The various options available for Medicare insurance create complexity and make it challenging to choose which option is best for you. Below, Insurance Pipeline Inc., a health insurance agency specializing in senior healthcare solutions, will compare two popular Medicare Supplement plans — Medicare Supplement Plan G and Medicare Supplement Plan N — to help you decide which will best meet your needs.
Medicare Supplement Insurance is available by private companies to help you cover any gaps that Original Medicare does not cover. While Original Medicare pays for much of the cost for covered health care services and supplies, it doesn’t cover all of the expenses. Sometimes called Medigap insurance, a Medicare Supplemental Insurance policy can help pay for some of the remaining healthcare costs such as copayments, coinsurance, and deductibles.
Let’s start by looking at what Medicare Supplement Plan G and Medicare Supplement Plan N have in common. This view will make it easier to see how they differ later on.
Both of these plans cover many of the higher costs leftover from Original Medicare Insurance. These costs include Medicare Part A coinsurance, hospital costs, and Medicare Part B coinsurance. Let’s see what else they both cover.
If you need blood, the first three pints are covered, as are your Part A hospice care coinsurance or copayment costs. Skilled nursing facility coinsurance, Medicare Part A deductible, and foreign travel emergency care are all covered by both Plan G and Plan N.
Neither Plan G nor Plan N covers your deductible for outpatient services, like visits to your doctor’s office. That’s your Part B deductible. You’re on your own for that until you’ve met your deductible and your plan kicks in.
Now let’s see how they differ.
Medicare Supplement Plan G offers more protection than Plan N. There are two areas that Plan G covers that Plan N doesn’t.
Plan N doesn’t cover additional costs that some providers charge. While most do, not all healthcare providers accept Medicare assignment — the amount Medicare states they will pay for a given service. If a provider charges more for a medical service than what Medicare will pay, you can be billed for the excess charges. There is a limit, however. If a provider accepts Medicare insurance, they are limited to no more than 15 percent over the stated Medicare coverage.
Also, with Plan N, you will be responsible for copayments of up to $20 for most healthcare provider visits or up to $50 if you need to go to the emergency room and don’t end up being admitted to the hospital.
The other main difference between Medicare Supplement Plans G and N is cost. While premiums can always vary depending on the insurance carrier you use, Plan G is generally more expensive than Plan N because Plan G covers more.
The cost of the premium is not always the determining factor about which plan will cost you more in the long run, however. If, for example, you go to the hospital emergency room several times a year, or if you require frequent doctor’s office visits, you may end up paying more for your Plan N coverage than you would have if you had selected Plan G.
Each person is different, and you have to know your health needs well enough to estimate your healthcare needs. This type of estimation is not always easy because your healthcare needs can change over time.
About Insurance Pipeline, Inc.
Insurance Pipeline Inc. is health insurance agency specializing in senior healthcare products and solutions. The company initially founded and run by Corey Shader, is now one of the top senior healthcare Agencies in the nation. Insurance Pipeline provides a wide variety of solutions to meet every need and budget — primarily focusing on Medicare Supplement Plans as well as Medicare Parts A, B, and D.