The Best? Medicare Supplement Plan G Vs Plan N
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- Опубліковано 27 вер 2023
- Which one is the the Best? Medicare Supplement Plan G Vs Plan N is a common theme.
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In 2023, the landscape of Medicare continues to evolve, providing retirees and those turning 65 with a variety of options to consider when it comes to their healthcare. Medicare 2024 will cover a wide range of services, but many beneficiaries often find gaps in coverage. To help bridge these gaps, Medigap plans, also known as Medicare supplement plans, are available.
Medigap policies are designed to pay some of the healthcare costs that original Medicare doesn't cover, such as co-payments, co-insurance, and deductibles. Among the most popular of these are Medicare Supplement Plan G and Medicare Supplement Plan N. Both have become leading choices for those seeking additional coverage.
Medicare Supplement Plan G, often simply called Medigap Plan G, offers coverage for many of the out-of-pocket expenses not covered by Original Medicare. It typically covers everything that Medicare Part A and Part B cover, with the exception of the Part B deductible. Many beneficiaries find the predictability of Plan G appealing.
On the other hand, Medicare Supplement Plan N provides a similar range of coverage, with a few key differences in out-of-pocket costs when compared to Plan G. One main difference is that Plan N may require a copayment for certain office visits and for emergency room trips that don’t result in an inpatient admission. The Plan G vs Plan N debate often revolves around an individual's comfort with predictable premiums versus potential out-of-pocket expenses.
For those individuals who are more cost-conscious and willing to take on a higher deductible in exchange for lower premiums, there is the High Deductible Medicare Supplement Plan option. This choice is best for those who want to have a safety net in case of major medical expenses but are willing to pay for smaller expenses out-of-pocket.
Apart from these, there's another option called Medicare Advantage Plans. While Medicare supplement plans are designed to work in tandem with Original Medicare, Medicare Advantage Plans are an alternative way to get Medicare coverage, often including additional benefits not found in Original Medicare.
Medicare explained simply is a federal program to assist those over 65, and certain younger individuals with disabilities, in accessing healthcare. However, as many realize upon turning 65, Medicare on its own might not cover all medical costs, which is where the various supplement and advantage plans come into play.
Choosing the best Medicare supplement plans involves understanding your healthcare needs, budget, and the benefits each plan provides. It's always a good idea to review and compare all available options annually in 2024, as individual health needs and plan offerings can change over time.
Disclaimer: This video is for entertainment purposes only. If you want advice on Medicare or any of its plans, please speak to a licensed agent, whether it is me or another licensed agent. No advice should be taken from this video. If you don't speak to me about your individual concerns, I can't give you my 100% opinion. Brian Monahan and Medicare 365 are not responsible for any actions that you take without consulting with a licensed insurance agent.
#medicare #medigap #medicare365 #brianmonahan #highplang #medicarehdg #bestmedicareplans #top3medicare #top3medigap #medicaresupplement #medigapplang
Which plan are you on and why?
question, so many procedures including total joints are now same day discharge, out patient would the "hospital" bill still be paid in full on Plan N?
Excellent information. Though you don't service my State (HI), I do appreciate what you have to say.
Hello Brian! I will be calling you next year for sure!!!! Not sure of the month but I will most def be calling you. Thank you for all this great information.
Plan N for us! Lately though every co pay has been $20. I believe because costs have gone up so much for the appointment and what Medicare allows and pays leave more money owed than $20. Latest example I paid $20 and plan N paid $6.05. I understand a supplemental plan is good to have if you get really sick. With my family history I assume my plan N will come in very handy and I'll be glad I have it!
I am on a HDG. Please consider that Medicare covers 80% of the claim so if you are paying an extra $100 per month to be on a G plan versus HDG , you need to have $1200 divided by 20% or $6000 in claims to make up the premium difference. I’m confident that most years the HDG will be the better choice even when offset by a high claim year or two.
Not to mention the medicare negotiated rate is very low so it is more like just a small copay for most procedures or dr. visits. Dr. visits have been less than $20 for me.
Would u recommend keeping my Fedblu BC/BS after leaving the Gov and picking up a medigap or keeping the BC/BS? Thanks
How much plan G and N premium cost in Oregon?
I have plan N. I’m happy with it.
