Medicare Supplement Plan G vs F vs N – What’s Changing?

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I discuss what you need to know about Medicare supplement Plan G (aka Medigap Plan G or Plan G) vs Plan F and Plan N. I also compare Medicare supplement Plan G vs Plan N and Plan F. I compare Medicare supplements to help you make an informed decision about which Medicare supplement is best for you.

For most people turning 65, Medicare supplement Plan G will offer the best value today. However, there are changes in the relationship between Medicare supplement Plan G and Medigap Plan F and Plan N that you should be aware of before you make a decision. In this video, I will show you these changes and discuss how they may impact your decision making as you decide if the Plan G Medicare supplement is right for you.

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In addition, I will also talk about the differences between the most popular Medicare supplement Plan choices today; the Medigap Plan G and the Medicare supplement Plan N and Medigap Plan F. Plus a simple technique you can use to evaluate which plan is right for you.

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Medicare Supplement Benefits Table 2020:

Medigap Plan G is quickly becoming the most popular Medicare supplement in the country. This is for two reasons – first; because the previously popular plans Medicare supplement Plan F and Plan C are being phased out as of January 2020. Second, Medicare supplement Plan G is usually a lower premium AND a better value. Most people shopping for a Medigap Plan today find Medicare supplement Plan G as their best value. Let’s take a quick look at the Medicare supplement plans so you can see why:

. In the column below the Plan letter you can see the percentage of insurance coverage offered by that plan.
For example; Medigap Plan F show 100% coverage in each category all the way down. That means that Medicare supplement plan F covers 100% of all the co-pays and deductibles that you would normally have to pay with Medicare Part A (inpatient hospital coverage) and Medicare Part B (outpatient coverage). It’s a great plan and would be an easy decision for many people entering Medicare, except that it is being phased out in January 2020 and Plan G usually offers equal benefits for less money. Take a look —

Medicare supplement Plan G has all the same benefits except this row right here: Medicare Part B deductible. That is a calendar year annual deductible. It resets every January 01. It can change every year. In 2017 it’s just $183. We expect it to increase to $250 over the next five to seven years. That’s it.
All you pay is the annual Medicare Part B annual deductible and your premium. Other than that, Medicare and your Medigap Plan G pay all your Medicare related in-patient and outpatient expenses.

The math here is simple, if Plan G is $183 less in premiums per year, then it would be exactly equal to Plan G. You pay the $183 deductible out of pocket, then you have all the same benefits as a Plan F.
However, Medicare Supplement Plan G is usually $300 to $400 a year less in premiums than a Medigap Plan F. That means you can pay the $183 Medicare part B deductible out of pocket and have money left over. That makes it a better value.

People considering a Medigap Plan G often compare the price and benefits to a Medigap Plan N. Plan N usually cost much less than Plan G, but there is a catch!
In fact, Medicare supplement Plan N can cost 25% to 35% less than a Medigap Plan G.
However, Plan N has less coverage and an asterisks you need to be aware of.
Just like with Medigap Plan G, with Medigap Plan N you pay that Medicare Part B deductible out of pocket. The asterisks indicate that you will also pay a small co-pay of up to $20 when you see a doctor, $50 for an emergency room visit.

Medicare supplement Plan G is for those who want peace-of-mind. Once you have a Plan G you don’t have to worry about co-pays or excess charges or anything. You can see any doctor, whether they charge excess charges or not. You pay a little extra, but you have peace-of-mind that your healthcare is taken care of.

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Medicare Supplement Plan G vs F vs N (aka Medigap Plan G & What's Changing?)

 

20 thoughts on “Medicare Supplement Plan G vs F vs N – What’s Changing?

  1. Please share your thoughts and questions. I want to hear from you! 🙂 What part of this video did you find most valuable?

    • Thank you Terry! I am curious, what struck you the most? Was it how the insurance companies get away with hidden price increases, or something else?

  2. Great video on Medicare Supplemental plans…. I am 64 nearing 65 in March of 2018 and have been doing a lot of research on topics like these…

    • It used to be that Plan N and Plan G rate increases were about the same and much less than Plan F. Recently, in many parts of the country, we are seeing Plan G rate increases that are higher and close to Plan F. I show examples in this video and explain why. That is not the case with Plan N.

  3. I live in Pennsylvania so there are no excess charges, i think! The difference between plan G and Plan N is about 20%, G is $149.89 and N is $125.37. What plan is best for me? I am on the fence and don’t know which way to go.

    • Thomas, I can not give recommendations via YouTube and would want to know a bit more before making a suggestion. Which insurance company you choose is also very important. The wrong insurance company could take away all the advantages you get from your decision. Feel free to call me at 800-847-9680 during regular office hours. I would be happy to help you make the right decision for your needs and your budget.

    • Jackie, thank you for your comment. The way Medicare supplement policies are sold does not impact price. The different methods of pricing you mention (attained age, issue age and community rated) are only relevant if you live in a state that regulates / dictates one method or another. More specifically, if you do not live in a state that mandates that all polices are Community Rated or Issue Age priced, then your lowest cost over your lifetime will almost always be with an Attained Age policy. I address this in detail in other Medicare supplement videos. I am licensed in almost every state and have worked with all of these plans. It’s more important to understand that regardless of how a Medicare supplement plan is priced, all plans can increase their price. It is the insurance company pricing strategy that will have a greater impact on your price over your lifetime. See https://youtu.be/xIqZJxIrRkU and https://youtu.be/EwJZZyk6BjA

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