If you’re turning 65 or already enrolled in Medicare, you may be wondering about the different Medicare Supplement (Medigap) plans available. Two popular options are Plan G and Plan N, which are similar in many ways but also have some key differences. In this blog post, we’ll take a closer look at Medicare Plan G vs Plan N and help you decide which one might be right for you.
Medicare Supplement Plans
First, let’s briefly review what Medicare Supplement plans are. These are private insurance policies that you can purchase to supplement your Original Medicare coverage. They’re sometimes called “Medigap” plans because they help fill in the gaps that Original Medicare doesn’t cover. There are ten standardized Medigap plans available, each designated by a letter (A, B, C, D, F, G, K, L, M, and N). Plan F is no longer available to new beneficiaries, but those who were enrolled before 2020 may still keep their Plan F.
All Medigap plans must cover certain basic benefits, such as Medicare Part A coinsurance and hospital costs, but the coverage beyond that can vary depending on the plan you choose. Each plan has its own set of benefits, and the premiums can also vary depending on factors like your age, gender, and location.
Plan G vs Plan N
So, what are the differences between Plan G and Plan N? Let’s take a look.
Benefits:
Both Plan G and Plan N offer comprehensive coverage, but there are a few differences in the benefits they provide. Here’s a breakdown:
Plan G: Plan G covers everything that Original Medicare covers except for the Part B deductible. Once you meet the Part B deductible, Plan G pays 100% of your Medicare-approved costs for the rest of the year.
Plan N: Plan N also covers everything that Original Medicare covers except for the Part B deductible and certain small copayments for doctor’s visits and emergency room visits. You’ll pay a copay of up to $20 for doctor’s visits and up to $50 for emergency room visits, but these copays are limited and won’t add up to a large amount of out-of-pocket costs.
Premiums:
The premiums for Plan G and Plan N can vary depending on where you live, your age, and other factors, but in general, Plan G tends to be more expensive than Plan N. This is because Plan G offers more comprehensive coverage, so you’ll pay a higher premium to have that extra protection. However, even though Plan N has slightly less coverage, it still offers great value and may be a more affordable option for some beneficiaries.
Which plan is right for you?
The decision between Plan G and Plan N ultimately comes down to your individual needs and budget. Here are a few things to consider when making your choice:
- If you want the most comprehensive coverage available and are willing to pay a higher premium, Plan G might be the right choice for you.
- If you’re looking for good coverage at a more affordable price point, Plan N might be a better option.
- If you don’t mind paying small copays for doctor’s visits and emergency room visits, Plan N could be a good fit.
- If you travel frequently outside the US, Plan G covers foreign travel emergencies at 100%, while Plan N has a $50,000 lifetime limit on foreign travel emergency coverage.
Overall, both Plan G and Plan N are excellent options for beneficiaries looking to supplement their Medicare coverage. When making your decision, be sure to consider your budget, health care needs, and any travel plans you may have. And remember, you can always switch between Medigap plans during certain times of the year if your needs or budget change.