Why you MUST Consider Medicare Supplement Plan N (Plan N vs. Plan G)
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- čas přidán 30. 06. 2024
- Choosing the right Medigap plan is crucial for your healthcare coverage, and the decision between Plan N and Plan G can be complex. Cameron Giardini of Giardini Medicare, a family-operated, Medicare-focused insurance agency, simplifies this choice by comparing the key differences and costs of Plan N and Plan G. This video is essential for anyone nearing Medicare eligibility or considering a Medigap switch, offering a clear breakdown of both plans' benefits, potential out-of-pocket costs, and the impact of Medicare Part B excess charges. If you need to connect with us or another independent broker, you can do so using this link: gmedicareteam.com/map/
Video Timeline:
00:00 - 00:50 - Introduction
00:51 - 02:29 - Understanding Medigap Plans
02:30 - 04:25 - Overview of Plan N vs. Plan G
04:26 - 09:40 - Plan N vs. Plan G Coverage Differences
09:41 - 17:26 - Understanding Part B Excess Charges
17:27 - 24:05 - Plan N vs. Plan G Premium Differences
24:06 - 25:49 - Long-Term Plan N vs Plan G Cost Analysis
25:50 - 27:37 - Which Plan is Actually More Popular?
Learn about the standardized benefits of Medigap policies, how they complement Original Medicare, and the specific advantages and disadvantages of Plan N and Plan G. We provide real-world examples to demystify Part B excess charges and discuss the long-term financial implications of each plan, helping you make an informed decision that suits your healthcare needs and budget.
Subscribe to our channel for more Medicare insights, and don't forget to register for our FREE online course at gmedcourse.com to search hundreds of Medicare topics at your own pace! Also, share your thoughts with us in the comments below.
Sources for this video:
Plan N Official Guidance: www.cms.gov/Medicare/Health-P...
Average usage of PCPs and Specialists for Medicare beneficiaries: www.ncbi.nlm.nih.gov/pmc/arti...
Medicare.gov participating vs. non-participating providers: www.medicare.gov/basics/costs...
KFF Providers Opting out of Medicare: www.kff.org/medicare/issue-br...
MedPAC report showing the percentage of claims paid on assignment: www.medpac.gov/wp-content/upl...
Link to download the Telos Future of Medicare Supplements Report: www.telosactuarial.com/future...
Average number of hospitalizations: www.ncbi.nlm.nih.gov/pmc/arti...
Physical Therapy CPT Codes: www.webpt.com/guides/cpt-codes
Common urgent care CPT codes: www.247medicalbillingservices...
Common telehealth CPT codes: www.cms.gov/newsroom/fact-she...
Medicare definition for Medicare Supplements: www.cms.gov/medicare/health-d...
How Original Medicare Works: www.medicare.gov/what-medicar...
Medicare and You Handbook: www.medicare.gov/Pubs/pdf/100...
2024 Medicare Costs: www.cms.gov/newsroom/fact-she...
Preventive Services Overview: www.medicareinteractive.org/g...
Medicare Participation Announcement: www.cms.gov/files/document/me...
Negatives for non-participating providers: www.psychiatry.org/psychiatri....
Medigap Guaranteed Issue Rights: www.medicare.gov/health-drug-...
#Medicare #Medigap #PlanNvsPlanG #SeniorHealthcare #MedicareSupplements #HealthInsurance #MedicareAdvice #InsuranceGuidance
My husband and I entered medigap in the past year. I did a lot of research beforehand. We are both on the Plan N and feel 100% confident with our choice. Your presentarion was TERRIFIC by yhe way. Great job!
Best video EVER on explaining Plan N! Great job!!
Thanks, Chris! Means a lot
You are about the only agent that actually understands what non- participating provider is. As an administrator for providers I have looked into this for them a number of times. Providers have misconception that they will make an additional 15%. It is not a good business decision to go Non-participating. As your example is very telling, the provider would only receive an 8.5% more than the participating. Not worth the hassle explaining to the patient why you can charge this and the patient will certainly let their referring doctor know or they may look to move to a participating provider. The risk of losing business is too great for the providers business. However, most providers business people don't even understand it. Good job in explaining this.
Thanks for the feedback! I've tried to research it as much as possible, so I'm glad it paid off😅
We went with Plan N and are very happy with it. I pay $83 a month and my husband $88. We looked at how much it would go up over the course of 10 years and Plan G would cost a whole lot more. We are located in Western Pennsylvania so no excess charges and the co-pays of $20 or less are not a problem.
That sounds like a pretty straightforward decision. Thanks for sharing your experience!
