I spent a morning one day last week helping a new client look through all the available Medicare Supplemental Plans in Georgia. I was trying to help them decide which was the best for them. I work with clients in all stages of the search for Medicare plans.
Some people do a lot of research before they ever call me, others do not. Often, people that start digging into the available Medicare options, become very confused and overwhelmed because of all of the available options, even just within the Medigap category. Especially if they are looking for a plan to work with their Original Medicare, Parts A and B that they sign up for through Social Security.
Because I do this every day, I wanted to share some information in hopes of helping those looking at Supplemental Medigap Plans!
Which Plan to Choose?
People often ask me what the differences are in a Plan N and a Plan G Medicare Supplemental Medigap plan. But the recent client I mentioned kept asking about Plan A. Maybe he saw that Medicare requires ever Insurance Carrier that offers Medigap plans to offer a Plan A.
I will start out by confessing that I have never sold a Plan A in my 20-year carrier of selling Medicare Plans. But this client was good for me because he made me rethink my recommendations and take a deeper look as to why that was. And I can now say that I feel more firmly committed than ever to recommending Plan G as my first choice and Plan N my second choice. Plan A is nowhere in my recommended list of Medicare Supplemental plans available in Georgia. Here is why:
Plan A Differs from Plan N and Plan G in the Following Ways:
- Plan A monthly premiums are slightly lower. Plan A cost about the same as Plan N and about 10% less than Plan G, depending on your age, the carrier you choose and the Georgia county you live in.
- Plan A does not cover the Medicare Part A deductible ($1,408 for 2020 plan year) Plan N and Plan G pays that Part A deductible in full.
- Plan A does not cover the Skilled Nursing Facility Coinsurance (Up to $176 a day for days 21-100) Plan N and Plan G pays that $176 a day for days 21-100 fully.
- Plan A does not cover the 15% of Excess charges that some doctors are allowed to charge. Plan N does not cover those excess charges either. Plan G pays those charges in full.
- No foreign travel coverage. Plan N and Plan G pays 80% to a lifetime maximum of $50,000
So while Plan N and G are slightly more expensive. I strongly belief the benefits outweigh the cost!
Plan N Differs from Plan G in the Following Ways:
- Plan N monthly premium cost is slightly less than Plan G. Plan N cost about 10% less than Plan G, depending on your age, the carrier you choose and the county you live in.
- Plan N has office visit co-pays of $20 and ER co-pays of $50 VS Plan G which has office visit co-pays of $0 and ER co-pays of $0. In other words, Plan G pays fully for those services with no co-pays.
- Plan N does not cover the 15% of Excess charges that some doctors are allowed to charge. Plan G pays that fully for those charges.
These are close, but I give the edge to Plan G for the increased benefits.
Another Plan worth mentioning is Plan F:
- Plan F was the most popular plan for people to purchase prior to January 1, 2020.
- The change resulted because MACRA, The Medicare Access and CHIP Re-authorization Act, went into effect on January 1, 2020. That changed what Medicare plans people could purchase based on when they were born.
- Medigap plans sold to people new to Medicare weren’t allowed to cover the Part B deductible. That stopped newly eligible Medicare beneficiaries from being able to purchase a Plan C or a Plan F because those plans do cover the Part B Medicare Deductible. Actually, that is the ONLY difference between Plan F and Plan G. Well that and that a plan G premium cost a lot less than a Plan F.
- However, people who turned 65 before January 1, 2020, and had already purchased one of those plans get to keep it. If you were eligible for Medicare before January 1, 2020 but not yet enrolled, you may be able still purchase Plan C or Plan F.
In my professional opinion, these are the main points worth considering between the plans. You will have to decide for yourselves if Plan G is worth the extra 10% premium over a Plan A or Plan N. You can use the information I have provided and the information that can be found on the Medicare.gov website.
Below are some links to Medicare Publications that can be found on the Medicare.gov website. These charts will allow you to see these differences for yourself:
Medicare Supplemental Insurance: Getting Started is a 2 pages document with a chart: https://www.medicare.gov/Pubs/pdf/11575-Medigap-Getting-Started.pdf
Choosing a Medigap Policy: A Guide to Health Insurance for People with Medicare is a 52-page guide to Medigap plans. This guide can also be ordered in printed form at the Medicare.gov website under publications: https://www.medicare.gov/Pubs/pdf/02110-Medicare-Medigap-guide.pdf
I am happy to help you personally. Feel free to call me at 770-452-9335 or Click here to schedule a time to talk to Terri about Medicare.
Please feel free to check out more information found on our Georgia Medicare Insurance Website. Also, you might want to see what people are saying about our Medicare services Google Reviews as we would love to help you too!