Medicare Supplement Plans F, Plan G, or Plan N – Which is the best?

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Supplement plans F, G and N are the most popular plans today. Which of these plans is best for you? Is it Plan F or Plan G? Most people are concerned that their Medicare insurance plan will cover their medical expenses and not put to much of a dent in their pockets.

On a side note, all plans will be accepted by your doctor or hospital as long as they accept Medicare patients. Your bills will be paid in a timely fashion. The company can never cancel your policy as long as you pay your premium. The insurance company can not raise your rate on you alone, even if you have very large medical bills.

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Plan F
For years Plan F was the most popular plan on the market. It will pay all your deductibles and copayments, with little or no out of pockets expenses. The problem with Plan F is the cost and in 2020, Congress has decided that Plan F will no longer be offered to new enrollees into Medicare.
Lets look at the cost vs benefit. Plan F will cost about $200-$300 more per year than Plan G. The only difference between the two plans is Plan F will pay the Part B deductible of $183. Are you willing to pay an insurance company $300 more per year to pay a once per year deductible of $183? I'm not!
In 2020 Plan F will no longer be sold to new enrollees. If you have Plan F at that time, your plan will become what we call a closed group. Meaning your group of Plan F policyholders will no longer grow and in time the number of people in your group will shrink. The only ones staying will be people who have serious health problems and can not move to a different plan. Rate increase are a direct reflection of claims. As claims increase the insurance company will have to raise rates to pay the claims.
In an insurance agent ever offers you Plan F, I would show that agent the door, because they are not looking out for your best interests.

Plan G
This has become the most popular plan today. Plan G will pay all you deductibles and copayments except the Part B deductible of $183. It is basically Plan F with a deductible.

Plan N
This plan is gaining in popularity because it will generally be about 25% less in premium than Plan G. It does not have the same benefit as Plan G, but the cost saving can out weigh that. The difference between Plan N and Plan G is that Plan N will cover all you deductibles and copayments except the Part B deductible.

There are additional out of pocket expenses that you must consider before selecting this plan. When you have a doctors office visit there will be a $20 copayment that you will owe. If you visit the emergency room you will have a $50 copayment. The biggest difference between the two plans is Plan N does not cover excess charges. Excess charges are incurred when you use a doctor that does not accept assignment. Meaning say the doctor bills Medicare $200 and medicare approves $100. Medicare will pay 80% of the $100 and Plan N will pay the other 20% of the $100. But we have $100 in excess charges. By law the doctor can only charge you 15% greater than what Medicare approves, so the doctor can only charge you $15 of the $100. In some states the 15% excess charges is not allowed, Florida, Connecticut, Massachusetts, Minnesota, New York, Pennsylvania, Ohio, Rhode Island and Vermont. But, if you have treatment outside these states the 15% can occur.

2019 Medicare Supplement Plans F, Plan G, or Plan N – Which is the best?

 

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