I'm on plan N .. it:s great. The co pays that I pay far outweigh the premium you pay on plan G.
Before watching this I was firm plan G, now I’m seriously considering N. You explained all facets of the differences and choice factors very well.
Thanks for the feedback! Both options are excellent, but we are glad you have the chance to look at both, in depth before choosing.
@@GiardiniMedicare I live in one of the eight states which prohibits Docs from billing excess charges so the only issue is the up to $20 copays and up to $50 max ER visit. When looking at the annual premium difference, I would need to visit a Doctor 15 times a year just to break even with plan G!!! Plan N is a no brainer!
Outstanding video! I have participated in several Medicare seminars, and I will tell you that no one compared Plans G and N like you just did. Very helpful!
Thanks for watching and thank you for the feedback!
Probably because no one has 30 minutes to waste at Medicare seminar to just go over plan g and n alone. They usually cover Medicare broadly
@@tioswift3676 ,
Have a good day!
Question? BCBS has a program called “Blue to Blue” member benefit program. Does this mean that I can select plan N but later on after my 6 month initial enrollment period I can switch to plan G without underwriting?
My wife and I, PA residents, chose Plan N when we first signed up for Medicare a few years ago, WITHOUT the invaluable info contained in this presentation, and we would chose it again every day of the week. My thinking then was spot-on with what was presented here. Thank you for validating our choice.
Thanks for sharing your experience! Obviously we would have to agree that you both made a great choice.
Plan G for me. I have a condition that causes ER visits about 3 times a year. Your video has good information. Thank you.
Makes perfect sense to me! Thanks for watching
Very educational, Plan N!
Wow, that’s a very comprehensive analysis. Thank you!
Great video with clear and concise information. Thank you!
Great video. Thank you.
What an outstanding comparison between these plans. You did a superb job and I am now very confident as I choose my Medigap plan. By the way my wife and I are on plan N. And we are quite happy with it.
Thanks for the kind words and thanks for watching! I think you with both be happy with Plan N for years to come
Wow! Thanks for such a great explanation! I have my appointment today to chose my plan. After reviewing this video I believe N is a good plan for me !!!
Extremely helpful video. I’m a few years away from 65 yet but always interested in such information
Thanks, well worth watching.
Awesome presentation, most in-depth and complete I have seen. Thank you very, very much!
Thanks for watching!
Outstanding video. I have a meeting scheduled with you in a couple of weeks and this really helped me prepare for that.
Glad it helped! We look forward to helping you soon.
Plan N …researched as much as possible…seems the best for me! Thanks for the info!
Thank you so kindly for explaining the Plan N !!! Fabulous in common English
Thanks for watching!
I’m an N, but I’m well off and don’t have a worry about small charges. Also I am a believer in insuring what you can’t afford and paying for what you can afford.
Definitely agree with the idea of not overinsuring yourself when possible
If well off and "a believer in insuring what you can’t afford and paying for what you can afford", it seems like an Advantage plan would be your lean. Your comment makes me curious.
@@gericbabcock7145 You have a good point, I suspect it's because of the fear of managed care denying treatment. I'm willing (and can afford) the predictable treatment of supplement insurance, and I can afford the $20 payments to see a doctor 50 times per years if something weird came up, but why not save $20-30 month when it seems unlikely.
@@blastum I've got to make the decision soon. I've got a healthy neighbor on a zero cost advantage plan with zero cost benefits and he thinks its great. His argument is, how will you ever spend more than what you save in the next 5-10 years over a G or N plan. The whole thing turns on what you expect your health to do 'in the future', when you can no longer qualify to switch. Then again, maybe we will get universal health coverage and any extra money spent will be wasted.
I'm going A B and N when it is my time to get on MC. My parents and brother love their MA plans, but I want more flexibility and I don't like my healthcare being micromanaged. Besides, I work in rehab and the coverage is terrible, especially for Occupational Therapy.
Plan N. Thanks for the awesome breakdown of the difference of the plans
So happy to come across your post. I was happy with F. Every year i would call her and ask if F is still the best. She said yes continue on F. She sold me F and I believed it, except this year. I researched a lot and gave up and stayed with F. I thank you for your analysis i will hope i can get N now.
Plan G and I’m getting it in 2 months. One big reason is the Bay Area sucks for getting appointments. You always have to schedule them with doctors two or months ahead of time. getting in the same week is impossible so most of the time I have to go to urgent care or the emergency room if I want to get in within the same week.
There's no way the doctor's office is going to segregate plan N vs plan G. YES, they'll segregate Medicare Advantage vs Traditional Medicare, but they're not going to know or care about N vs G because the compensation is identical.
