Comparing Medicare Supplement Plan G and Plan N: Which One is Right for You?
Navigating the world of Medicare can be daunting, especially when it comes to choosing the right supplement plan. Two of the most popular options are Medicare Supplement Plan G and Plan N. This guide will help you understand the differences, similarities, and the factors to consider when making your choice.
Understanding Medicare Supplement Plans
Medicare Supplement plans, also known as Medigap, provide additional coverage to help manage costs not covered by Original Medicare (Part A and Part B). These plans allow beneficiaries to access any doctor nationwide who accepts Medicare without needing referrals. Both Plan G and Plan N offer comprehensive coverage, making them attractive options for many.
Similarities in Coverage
Both Plan G and Plan N provide identical benefits for hospital stays, including 100% coverage of the Part A deductible and coinsurance or copayment. They also cover skilled nursing facility care uniformly, ensuring you have support for extended healthcare needs.
Key Differences: Office Visits and Extra Charges
The primary distinction between Plan G and Plan N lies in the coverage details under Medicare Part B. Plan G offers comprehensive coverage with no copayments for doctor visits, only requiring payment of the Part B deductible. In contrast, Plan N involves copayments ranging from $0 to $20 for office visits and a $50 copay for emergency room visits, which is waived if you are admitted to the hospital.
Moreover, Plan N does not cover Part B excess charges, which occur when providers bill more than the Medicare-approved amount. While these charges are rare and can be avoided by visiting providers who accept Medicare assignment, it’s a factor worth considering.
Making Your Decision: Frequency of Doctor Visits
Choosing between Plan G and Plan N often depends on how frequently you visit healthcare providers. If regular doctor visits are part of your routine, Plan G might be the better option as it alleviates worries about copayments. However, if your visits are occasional, Plan N might be more cost-effective due to its typically lower premiums.
Cost Consideration: A Practical Example
To better illustrate, consider a female turning 65 in Houston, Texas, zip code 77001. The monthly premium for Plan G is approximately $135, while Plan N is about $103. This results in an annual saving of roughly $384 with Plan N. To determine if Plan N is cost-effective, estimate your annual doctor visits. Divide the annual premium difference by the maximum copayment per visit ($384 ÷ $20 equals 19 visits). If you anticipate fewer than 19 visits, Plan N could offer significant savings.
Conclusion: Personal Preference Matters
Ultimately, the decision between Plan G and Plan N should align with your healthcare needs and financial preferences. If you prefer predictable costs and are willing to pay a higher premium for no copayments, Plan G may be suitable. Alternatively, if you are comfortable managing copayments to benefit from lower premiums, Plan N could be the right choice.
Need More Information?
Do you have questions about supplement plans or want to learn more about your options? Contact Blue Wave Insurance at 800-208-4974 for a FREE quote and consultation. Our team is here to help you navigate your Medicare Supplement Plan options and ensure you get the best rates possible.
Alex Wender is the founder and CEO of Bluewave Insurance. He has been blogging about Medicare-related topics since 2010. Since then, he and his agency have helped thousands of people across the country choose the right Medicare to fit their needs.
