Medigap Plan F, Plan G, or Plan N?

Which is the Best Medigap Plan For You?

medicare supplement chart

There are Really Only 3 Plans You Need to Know;Medigap Plan F, Plan G, or Plan N.

You know what the best thing about Medigap Plans are? There are only 11 Plans on the market that are Medigap also referred to as Medicare Supplement. The benefits are exactly the same in each letter plan, meaning every company that offers a plan F or G, etc. has the exact same benefits in that letter. They have to. it is regulated by the federal government. Even better, there are only suttl differences between most of the letter plans so it makes decision making easy. The only thing different is the price. Company A can sell you the plan for $100/month and Company Z can sell you the exact same plan for $350/month or vice versa. Wow!

On the flip side is Medicare Advantage and there are approximately 2200 plans in the U.S.A.. Benefits vary greatly from city to city, county to county, state to state. As Forest famously stated, “Life is like a box of chocolates. You are never sure what your gonna get”. The best part is that benefits and networks may change on you every year. (Sarcasm).

So let’s take a look at the Plans!

Medigap Plan F

I refer to Plan F as the Cadillac. It pays everything that Medicare does not pay as long as it is a Medicare approved procedure. So you basically pay one monthly premium and the plan does the rest. There are no networks so you can go anywhere in the U.S.A. that accepts Medicare and get treatment. As we all know the quality of physicians is often related to where you live. So if you want the best Neurosurgeon, Oncologist, or Cardiologist, you might want a physician in a Metro area and even better affiliated with a Medical College.

PROS

  • Fixed Monthly Premium
  • Pays Everything Medicare Does Not
  • No Networks

CONS

  • Highest Medigap Premium
  • Largest Premium Increases
  • Will not be offered to new members after 12/31/2019

Medigap Plan G

If Plan F is the Cadillac then Plan G is the Chrysler 300. Smart and sensible, just not quite a Cadillac. Actually, Plan G pays everything that Plan F does with only 1 exception, the Part B Deductible. In 2018 that deductible is $183. The price difference for someone turning 65 is only about $20/month less for a Plan G. So why get a Plan G if all things seem equal or relatively so?

Plan G traditionally cost less than Plan G. It may not be as noticeable in the first year, but in subsequent years as the prices increase it will become very noticeable. As a matter of fact I have clients that have been on a Plan F since they were 65 and they are now 70 who by switching to Plan G, health permitting, are able to save $50-$100/month. That is a huge difference!

PROS

  • Fixed Monthly Premium
  • Pays 100% that Medicare Does Not Except Part B Deductible
  • Lower Premium Increases than Plan F
  • No Networks
  • Not Going Away

CONS

  • Other than being responsible for Part B deductible…None

Medigap Plan N

Plan N is a fantastic plan especially for those folks who are relatively healthy and budget focused. Just like Big Brothers Plan F and Plan G, Plan N pays virtually all cost Medicare does not. The only things you are responsible for are the Part B Deductible, a $20 co-pay when you go to your physicians, Primary or Specialist, $50 co-pay for an ER visit, unless you get admitted then it is waived. Plan N also odes not pay excess charges, but those charges are rarely ever seen.

So if you do not go to the Doctor but once or twice a year, the premium savings can be significant. But, if you are someone with multiple health conditions that frequents the Doctor this would definitely not be the plan for you. *Important fact to remember; If you choose a Plan N initially because you are healthy and want to change to an F or G later because of health problems, it will be underwritten and you can be denied*

PROS

  • Most Economical of the 3 Most popular Plans
  • Gives you close to the same benefits of F or G
  • No Networks

CONS

  • May Not Be Able to Switch Later
  • Doctors Visits Really Determine the Value

Summary

The 3 most popular Medicare Supplement Plans are Plan F, Plan G, and Plan N. Some 97% of Medigap Clients have one of those 3 plans. You cannot go wrong with any one of the plans as far as being protected. It mostly comes down to the security level and price you are comfortable with and we can definitely assist you with that. Just call 800–708–5810 or visit National Senior Savings for a quote.

I give my two cents and always believe Plan G is a safe affordable bet. Call today and I will help you decide which is best for you whether you are turning 65 and starting Medicare or you have aged a few years and want to see if there is a more affordable option than the plan you are on. BTW, there is no one best plan. There are Plans built to maximize your individual needs!


Originally published at National Senior Savings.