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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