Not a week goes by where I don’t get multiple people asking me, “Russell, what’s the best Medicare supplement plan?”
And I say, “Well, that depends.” It’s kind of like saying, What’s the best car?
It’s really what is the best Medicare supplement plan for you.
And it’s not too difficult to narrow it down and choose a plan.
In this article, I’ll go over what the best choices are and help you decide what the best Medicare supplement plan is
Best Medicare Supplement plans
So by now you probably know what Medicare supplement plans do, however for those who don’t I’ll just give you a brief overview.
These plans, also known as Medigap, help pay most of the gaps or expenses in Medicare part A and part B.
You see, before Medicare will pay anything including 80% of your medical bills, somebody has to pay a deductible. Then there’s also the 20% coinsurance and possible co-pays that are not covered by original Medicare.
Medigap plans help pay these for you, and the coverage is absolutely outstanding.
So, what is the best Medicare supplement plan?
Well, that depends on a number of factors, and really what is defined as best, as it pertains to your own personal situation.
In fact, a good agent or a good salesperson in any area, it does not matter what it it’s for, they should ask you questions first about your own personal situation to find out what the best is for you.
Because everyone’s situation is different.
Watch the video below to learn more!
What is the most popular Medicare supplement plan?
If I go to Best Buy to buy a stereo and I’m talking to the salesperson, and they immediately bring me to a product and say, “This is the one you want,” I run for the hills, as I like to say because they don’t know anything about me.
Why should that particular product at that price be the best for me when they never even asked me any questions about myself?
Now on the flip side, as my clients of the last 13 years will tell you, I like to make things easy. You’ll notice that in most of my other videos.
Medicare doesn’t have to be confusing. And when it comes to finding the best plan for you it really isn’t that hard.
However, there are a few steps you still need to take, rather than just jumping into a plan.
Medicare Plan G
So, Medicare has a number of options, as you’ve probably seen.
In fact, there are 10 total Medigap plans to choose from.
Most of them make no sense. Trust me, you’ll pay more for actually less coverage. Plans that aren’t popular do not maintain low premiums.
The most popular Medicare supplement plans are now Plan G and Plan N.
Many people still have Medicare supplement Plan F, as it was the most popular plan for years because it covers 100% of the gaps in Medicare.
However, only people who were eligible for Medicare before January 1st of 2020 are allowed to even have a Plan F. If you just became eligible for Medicare on that date or later, you cannot enroll in a Plan F.
This is because Medicare shut that plan down for new beneficiaries as it was simply too expensive.
Now if you kept your Plan F I would highly encourage you to let us show you Plan G and how much you can save simply by writing one extra check each year.
We switch people from Plan F to G every day and the savings are massive!
However, even if you’d like to keep Plan F that’s no reason to pay more than you should on your premiums.
You can still change to another company’s Plan F if they have a lower premium, and you should!
We can easily help…
Can I change my Medicare Supplement plan anytime?
Yes, we can change you! In fact, no matter what time of year you can change. You do not have to wait until October.
You’ll simply have to answer questions on the new company’s application. These are medical questions that are part of what’s called medical underwriting.
One of my favorite parts of this job when someone calls me up who has a Plan F because it’s all good news from there! If they can qualify and go down to a Plan G they’ll save a ton of money.
In fact, in many cases the amount of savings is incredible.
So if you’ve got a Plan F and you’d like to shop the rates, whether it’s to another Plan F or you’d like us to explain Plan G or even Plan N then just give us a call today.
Medicare Supplement Plan G – The Top Plan
For people new to Medicare that can’t get a Plan F, don’t worry that’s not a bad thing!
The two most popular plans and the most plans that we write are Medicare Supplement Plan G and Medicare Supplement Plan N.
I’ll cover the benefits of both and then we can match it up to your own situation. And I’ll give some examples to see if that is the best option for you.
Now, Plan G is a fantastic plan. In fact, it’s the most popular plan out there, and for good reason.
With Medigap Plan G, you only have to pay one small deductible each year. This is called the Medicare Part B deductible.
In 2021, the amount is $203. Once that’s paid, it’s 100% coverage for the rest of the year.
What’s a deductible?
It’s simply an amount of money you have to pay before your insurance kicks in and starts paying. So this year on Plan G, you pay the first $203 of your medical bills.
Again, you write that check yourself for those bills. After that, you get 100% coverage for the rest of the year.
- bills on Medicare-approved expenses!
This is an annual, calendar-year deductible. Once you pay the deductible, it’s 100% coverage again for the rest of the year.
Being an annual deductible, it resets each January.
Medicare Plan N
So next, we’ll cover Plan N and how it’s slightly different than Plan G. They’re actually pretty similar.
Now, Plan N has lower premiums than Plan G and in exchange for those lower premiums, you’ll have some additional “possible” out-of-pocket expenses.
One of those is a possible co-payment for each doctor’s visit after you meet the Part B deductible.
