Comparing Medicare Supplement Plan G vs Plan N
Are you new to Medicare? Have you heard about the many plans available to purchase? Deciding which plan is right for you can be stressful. Don’t worry — you’re not alone. The good news is that Plan N and Plan G are two of the most popular plans (also known as Medigap plans). These plans are very easy to compare as they share most of the same benefits.
In this review, we’ll explain several similarities and differences between these 2 popular policies. By the end, you’ll be a smarter Medigap shopper who will be able to make an informed choice about which policy to buy.
medicare supplement plans are STANDARDIZED!
Medigap Plan N & G Coverage
medicare supplement plan Comparison Chart
| Medicare Supplement Benefits | Plan G | Plan N |
|---|---|---|
| Medicare Part A coinsurance & hospital costs (up to additional 365 days after medicare benefits are used | Yes | Yes |
| Medicare Part B coinsurance or copayment | Yes | Yes |
| Blood (first 3 pints) 3 | Yes | Yes |
| Part A hospice care coinsurance or copayment | Yes | Yes |
| Skilled nursing facility care coinsurance | Yes | Yes |
| Part A deductible | Yes | Yes |
| Part B deductible | NO | NO |
| Part B excess charges | Yes | NO |
| Foreign travel emergency (up to policy limits) | Yes | Yes |
What are the Differences Between Medicare Supplement Plan N vs Plan G?
Plan G Covers:
- Copayments required for emergency room
- Part B copays needed for doctor or outpatient visits
- Plan pays Part B excess charges of 15%.
Plan N Covers:
- Excess charges of up to 15%. This is covered if your doctor or provider charges Medicare Part B excess charges and does not accept Medicare assignment
- Part-B copay of up to $50 per each emergency room visit when you're admitted to the hospital.
- Part B outpatient and physician copay of up to $20 per office visit.
Medigap Plan N Does Not Cover:
- Copayments: You are responsible for all of the copays. These copayment amounts range from $0 - $20 for some office visits and up to $50 if you need to go to the ER. This $50 copay is waived if you are admitted as an inpatient.
- Excess Charges: Some providers charge this additional cost. You need to be aware that most providers that accept Medicare will also accept something called "Medicare assignment". This is what Medicare says they are responsible for paying for a specific service. If your healthcare provider wants to be paid more than this approved amount, then they may bill you for these particular excess charges. Just be aware that Medicare excess charges can only be an extra 15% of the original cost. In other words, your provider can't charge you more than 15% over the Medicare assigned rate and still be paid by Medicare.
Premium Cost Differences Of Medigap Plan G & Plan N?
Plan G may have higher monthly premiums than Plan N.
For most of the country, Plan G will usually run about $20-25 more each month. If you’re in good health and shopping for the best overall value, it’s typically a good strategy to sign up for Plan N. It typically costs less, but often depends on your level of health even though it has a copay and you may be responsible for 15% in excess charges.
How Do I Change from One Medigap Plan to Another?
If you’re interested in switching from one Medigap plan to another, you’ll need to contact your current insurer and let them know that you’d like to cancel your current policy. You’ll then need to purchase a new policy from the insurer of your choice. Be sure to shop around and compare rates before making your decision, as there can be significant differences in cost between different Medigap plans.
If you’re currently enrolled in Medicare Plan F or any other plan, you can change Medigap plans at anytime. You can even change to a different company to save money. However, changing plans and/or companies may result in underwriting before you’re accepted into the new plan. Never cancel your old policy until you’re accepted into the new plan. There are a few situations when underwriting may not be required. For example, you may live in a state with a birthday rule, or you may qualify for a policy that’s guaranteed issue. Please make sure to work with an independent licensed broker like REMEDIGAP before making any changes.
FAQ
Is Medicare Plan G Better Than Plan N?
There is no simple answer to this question as it depends on a number of factors. However, in general, Plan G may be a better choice if you are looking for comprehensive coverage with low out-of-pocket costs. Plan G offers more benefits, but that comes at a cost. You typically get a plan that's priced higher when you get more benefits. Which is better Plan G or N? The plan that is best will depend on your coverage goals and budget.
What Is Medicare Supplement Plan G?
It is one of the 10 Medicare Supplement policies available to beneficiaries. It is the second most popular options behind Medicare Supplement Plan F. However, now that Plan F is no longer available to new shoppers, it has become the most popular plan for new beneficiaries.
What Does Medigap Plan N cost?
Plan N premiums usually costs less and it's often considered the top "value" plan that's currently available. Their benefits are not as robust as Plan G which is why it is usually has a lower premium. It's one of the 10 common Medigap plans available to beneficiaries. It is the third most popular plan.
What’s the Difference Between Medicare Plan F vs Plan G vs Plan N?
Medicare Plan F used to be the most popular plan. However, it is no longer available to new Medicare beneficiaries who want Medigap. Now that Plan F is no longer available for new beneficiaries, the highest level of Medigap coverage that is currently available is offered by Plan G (followed by Plan N). If you like Plan F, then Plan G is the next best thing.
Which Medicare Plan Is The Best?
The best policy is the one that is going to meet your coverage, lifestyle and budget goals. Your situation is unique.
Purchasing G may be the best choice if you don’t want to deal with copayments because you go to your doctor frequently. Your premium may be a little higher, but avoiding the hassle of copays may be worth it to you. However, you may want to choose Plan N if you’re in good health and looking to save money with a lower premium.
Choosing the right policy that meets your coverage goals may be a simple decision or more complicated than you thought it would be. It often depends on your current health profile as well as what your health will look like in the next few years and beyond.
Compare plan benefits
When you’re newly eligible for Medicare coverage and deciding which plan is best for your situation, you need to weigh the future. Your initial open enrollment opportunity to purchase your policy is not necessarily a “final” decision. You can always switch policies or carriers at anytime. However, you will have to undergo medical underwriting and answer medical questions. If you can pass underwriting and be “approved”, you will be able to change plans in the future.
To clarify, even if your current health dictates that you enroll in either plan, you need to think about your initial decision on a long-term basis. What policy you enroll in now, may be what you keep out of necessity, because you may have health problems or develop them in the future.
At REMEDIGAP, we’re your personal Medicare expert. We’re here to help you figure this all out. Comparing companies and all of these options can get pretty stressful. We hear it everyday how overwhelming it is shopping for the best insurance policies. Don’t worry, it’s why we’re here. We’ll make this process easy for you. We only work with top rated Medigap companies, and we work hard finding low premium options for our clients.