Keep it
I got Plan G thru AARP n supplement..bcuz im a Stage 3 Cancer Survivor - so i felt more at ease for my history of my cancer ..
Plan G definitely will put you at ease and give you great coverage. Good choice 👍🏼
Did you have to pay more for your coverage? I've been cancer free for over 5 years and I had to pay $394.00 for Plan G.
@@patburton837 i have AARP medical supplement n rx.. automatically taken out monthly. Plan G.. 246.00 a month.
Happy to hear u r a Cancer Survivor. Keep up a healthy life n eating.No sugar.. I’m plant base 💯. N a juicing queen of cruciferous vegatables n very holistic. 2 prescriptions for a Stage 3 cancer Survivor. N been i the 2 for 12 yrs.. nothing to do my pass Cancer.
I was going to go w a different Rx plan but again Not taking any chances w my health. Stay Blessed n Stay Healthy 🙏
Your heading is not the way to get viewers. You are there to explain not talk bad about any of them
@Pamr220 who r u commenting on..I don't have no heading..I don't even have a platform..But - But...I do agree that some people w platforms Do**Do misleading w their Heading *
It's a dam shame..stay blessed 🙌
Is there a cap on EXCESS charges with plan N or is unlimited? That would be good to know before having to decide.
The cap is 15% over the Medicare approved amount I believe. For a doctor bill of $100, that is only a $15 surcharge, if it happened. Not much of a problem. However, Dialysis Chemotherapy and other Part B services could be quite expensive. So the excess charges would be quite a bit more. Ex: 15% of say 60k would be $9000. This is how I see it anyway. Both plans are good. It has more to do with whether a person is an optimist and willing to take on a little more risk for a little savings, or a pessimist and believes that providers may move away from accepting assignment in the future and a person wants to cover themselves for that scenario. That doesn't seem to be predicted any time soon, but one never knows or they wouldn't need to buy insurance to begin with imho.
What if you go into hospital for surgery and during your stay you get visited by 2 drs, do you still pay $20 per visit?
That’s not considered office visit, that paid by the part A of Medicare
do you fill out the exception for income level?
i went to part time in 2023 my inocme is way below and would like to know if i cna get exception for income?
i had very high income in 21 and 22 or do i need to apply next year?
currently i am 67
You can apply for a reduction with Form SSA -44. Google the form and fill it out or make an appointment with your local SSA office and bring it in with you to fill out with a worker. I have heard they can make exceptions. It is definitely worth trying.
I heard you say that sometimes you can convert from a HDG to a G plan after 2 years without underwriting. Is this true for most major insurance companies? If so, can you switch after 5 or 10 years if you start to feel your medical events are starting to increase?
That sounds like it would be up to each individual insurance company. I would call around, but I would suspect that some companies may not want to take more risk on when people start getting ill. That would cause something called "adverse selection:" meaning that I will save money until i need more services and then I will apply for higher coverage. That is not a profit making endeavor for companies to pursue. I think Insurance companies depend on having enough healthy-to-sickly people-ratio for stability , and that would work against that principal.
I turn 65 next year. My SS is only $750 a month. Am I eligible for a lower monthly premium? I want either plan N or HDG. I am trying to avoid Advantage Plans. I take no meds and have been healthy. Thanks for your educational videos.
I have less in SS and I have to pay everything out of pocket because my husband is still working. No premium reduction at all.
Plan G $226 deductible under your Dr. column. But I thought Part B was Dr. What is the difference. Thank you.
Yes but HDG only for 65 or older?
N is not currently a ‘guaranteed issue plan.’ So applicants must jump through hoops.
Tough
My mom is 83 yrs old. When is the enrollment for medicare. I watch your vlogs and i think i have to change her plan to supplement part g. Shes healthy nd just have 2 medication. She lives in georgia
Your mom could apply for a Medicare supplement any time of year. However you need to consider that if she has a Medicare Advantage plan and it includes Part D (drug plan), she may need to wait until the Annual Election Period for Part D plans where she can choose a plan to go along with her Supplement Plan N or G or any one of the less popular lettered plans. Medicare Supplements do not have embedded drug plan within them. Medicare Advantage plans can have that benefit. I think most people have those plans unless they have VA drug coverage or other types of military service member drug coverage.