Your rationale doesn’t make sense. The only reason in most cases to choose Plan G over Plan N is if you have some sort of chronic condition that necessitates many diagnostic doctor office visits per year which would cause you to have to pay many copays. Otherwise, a Plan N is a much better value over time.
Great presentation and breakdown. We have recently selected plan N but were thinking of switching over to plan G. After watching, it makes more sense to stick with plan N. Thank you for your explanations and data.
Thanks for watching! What was making you think about changing to Plan G?
I avoid doctors and hospitals at ALL cost, so I am 98% sure I will be choosing Plan N. If I can afford it, Im going to put into savings the difference in monthly premiums from Plan G to Plan N and that "cushion " will be there for any co pay I may end up having. This will be in addition to my small HSA account that I saved during my last year of employment. On that note, IF I had known years before about HSA accounts and had the option of getting one, I would have stashed a ton of money into it, because THAT would have greatly aided in my future helathcare needs.
Sounds like Plan N makes perfect sense
If you don't plan to ever go to the doctor you don't need either one. Or Medicare. Just skip all of it and keep your money.
I avoid doctors and hospitals as well. Was leaning towards plan G, but plan N sounds like it might be a better choice. Plan on retiring next June.
Many retirees have plenty of money. If I had more money, I'd go with G. Excess charges are rare today. They may not be in 10 or 20 years. But I think I'll be going with N. Hoping I'll go at least another 10 years with just going to doc once a year, but you never know. Health turns on a dime. Your example shows that it would take a lot of doc visits to even the costs up.
Excess charges down the road is what made me get plan G. $20 co pay isn't a big deal
@@WhittyPics
That is what I am concerned about. What plan N is good for now might not be the same terms in the future. Medicare already snuck in tele health and urgent care centers the $20 co-payment for plan N without an act of Congress.
@@WhittyPics
$20 co-pay for now………
@@ItsMe-rr9nh 98% of doctors take Medicare assignment, so excess charges are not anything to worry about. The doctors who charge excess charges are predominantly psychiatrists and podiatrists. Also, it really wasn’t that Medicare “snuck in” the $20 copay for urgent care centers and telehealth. That change came about because of Covid and the fact that so many people had to get services that way instead of doing regular office visits. As a result of this, Medicare allowed them to charge the $20 copy. There was nothing underhanded about it, just a response which came about due to the lockdowns and fear associated with Covid.
SO MANY NUMBERS!! But you explained it perfectly! I’m in Plan F and love it. I’m telling my friends who are about to go on Medicare to choose Plan G because they see multiple doctors and have hospitalizations occasionally. I would rather pay a higher monthly premium than worrying about copays throughout the year. One and done. Thank you for the info!
Nice presentation, great info.
I have Mutual of Omaha and they screwed me! They routinely "close their book", thus isolating policy holders into a dead pool. In five years, my Plan G supplement premiums have doubled. The annual average rate increase has been 15.9%. And because of health conditions, I won't be able to pass underwriting with a different carrier.
Love all the info! Very informative, just one suggestion: we older people need more time to look at things so could we see the pages of info & graphs more than your handsome face? I know, I know, I can pause and look, but it's helpful to ME to see what your talking about at the same time you're talking about it. When I pause I have no sound. I like to look at the info while it's being described. Thank you. 😊
Thanks for the tip!
I think I will probably choose Plan N.
I would tend to lean towards plan N also
Great video!
Plan N for us and absolutely no regrets. I do regret the years I paid for plan F before I switched.
Glad you could make the change. Either Plan G or Plan N are better than Plan F in our opinion
New to all of this. What is plan F?
@@thyslop1737 It's a Medigap plan, and the benefits are described on page 11 of this guide: www.medicare.gov/publications/02110-medigap-guide-health-insurance.pdf
Just know if you are newly eligible for Medicare, you aren't eligible for Plan F
The plan F is closed, so the pool of people in it is getting older by one year every year, guaranteeing the rates will increase rapidly due to more claims. Younger people with better health make insurance work because they have fewer claims. @thyslop1737
Thank you, the information was clear and informative. I was leaning toward Plan G but now think Plan N is an acceptable option based on my current needs and finances
I was going in wanting get plan g but after watching several videos it was better for me to get plan n. I would have had to pay way more in plan g monthly premiums vs the small copays with plan n.
I just signed up and got plan n. Money per month only makes sense in my situation. Also got rx plan that has 0 to 6 dollars for no premium on that
excellent info /thanks
Thanks for watching
Definitely going with Plan N!!!
