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Top 3 Medicare Supplement Plans On The Market Today
Okay lets look at the Top 3 medicare supplement options in the market today. Lets get right into the presentation.
Okay you have 15 different plan options to choose between to supplement original Medicare. The plans range from plan A to Plan N and cover some to all the gaps in Original Medicare. We will just be looking into the 3 most popular plans instead of confusing you with all 15 different coverage options.
Looking more into plans F, G and N you can see why they are the most popular plans and why their market shares are growing so quickly. Plan F is the most popular because it is the easiest to understand and covers 100% of the gaps in Medicare. So if you enrolled into Plan F and have a Medicare approved claim, it will cover all the deductibles, coinsurances, and copays of Original Medicare. Plan G is also a very easy to understand plan with it coving 100% of the gaps in Medicare with one exception. That exception is that Plan G does not cover your Part B deductible. The Part B deductible in 2017 is $183… The last plan we will be comparing is Plan N. Plan N also does not cover your $183 Part B deductible much like Plan G… There is also a $20 copay for doctor visits and a $50 copay for emergency room visits that do not result in impatient admission. Lastly Plan N does not cover part Part B excess charges. Part B excess charges are when doctors or specialist charge up to 15% more then what Medicare is willing to pay for a test, sugary, or procedure.
Plan F was on average the most expensive at $130 dollars, Plan G was $104, and least expensive was Plan N at $85. This is very consistent with what you will find throughout the United States.
Now lets compare the three. Comparing Plan F to Plan G is very easy. All you need to do is some simple math to find out that Plan G will cost on average about $312 less a year than Plan F. Then subtract the only difference between the two. And if you remember the only difference is the $183 Part B deductible. So your net savings with Plan G after taking into account all benefit differences is $129. So with a Plan F you are paying an insurance company $129 a year to pay for your Part B deductible. And you can even pocket the whole difference of $312 if you do not go to the doctor at all… Some other factors to look at when comparing these plans is that Plan F will no longer be available to new enrollees in 2020, but you can keep your plan as long as you like if you signed up before 2020. Plan F ending will create a closed risk pool most likely leading to higher rate increases for Plan F after 2020. It is also important to point out that Plan G and N have had historically lower rate increases than Plan F in the past as well. So just because plan F is the most popular plan on the market does not make it the best.
Comparing Plans G and N is a little more difficult. Again after some simple math you find out that you can save $228 a year with Plan N over a Plan G. But you need to factor in the Part B copays with Plan N. The $228 dollar difference between plans G and N is equivalent to 11.4 $20 office visit or 4.6 $50 emergency room visits. So you would have to have quite a few office or ER lists to make up the difference in cost, but do not forget about the Part B excess charges with Plan N. You can avoid these charges by only working with Medicare Assigned doctors, but the risk of being charged 15% more for a test, sugary, or procedure is one of the reasons why Plan N is less expensive. So excess charges are an important factor when deciding between Plan G and N, but if you are in great health then Plan N could save you a lot of money especially if you continue to stay healthy 5 to 10 years into your Medicare enrollment.
Now which is the best of the three. Well I would have to pick Plan G in most cases. It is close between Plan G and N, but the safer long term bet is with Plan G. Now if you are exceptionally healthy you should seriously consider Plan N especially if the cost difference is over $200 a year. But remember if you do pick Plan N just always make sure your doctor except Medicare Assignment to avoid any Excess Charges. And finally Plan F. Plan F is only for the person where money really does not matter.
Thanks for taking the time to check out this quick presentation and I hope you found it helpful. Make sure to comment, like, and subscribe to my channel for future Medicare updates, and if you are still a little confused about how Medicare works make sure to check out my Medicare 101 video as soon as this video ends. You will find it in the upper right hand corner of the end screen. Have a wonderful day!
Top 3 Medicare Supplement Plans 2018