The two most popular Medicare supplement plans are Medicare plan G and Plan N.
Medicare Plan G has more coverage than Plan N but also has higher monthly premiums. Both plans pay the 20% that Medicare doesn’t pay, however, with Plan G there is only one small deductible to pay, and they have 100% coverage after that.
Medicare plan N has some additional out-of-pocket expenses in exchange for lower premiums than Plan G.
Medicare supplement plans
There are 10 different Medicare supplement plans available and many of them you would never enroll in.
That’s because you’ll pay more money per month for some of the plans and get less coverage. So today in this article all focus on what are the two most popular plans for people new to Medicare.
These are Medicare plan N and Medicare plan G.
So what are the differences between the two?
Well, this is going to be a very popular question for many years to come now that these are two of the best plans offered for Medicare supplement coverage.
So let’s dive right in and cover what each one offers which will help you decide which is best for you.
Medicare Plan G
So let’s start with Medicare plan G and what the benefits are.
Plan G is very easy to explain because it’s great coverage with only one small out-of-pocket expense.
Of course, to have any Medicare supplement plan you will have a monthly premium that you pay to the insurance carrier. Beyond that on Medicare plan G, your only out-of-pocket expenses are the annual part B deductible.
Once you meet this deductible each year, Medicare and plan G will pick up the rest of your medical bills 100% for the rest of the year.
This is a calendar year deductible, which means it resets every January.
So how much is the deductible?
In 2021, the deductible is $203.
Remember Medicare part B covers doctor’s services, which is coverage for 80% of your medical bills. Prior to Medicare paying anything though, you must first pay the part B deductible.
That means in 2021 you will pay the first $203 of your medical bills. After that, you get 100% coverage.
This deductible goes up slightly each year but the rules of the plan remain the same.
Medicare plan G cost
But you might be reading this and saying “Well, that sounds like amazing coverage Russell, but how much is it?”
Medicare plan G premiums are based on a number of different factors.
- Your zip code
- Tobacco use
- Any household discounts
That is why I can’t give you an exact quote in this article. The only way to get accurate Medicare supplement quotes is from an agency like us either using this website or by phone.
The great news is, it’s free!
Not only the quotes that we show on our website, but also all of our services to help shop the rates for you and get to enroll.
The easiest way to get quotes now is to just click below.
Medicare Plan N
Another Medicare plan that’s rising in popularity is Medicare plan N. This plan is very similar to G and that you still pay the annual Medicare part B deductible.
On plan N however, there are additional cost-sharing options that you’re required to pay should they come up.
The main benefit to this plan is the fact that the premiums are much lower than plan G. In exchange for lower premiums you might have some additional out-of-pocket expenses.
Those expenses are:
- A co-pay of up to $20.00 per doctor’s visit
- The $50.00 co-pay if you visit the emergency room and you’re not admitted
- Part B excess charges are not covered
For people who are extremely healthy but know that they still need great coverage in case something happens, Medicare plan N is an outstanding choice.
As well, anybody looking to save another monthly premium each month should look at plan N is a great option.
So just to recap, with Medicare supplement plan G you have one out-of-pocket expense and then 100% coverage. You also pay a slightly higher premium than plan N.
With Medicare Plan N, your premiums are lower because you’re taking on the responsibility of some additional out-of-pocket costs that could occur.
If you visit the doctor often and plan on doing so, then Medicare plan G might be the better option. The co-pays on plan N could add up and plan G would be most likely a better choice.
However, as I mentioned if you are extremely healthy and don’t visit the doctor often yet want to still have great coverage just in case a major medical condition happens, then plan N can save you money in the long run.
Our job is to save you as much money as possible while helping you get the best coverage to feature needs.
Medicare Supplement Rate Increases
When we help you enroll with a Medicare supplement plan and company, you usually get a one-year lock-in on your rate. This happens with most companies.
However, just before you come upon the anniversary of your policy for the first year, you will get a rate increase letter in the mail from the insurance carrier.
Included in this letter will be the new amount of your premium as it will go up. Rate increases happen whether we like it or not, however, that’s what makes working with a company like us so important.
We will already be shopping the rates to help save you money even once that rate increase letter arrives. In fact, you’ll likely hear from us first to remind you that it’s time we start shopping again.
Changing Medicare supplement plans is easier than you might think, and of course, we make the process as easy as possible. And when it comes to Medicare Plan N vs G, we’ll help determine which is best for you.
I hope you allow us to help you become your agents, remember our service is entirely free.
We’ve been in business for over a decade now and have helped over 10,000 seniors with their Medicare supplement insurance. We love to help you too!
Call us today to get started!