Keep in mind this deductible has nothing to do with the supplement plans and the letters. it’s a Medicare deductible that everyone must pay.
Once you pay that deductible, you might have a small co-pay on Plan N if you go back to the doctor that year, but it will never be more than $20 per visit.
That includes a specialist visit. But you might get no co-pay or one for an amount even smaller than $20. It just depends on how they code it.
You’ll get billed for the co-pay, you don’t pay it at the office.
I’ve got my own mom on Plan N, and she’s never seen a co-pay in like six years, which is great.
I’m not guaranteeing you won’t, so don’t hold me to that! However, I can guarantee a co-pay on Plan N will never be more than $20.
Emergency Room Visits
Now, one other thing that could come up on Plan N is if you visit the emergency room and you’re not admitted, there’ll be a $50 copay.
Now, why does this happen?
Well, when Medicare developed this plan, they said, “Too many people go to the emergency room for things that aren’t emergencies.” And that drives up costs.
The $50 is them saying, “Hey, you can come on in, but if it’s not serious and you go home, we’re going to charge you the $50 co-pay.”
Of course, go to the emergency room if you feel you have to!
Because if you go when you have a Plan N, and they check out and they say, “Okay, you’re gonna go home, it’s a $50 copay.”
That means you were well enough to go home and it wasn’t serious enough to keep you there.
Medicare Part B Excess charges – What are they?
Plan N also doesn’t call something called “Part B excess charges”.
These are very rare because it’s estimated that roughly 96 to 97% of the doctors in this country the assigned rates for Medicare, meaning that’s what they charge.
If you do happen to find a doctor who doesn’t accept assignment, they can charge up to 15% extra on the Part B charges. You would be charged a percentage of that because they get charged a small penalty.
It could happen, however, you’ll know if your doctor accepts the assigned rates, and odds are, they do. Plan N is still a great option and one of the best plans out there now.
Medicare Supplement Rate Increases
One of the things with Plan N over Plan G is it has a lower rate increase every year.
The reason being, there aren’t as many people in Plan N as Plan G.
Plan G is easy. 100% coverage after you pay a deductible.
Because of those other cost-sharing options, people use the coverage more responsibly.
I won’t get into the big formula when it comes to a percentage of premium going to claims.
However, using the plan more responsibly equates to lower premiums as well as lower rate increases.
So you’re saying, “That’s great, Russell now we know what each plan covers.
But you still haven’t answered our question!
What’s the best Medicare supplement plan?”
Well, let me break it down to you maybe in reverse.
If you just want one small expense each year, and then the rest of your bills paid, Plan G is the way to go.
Medicare Supplement Plan G
And although the premiums are higher than Plan N, you won’t have any co-pays.
Another reason for people who Plan G might be the best option. Let’s say you do go to the doctor frequently.
Maybe you’ve got a condition that you go once a month. Well, the co-pays might add up on that and therefore, Plan G might be a better option if you have that going on.
Healthy but wanting great coverage with lower premiums?
Then Plan N is a great option.
Plan N is great for people who are healthy.
I get clients who say, “I have never go to the doctor.”
Some say, “I haven’t been to the doctor in years,” which is great because I know they’re healthy.
In that case, we got them on Plan N because they’re smart enough to know that they’re not invincible and something could happen. They still great coverage for the “what if”, but don’t want to pay high premiums each month.
On Plan N if you get a major medical condition, you’re still not going to have that many out-of-pocket costs.
Coming off Medicare Advantage?
Plan N is a great choice for people leaving their Medicare Advantage plans as well.
Let’s say you’re used to paying lower premiums, and maybe a few out-of-pocket expenses, but you want to go back to Original Medicare.
And the reason most people do is that there’s no network with Medicare and a Medicare supplement.
You can use these plans nationwide and you don’t have to look up if a doctor is in your network or a specialist.
When it comes to the specialist, if you had a Medicare Advantage plan you know you had to get a referral and they had to be in your network.
Those days are gone with Medigap Plans!
With a Medicare supplement plan, you call up a doctor and say, “Do you take Medicare?”
And they could be anywhere in the United States.
Medigap is great for people who travel
We have hundreds of clients (And I’m jealous), who are RVers.
In fact, if you’re reading this from the road right now, “Hello from Bend, Oregon! Stop on by for some coffee!”
These RVers are never in a “network.” In fact, They’re never in the same place for two months in a row.
So they get a Medicare supplement plan and they have the flexibility of using it anywhere in the country.
Medicare Supplement Rates
Now, there’s one more factor that comes into play when choosing the best Medicare supplement plan for you, and that’s the price.
Medicare Plan N and Plan G in some areas are pretty close in premiums. In other areas, however, the difference in monthly premiums could be huge.
The easiest way to compare the two plans and costs is to just give us a quick call at 1-888-891-0229 now!
We’ll find the best Medicare supplement plan for you by matching the plans up to your current situation.
We’ll get you in the best spot now and for years to come!