Plan N or Plan G is the question many seniors ask when considering their Medicare coverage.
As individuals get older, it becomes increasingly important to secure adequate health insurance to cover their medical expenses. There are many options available to seniors, including Medicare Supplement Plans (Medigap) that work with traditional Medicare. There are also Medicare Advantage Plans. Two popular options within Medicare Supplements are Plan N and Plan G. Although both plans cover a variety of medical expenses, there are several reasons why a senior citizen should choose Medicare Supplement N over Medicare Supplement G.
Medicare Supplement Plan N is a lower cost option compared to Plan G. First and foremost, the monthly premiums for N are lower than those of G. This is mainly because N requires its policyholders to pay copayments of up to $20 per visit for certain medical services that G does not. For example, N requires a $20 copayment for office visits, and a $50 copayment for emergency room visits that don’t result in an inpatient admission. By comparison, G does not require copayments for these services. The only out of pocket under Plan G is Medicare’s Part B deductible of $226(2023)
Another big advantage of Medicare Supplement N is that it includes coverage for Part B excess charges.
These are charges that a doctor may bill above and beyond what Medicare will pay. Under Plan N, policyholders are responsible for paying these charges. However, Plan G doesn’t include this coverage option, which means any excess charges incurred would be the policyholder’s responsibility to pay. This can be a significant difference depending on the policyholder’s medical needs and the doctors they visit.
Another advantage of Medicare Supplement Plan N is the flexibility it offers policyholders.
Though N does require copays for certain services, policyholders can often save money by choosing healthcare providers that accept “Medicare assignment.” This means they accept the amount that Medicare reimburses them for a medical service as payment in full. By visiting providers who accept Medicare assignment, policyholders can avoid many of the copayments that come with N. Policyholders can also supplement Plan N with a stand-alone Part D prescription drug plan. This will help to cover their prescription medication costs.
Moreover, it is worth noting that Medicare Supplement Plan N covers an array of essential medical costs. N covers hospitalization costs, Part A coinsurance and copayments. Part B coinsurance fees, and more. Additionally, N covers emergency medical care abroad if you’re traveling outside of the United States. N also includes coverage for skilled nursing facility care, Part A hospice care coinsurance fees or copayments, and the first three pints of medical blood annually.
In conclusion, while Medicare Supplement G or Medicare Supplement N both provide a high level of health insurance coverage, seniors should consider factors such as price, excess charges, and flexibility before signing up for a plan. For seniors looking for a more affordable option that still provides comprehensive coverage. Medicare Supplement Plan N can be an excellent choice. Ultimately, it is recommended that seniors discuss their options with a licensed insurance professional to determine which Medigap plan is best suited to their individual medical needs and budget.
Medicare Supplement Advisory services
Joe DeAngelis