Uncover the surprising truth about Medigap Plan N that nobody tells you. Learn all about what Medigap is, open enrollment, and the differences between Plan N and Plan G high deductible. It's important information for anyone considering a Medigap plan!
Does Plan G Still Reign Supreme in Medigap? Call us at iHealthBrokers today at 888-410-0344. Our services are 100% Free!
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0:00 Intro
0:39 What is Medigap?
4:23 Why Choose Plan N?
Original Medicare is broken up into Part A and Part B. There are separate out of pocket costs for each.
Part A will not usually have a monthly premium. There is, however a deductible and copays or coinsurance. There is also no OOP Maximum.
A deductible is the amount that you have to pay out of pocket before your insurance begins to contribute to the cost share. The Part A is a little strange because it is not applied annually, but rather per benefit period.
For Part B, the deductible is applied once annually. In 2024, the Part B deductible is. $240.
Then there is coinsurance. For Part A your coinsurance is determined by the type of care facility and the length of care.
For Part B, your coinsurance is 20% of the Medicare approved amount.
There are 10 different plans to choose from with varying levels of coverage and varying price points.
Benefits are standardized. Which means the benefits offered by Plan G will be the same regardless of who your carrier is. The only thing that would change is the price.
And remember, that if your doctor accepts Original Medicare, they accept your Medicare Supplement Plan, regardless of who the carrier is.
We used to often compare Plan F and Plan G in terms of value. That's because the only real difference between these two plans is the Part B deductible. Plan F covers it. Plan G doesn't. However, usually when you compared the difference in costs for monthly premiums over a full year, Plan F would be more than $200 more expensive making Plan G the clear cut winner.
However, there was a another reason to recommend Plan G over Plan F.
Every year monthly premiums for Medigap (and health insurance in general) tend to increase to accommodate for rising healthcare costs and inflation. However, historically, Plan F rates increased at a more drastic rate than Plan G. Another point in Plan G's favor.
However, now that Plan F is slowly being weeded out, Plan G rates may increase more drastically from year to year. So, Plan N might be a safer option.
This is where working with a broker really comes into play. Brokers not only will be able to compare all of the rates for you more expediently than you having to call each individual carrier, but they also have experience working with these carriers year over year. So, a broker will be able to guide you not only the the least expensive options currently, but the one most likely to increase a slower rate than the others.
And remember, with medical underwriting as a factor to take into consideration should you enroll outside of the initial six month window after you turn 65 and enroll in Part B, you need to be thinking long term.
If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or [ Ссылка ]
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The Surprising Truth About Medigap Plan N Nobody Tells You
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