead. Only Medigap Plan F and Medigap Plan C pay that Medicare Part B deductible, and that is why those two plans will be discontinued as of 2020.
Medigap Plan N and all other Medicare Supplements require you to pay the annual Medicare Part B deductible. It’s just $166 and it’s no big deal compared to the hundreds of dollars you save in premiums.
The second way Medicare Supplement Plan N is different that a Medicare Supplement Plan F is that with Plan N you pay up to a $20 co-pay when you visit the doctor and a $50 co-pay for an emergency room visit unless you are admitted to the hospital. If you see a doctor a couple times per year, a $20 co-pay is a fair exchange for the hundreds of dollars in lower premium.
The third and final way that a Medicare Supplement Plan N is different that a Medigap Plan F is that Medigap Plan N does not insure against Medicare Part B excess charges. Now, this scares a lot of people until they understand how inconsequential this feature really is. Only doctors who do not accept Medicare Assignment can charge a Medicare Part B excess charge. Medicare assignment simply means that Medicare assigns the price to the service. Only 3%, three out of 100 doctors do not accept Medicare Assignment which then allows them to bill an excess charge. All you have to do is ask your doctor if they accept Medicare Assignment. Odds are 97% that they do. If so, then that feature of a Plan N is of no concern. If your doctor is one of the three out of one-hundred that does not accept Medicare Assignment, simply request that they bill you only the assignment rates so that Medicare covers the cost of his or her services. It’s that simple. Most seniors on Medicare never encounter a doctor that does not accept Medicare Assignment in their entire life.
There you have it.
If you are considering a Medicare Supplement to add coverage to your Original Medicare, consider and price at least Medigap Plan F, Medigap Plan N and Medigap Plan F-HD. In states outside of Florida, also, consider Medigap Plan G (detailed in a separate article). To find the best prices for each of these plans, simply complete a quote request. We will email you the prices and information you need.
If you are more interested in a Medicare Advantage plan, contact us for details. Medicare rules forbid us from writing about or detailing a Medicare Advantage plan in articles and videos.
MedigapSeminars.org is part of Shield Insurance Solutions. We are independent insurance brokers, not employed by an insurance company. We offer all Medicare Supplements and the top Medicare Advantage plans. This gives us the freedom to represent your best interest. Our mission is to provide you with the information you need to make an informed decision about your Medicare.