Lots to consider. Great review. One difficulty is that you only choose once. After that you're not doing this kind of comparison btwn what 'could have been.' So in a way it's less a financial decision and more of a lifestyle/emotional one.
There is a lot to it, but it’s still possible for many people to change from one to the other if they can pass health underwriting. One of our upcoming videos will highlight that process
Just turned 65 and still in very good health. Will continue on my employer’s qualified health plan till I retire in a couple of years. Then, it’s on to Plan N for sure.
Talk to an agent to be sure you handle Part B correctly while you are still working. If you do nothing you may find yourself subject to a lifetime penalty on your Part B premium.
Thank you. This is very informative. I would like to choose N, but because of my recent diagnosis of osteoporosis I am wondering if it would be wise to go with G.
Depends on how often you think you may have to go to the doctor due to osteoporosis. I wouldn't say it certainly means you need Plan G, but you will have to decide the amount of out-of-pocket costs you are comfortable with!
Good
Great video and excellent explanation!
My wife and I just signed up for Medicare and chose Plan N basically for the reasons you stated! Our Docs all accept the Medicare payment and excess charges are dwindling away. I spoke to my Doc about excess charges, he said and I see it as well that all individual Dr offices are being brought into larger systems and 'CPT codes are CPT codes'.
My sister has been under Plan N for 9 years and she just was charged an excess charge by a specialist in NYC who is part of a team of Docs treating her. The charge was $60 and this Doc at this point is the only Doc on the team to charge it.
Thanks for the feedback! That is interesting to hear that she was charged an excess charge in NYC. Any idea if it matched the 5% amount I discussed in the video?
@@GiardiniMedicare She lives in New Jersey so maybe that was the reason? I don't know how much percentage wise the bill was for. Apparently some tests were covered 100% but she received a bill for that $60. She knew we were looking at Medigap plans and she wanted to tell me about it, overall she has been happy with the plan. She actually had to pay the bill and she said Medicare and her supplement plan sent her a check very quickly!
Wow. Thank you. Well explained. I am picking Plan N. Do you cover state of Texas?
Thanks for watching! We do work in Texas, so if you want to schedule with one of our agents you can use this link: gmedicareteam.com/map/
I almost DIDN'T like and subscribe because I don't want "The Secret of Plan-N" to be popularized...we'll loose the price advantage, LOL! (But I did like and subscribe).
haha appreciate it, Dale!
Especially whereas a previous comment stated that he was going to be age 65 soon and has a shitload of health problems and is leaning towards plan N (He might regret that and in his situation most likely plan G will not be an option for him with all his health problems later on)
Happy I choose plan N for my
Husband. He has Dementia.
Leaning heavily to Plan N. No one really factors in an HSA account in the decision process, especially if there is a decent balance there.
Plan G sound better, just to avoid co-pays when visiting. Great comparison at the end, between Plan G and Plan N, about total potential lifetime cost differences. One thing that could be even more helpful, though this was great, would be: instead of just showing total potential savings after 25 years (age 90), also show at other points such as average life expectancy, or every 5 years. Thanks much.
Good idea! Thanks. We will definitely do an updated video in the future so I'll keep that in mind
Your estimated savings projections are missing one important item: as we age, we will most likely need to visit doctor more often, thus there will be more copays with plan N. That would reduce savings of plan N in the long term.
Yes, it’s impossible to know
While that is probably the case don't forget the difference in premium between N and G will continue to grow. In my state I would have to visit the doctor 24 times per year to break even. Six months in I have had only 4 co pays to pay, so I am on track for 8 visits for the year.
N.B. I have had 13 claims this year already most of which were to deal with a shoulder problem. Most of the visits were physical therapy which does NOT attract a co-pay. Follow-up visits to a doctor often don't attract a co-pay, Co-pays are for when a doctor diagnoses a condition, treatments following initial diagnosis typically do not attract a co-pay.
So yes you will get more medical attention as you age, but the number of visits that attract a co-pay will probably still be modest.
@@JeanPierreWhite - I didn’t know about what triggers the copays, thanks for the info. I still have 2 years to decide, so there still lots of learning to do. One thing I discovered is that plans often allow moving from plan G to plan N, but not vice versa.
Great information, plan N for me
A couple things still leave me uneasy with plan N. The first is the assumption that the law of averages will apply to me or my spouse. I am in good health right now and my spouse is in fair health. I don’t know what the future holds, but family traits suggest that the average expenses may not apply for me and my household. The second is that in order to realize the payoff benefit, you must live out the 25 years on your chart. At a minimum based on age of eligibility at 65, one needs to live to be 90. I have no guarantee that I or my spouse will live that long. So plan G still looks to be a more stable choice over all. Just my two cents.