Question, if I’m not receiving SS but sign up for Medicare plan G how will Medicare get paid ?
They will bill you.
You mentioned you will be penalized for not buying a plan D prescription plan. What is the penalty? What if you only take 1 or 2 medications, and 1 that isn’t covered by a part D drug plan. I’ve checked good Rx and it would be cheaper for me to use them instead of a part D plan. Is the penalty a late enrollment annual thing? Or something that accumulates every year from the time you go on Medicare?
Update
I just looked it up. It accumulates from the time of your initial Medicare enrollment. 1% for each month of non coverage. They add it on to your monthly Part D plan cost forever.😫
Thank you
Yeap. We are kind of forced to get plan D, regardless of taking meds or not.
I switched from silver scripts, to well care. $0 premium. I only have 1 prescription that's regular , cost me a few bucks more than the first plan I used, but I'm still saving
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Lizett! The next time I give money away, I hope you win!!!!
Can someone on plan N flip flop to plan G without medical underwriting - or some kind of penalty?
Switching without underwriting depends on where you live. No penalty for switching as far as I know.
And exactly how does "plan g suck"? " and exactly "what are we suppose to "do now"?Misleading title. Plan g costs more and has the most comprehensive coverage. You get what you pay for. If it truly sucks why do half of your clients have It??
This guy makes all his thumbnails like that because they are clickbait
Plan G is becoming the old Plan F and costs are rising faster because it has become the guaranteed entry for some cases. This influences rate increases because of the higher risks that come with it. N benefits are nearly the same, rates increase at a lower percentage (because of risk pool), and unless you go to a doctor 2 or 3 times a month, your out of pocket costs for the lower premium plus any co-pays will save you money overall. G is now the Cadillac plan since new enrollees don't have the F option. If you can afford the premium, go for it. He will sell you what you want, but I appreciate that he shows this option. Let's face it, Medicare socks and we have to pay one way or another to get basic care, so the individual needs and finances must be considered.
This guy is a clown
@@millerfamilymom Respectfully disagree on Medicare sucking. It is by far the best insurance you can have along with a Medicare Supplement policy. Compared to the ACA aka Obamacare, there is just no comparison.
I agree N is a good choice as is Plan G. There is not much difference in cost. Maybe about $20 per month depending on where you live and the company, it could be more or less. The bigger difference is the Medicare Part B Excess Charges. Does anyone trust that providers are going to continue accepting a fraction of the cost than they can get from non-Medicare plans? I am not willing to risk that. I know that almost all providers accept the much smaller payments, but change can happen sometimes pretty quickly. For the small difference in premium, Plan G rates are very stable since the deductible is assessed to everyone's plan after Jan 1 2020 except for Legacy plans. The deductible was the key to controlling abuse and higher outlays by Medicare and Insurance companies Not saying that any specific plan may have a higher rate hike any given year, but with a deductible on all plans now, the rates are pretty stable for both plans. This year was an exception because many people had delayed care during covid and small problems have became more serious ones requiring more care than they would they would have normally required. Also, I believe Plan D has become the guaranteed issue plan for those who qualify and not plan G anymore. Maybe someone else knows for sure.
I just got my updated prices for my plan N ( Washington state) skilled nursing ( in a skilled nursing Facility) per day for 2023 Days 21-100 cost $200 a day, it’s going up to $204 a day for 2024. Doesn’t that mean I need to pay that? The paper I got says Medicare Cost Sharing Amount
Or doesn’t my plan N pay ( this is my first year on Medicare) thank you in advance
Confused! This is a re-posting of an old video. That suggests nothing is changing - but I don't think that is accurate...
Where is newer video?
14:38 why would it be obvious New York has higher prices ? Medicare sets the price and larger number of people in the pool makes no sense. I can see different companies charge differently other than that to me location makes no sense at all .
Medicare sets the price? Thats the first I’ve heard that… with plan g. But what do I know, I’ve only been doing this for 17 years.
💯👍💕💕💕
Plan N is better. I pay $87.23 a month. I am saving a lot of money
Yes. Many people save with plan n
Pennywise pound foolish stick with Plan G if you have a nice bankroll
Plan G does not suck, stop bashing. I have been in the business for 25 years.
Maybe you should watch the video. I only recommend plan G and plan N