Andrew Walsh
Phone: (920) 960-4312
Email: MedicareScreenShare@gmail.com
Website Link: [ Ссылка ]
Updated Medicare Information For 2022:
Medicare Part B Deductibles, Copays, and Coinsurance 2022:
Part B Deductible is $233
You Pay 20% Part B Coinsurance After Deductible
Okay let's look at the Top 2 medicare supplement options in the market for 2020 and beyond. Let's get right into the presentation. Original there were a total of 15 Medicare Supplement options to choose between. Plans E, H, I, and J were discontinued years ago, and plans F and C will no longer be available to new enrollees starting January 1st of 2020. If you have one of these plans you can keep it, but if you are enrolling into Medicare after January 1st 2020 you will only have 9 plans to choose between. The 9 plans range from Plan A to Plan N and cover some of the gaps in Original Medicare. We will just be looking into the 2 most popular and in my professional opinion best plans instead of confusing you with all 9 different coverage options. As you can see the most popular plans in 2017 were Plan C at 6%, Plan F at 55%, Plan G at 13%, and Plan N also at 10%… Sorry for the old data, but this is the most up to date information published by AHIP … Now these 4 plans make up 84% of the entire Medicare Supplement market. We will only be focusing on Plans G and N because F and C will no longer be available to new enrollees, and the rest of the plans been losing a large amount of enrollees in past years. Most of the these plans are loosing enrollees because they have priced themselves out of the market and are no longer competitive. Plans K and L have seen a modest increase, but this is only because they have so few enrollees in there plans. Plans K and L only added 7,500 enrollees compared to Plans G and N adding 435,000 new enrollees in 2017. Looking more into plans G and N you can see why they are the most popular plans and why their market shares are growing so quickly. Plan G is a very easy to understand 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 2020 is $198… The last plan we will be comparing is Plan N. Plan N also does not cover your $198 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 can charge up to 15% more then what Medicare is willing to pay for a test, sugary, or procedure. Excess charges are pretty rare but we still need to take them into consideration when making a decision. Monthly premiums for plans G and N are different from state to state and even in different zip codes. In order to compare these plans fairly, I averaged out the cost for these plans in the 7 states I currently service. I picked a random zip code form each state and ran rates for 65 year old males and females. I then chose the least expensive A rated company. After running the numbers I came up with average costs for each plan. Plan G was $104 on average and plan N was about $19 less expensive per month at $85. This is very consistent with what you will find throughout the United States, and the prices make sense with Plan G costing a little more and having more benefits than Plan N… And Just a heads up that there are some states that cost substantially more than the rest of the country, so make sure to work with a Independent agent like myself to compare prices. Now lets compare the Plan G to Plan N. After some simple math you will 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 doctors that take Medicare Assignment. One last thing I would like to point out between these two plans is about their rate increase histories. I have been working in this business for 6 years and I have noticed that plan N has had lower rate increases on average than Plan G. This trend will most likely continue with Plan G taking on the Guarantee Issue responsibility of Plan F. Now which is the better of the two. Well I would have to pick Plan N in most cases. It is close between Plan G and N, but the safer long term bet is with Plan N. It has a better rate increase history, and not many people need to go to the doctor 10 times in the year to make up the premium difference between the two.
