What are the most popular Medicare supplement plans in Georgia? Each Medicare supplement plan has unique advantages and disadvantages. One plan is not inherently better or worse than the other. Do you know about plans G, N and HDG?
The only thing that really matters is finding the Medigap plan that fits your needs and budget. Most of the people we talk to have a plan that does not match their needs and is way overpriced.
My clients will save over $450 per year on average by switching plans and get a Medicare supplement plan that offers long term rate stability.
Shop and compare GA Medigap rates now.
Customized proposals also available.
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Popular Medicare Supplement Plans Explained in Plain English.
Medicare supplement plan is the same thing as a Medigap plan. Like Kleenex and tissue, the terms mean the same thing.
As if you are not already confused enough, Medicare likes to make life interesting by using two different terms for the same product.
Medicare supplement plan G in a nutshell.
It pays for everything.
Medigap plan G pays 100% of the balance of approved claims that fall under Medicare Part A and Part B. Medicare supplement plan G does not pay your Part B deductible.
No copay’s. No deductibles. No coinsurance. No additional out of pocket.
Higher premiums. Higher agent compensation. Higher profit for the insurance carrier.
Not recommended for most people.
Medigap Plan G
Our most popular Medicare supplement plan. Roughly 90% of my clients enroll in Medigap plan G.
Medicare has deductibles. Medicare Part A is the hospital inpatient PER ADMISSION deductible.
Medicare Part B covers outpatient expenses (except retail prescription drugs). These include things like:
- doctor visits
- Emergency Room
- outpatient clinic
- outpatient surgery
The Medicare Part B deductible is a calendar year deductible. Once that is satisfied you should have no further out of pocket costs for OUTPATIENT approved health care.
Plan G does not pay your Part B deductible.
If you are willing to pay the Part B deductible the carrier will give you a premium savings close to $500 per year vs. the old F plan.
This is what we call a no-brainer.
Here is another way to look at it.
If you had Plan G and didn’t want to pay the Part B deductible any more, would you be willing to pay an insurance carrier an extra $400+ per year to pay it for you?
If not, plan G is probably for you.
Now if you are in good health, and want to save a little more money, take a look at plan N.
Medigap Plan N
Plan N is just like the health insurance you used to have but without the high deductible.
Just like plan G, Medigap plan N requires you to pay the annual Medicare Part B deductible. Once the deductible is satisfied you may have to pay for doctor visits but never more than $20.
A trip to the ER incurs a $50 copay unless you are admitted to the hospital. In that case your copay is waived.
In rare instances you may be responsible for excess charges.
Don’t Make This Mistake
Too often folks think the only thing that matters about Medicare supplement plans is the rate.
Is Medicare supplement plan F available?
Congress forced carriers to drop Medigap plan F effective January 1, 2020. If you turned 65 before 2020 you can still buy the F plan. Be prepared to pay an extra $400 or more per month vs. the G plan.
Why is Medigap plan G so popular?
Roughly 90% of my clients have the G plan. Even when plan F was available and popular, almost everyone recognized the VALUE in the G plan and chose it.
Does Medicare plan N cover excess charges?
At one time excess charges were so rare it was not a concern. Recently Mayo Clinic stopped taking Medicare assignment. This allows them to bill excess charges, which can really rack up. The $10 monthly premium savings with plan N are not, in my opinion, worth the risk.
What is Medigap plan HDG?
Medicare supplement plan HDG replaced the High Deductible F plan. You are responsible for the Part B deductible PLUS a $2300+ deductible before the HDG pays out.