The Truth About Medicare Supplement Plan N
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- Опубліковано 30 лип 2024
- The Truth About Medicare Supplement Plan N- Call us at iHealthBrokers at 888-410-0344. Our services are 100% FREE!
★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:50 Medigap Basics
1:45 Medicare Costs
4:15 Plan N
5:35 Plan N Costs
8:14 Part B Excess Charges
9:05 Final Thoughts
There are many decisions to make with Medicare. Even if you’ve decided to supplement your coverage with a Medigap plans there are ten plans to choose from. One plan that has been growing in popularity is Plan N.
Medicare supplement plans work in conjunction with Original medicare. They fill in the financial gaps of original medicare but do not offer additional benefits such as dental, vision, hearing or prescription drug. They will however, help to cover your deductibles and copays/coinsurance.
Original medicare is Part A, your hospital insurance and Part B, your outpatient insurance. Together they will cover most of your medical needs. But there are deductibles and copays/coinsurance which can squeeze people financially.
Plan N will cover everything except your Part B deductible. The only difference between Plan N & Plan G are Part B excess charges.
But what does it cost? Basically you’ll pay an addtional monthly premium to cover these financial gaps. It will give you a better idea and better control over your yearly healthcare spending. Your premium is determined by your age and location and of course whether you have to undergo medical underwriting.
Remember, although you can enroll in a Medigap plan year round you are best served to enroll when you are first eligible. In the six months after you turn 65 and enroll in medicare part B you will not be subject to medical underwriting. After that you may be subject to medical underwriting which means you could be charged more or denied outright.
Now Plan N is most similar to Plan G. The main difference is the Part B excess charges. Basically if a doctor accepts Medicare, they accept the amount medicare is willing ot pay out. But they can choose to charge up to 15% more. If your plan does not cover Part B excess charges (which Plan N does not) the you would be responsible for that amount.
Now to be fully transparent, Part B excess charges are not all that common and they are not even allowed in all states. Still, if you want to ensure you do not have any surprises, you could opt for Plan G. We recommend that you work with a broker to determine whether Plan G or Plan N is right for you.
If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or ihealthbrokers.com/
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Why not tell the whole truth, such as.....Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don't result in inpatient admission.
Thanks for pointing that out. I have Plan N, and it's the best.
@@jm-bv1wh Not saying it's not the best. Just saying I would stay away from a broker who doesn't tell you everything about a plan. I want an honest broker, not someone who sugar coats it and leaves some cost out of the equation.
Plan N is often a less expensive alternative to Plan G. Why on earth would a broker steer someone towards a less expensive plan unless it was in the customer's best interest? Your comment, quite frankly is offensive. Leaving a detail out of a youtube video has nothing to do without honesty as brokers. There is a lot of Medicare related information. Sometimes a details can be left out mistakenly.
@@iHealthBrokers What is offensive is not telling the truth. This so called "Truth" video on Plan N is not a complete picture. You state "Leaving a detail out of a youtube video has nothing to do without honesty as brokers". An honest broker, working in the best interest of a client will give the all the facts. Also you state, "Sometimes a details can be left out mistakenly " If this was a "mistake" why after 10 days has it not been correct? An honest broker would realize the error and correct it. I doubt you will.
@@thomaschadwick4699 Hello Thomas... To be completely fair, Please reply to all Medicare videos with the exact same comment you did with this one. There isn't one that shares all of the truth. (None of them do.) Hmmmm, why didn't you include in your "such as" excess costs? I've watched a lot of videos and I still don't have answers enough to satisfy me. If the shoe fits...
Most of our clients lean towards Plan G, but that doesn't mean Plan N isn't also awesome! Especially if you're in a state that doesn't have excess charges!
very true!
My wife can ( has to get) Medicare because of disability. Can she still keep our other health insurance to pick up other expenses. If so is it better to do that then get Medicare extras?
Hmmm...interesting question. It really depends. think it's ***likely that Medicare would be the better option, but I can't say without 100% certainty without all of the details. If you'd like, you can give us a call at 888-410-0344 and we can compare the costs & benefits together to figure out which is the better option. Thank for your question!
Do brokers get paid more for Plan G or Plan N policies? Thanks.
I’d think so as Plan G costs more than N. Plan G rates also go up more every year than Plan N policies (historically).
@@lynnhoffman247 they get paid X% of the premium. AFAIK X% is the same for any plan so if G has higher premiums then broker gets a little more.
yes
Way more.
Yes..They make money from carrier insurance not from client.
You forgot the $164 a month for B
Thanks!
Excess charges are almost non-existent and plan G will see an explosion of rates in the future. 10 to 20 percent increases vs N's 0 to 3 percent, plan N makes more sense if you still want a comprehensive plan and not have to deal with EOBs with HDG.
Good point!
Medicare is so bad, I wonder if I would do better just buying a health insurance plan.
Oh no! I'm sorry that you feel that way. Medicare is actually pretty comprehensive coverage and almost all doctors and hospitals accept Original Medicare.
@@iHealthBrokers Sorry for being so discouraging. I’m getting close to enrolling in Medicare, and I’m trying to learn as much as I can now.
@@hartzogLovesScience Not at all! Medicare can be extremely confusing, but there are so many important decisions to make. It's great that you are being proactive. If you have any questions, please feel free to reach out!
Believe me, Original Medicare with supplement is much, much better than any private medical insurance. MOOP, network, etc advantages are not even close.
Does customer service mean anything when you’re picking an insurance company or do they automatically pay your medical bills