Thanks for your personal input! Those same reasons are why most people still choose Plan G. But to be precise, for the payoff benefits, I only showed the savings over 25 years and how they grow. The savings begin in year 1 for the majority of people who choose Plan N.
Plan N for me and I’m an agent!
We would agree! Thanks for watching
I [age 68] go to Dr maybe 5 times a year and that includes eye dr so I think N will be for me unless they are very close in price.
I live in PA, so without the fear of excess charges I’m leaning towards plan N, but if I see a Dr. in NJ for example, could they charge excess me charges?
They could in NJ since it's based on where the services are done
YEP N for us in 2 years..ill just make sure to avoid excess charges on not go that Doctor
So what's a 'worst case scenario ' dollar wise ( give or take) that can be charged out of pocket for plan N excess charge? Because the cost for a procedure is still locked in by a standard medicate charge. So how much is 15% more for a crazy heart or cancer procedure starting from what Medicare allows?
Hate to give an unspecific answer, but it's really impossible to answer. In theory it would probably be tens of thousands of dollars for long term chemotherapy or dialysis treatments. However, in reality, we have never seen anything close to this and as far as we know, neither have any of our other broker colleagues.
Be aware that the 15% excess charge is applied to 95% of the medicare approved amount. So it ends up being less than 15% in practice.
I'm still thinking Plan Advantage. I think for 15 or 20 years, its likely that we will use medical care seldom (looking at our parents). However, after that, it would probably be nice to have plan G. That switchover thing is horrible. Can the difference in premium be put in an HSA for the next 20 years? Of course not, so being driven towards plan G for the same reason I never had a High Deductible Account when working -> too much risk before you can build up any decent balances in a HSA.
Nothing wrong with an advantage plans as long as you know the pros and cons compared to Medigap. They can be a great value for many people.
Did Plan N for 6 months until I found how CMS changed the plan guidelines. Many did not know this until they were billed. Clients need to be informed of plan changes. I went back to Plan G. I don't like wishy-washy stuff. But my state has the birthday rule so, I could go back if I had to.
Which guideline are you referring to?
If you move to another state or insurance drops are you still guaranteed plan insurance from another provider on plan N. Also I live in PA. There are no excess fees. Can I be excess fees when I am in another state
If you move with Plan N, you will get to keep your Plan N and you won't have guaranteed issue rights since you aren't losing coverage. Also, your insurance company can't drop you unless you don't pay your premiums, or the company itself goes bankrupt. If you don't pay your premiums, you wouldn't have guarantee issue rights, but the company going bankrupt would give you access to GI, but not for Plan N as you can see from Medicare.gov www.medicare.gov/health-drug-plans/medigap/ready-to-buy... Lastly, you could be charged excess charges outside of PA. Although, it is still very uncommon.
Do you work with NJ residents? Your site is saying you will pass on info to another company when I click that I am in NJ? Can I work with your company??
Send us an email at info@gmedicareteam.com and we will get you set up with an agent in our agency!
Plan N for us.
I believe that Minnesota also does not have excess charges.
That's correct. I did include them on the map of States that don't allow excess charges at the 17:07 minute mark of the video
No question. Plan G is the best.
If a VA dependent enrolled in champva, will Plan N supplement work? or is there a better choice?
A supplement is generally not necessary if you have CHAMPVA. You could stick with just Medicare and CHAMPVA or look at also enrolling in a Medicare Adavantage plan without prescription coverage
What's up with Wisconsin and Minnesota?
Wisconsin, Minnesota, and Massachusetts don't standardize Medigap plans by the usual plan letters. www.medicare.gov/health-drug-plans/medigap/basics
Can I switch from N to G later on? - What if I go to the doctor or EC 10 times a year and the ER 5x a year?
Unless you are in a state with unique underwriting rules like a birthday rule or an anniversary rule, if you want to change from N to G, it will depend on your health and ability to pass medical underwriting. Plan G would likely save you money if you go to the doctor and ER many times throughout the year, but that is the risk you take when choosing a plan!
Not every doctor visit will attract a co-pay and not all co-pays are $20. One co-pay I had at my family doctor was $14. The co-pay is $20 or 20% of the medicare approved amount, whichever is smaller. If the medicare approved amount is less than $100 you pay less than $20.
In the scenario you presented you might pay $200 in doctor co-pays and $250 in ER visits, worst case. One has to ask why would you visit the ER 5 times a year and all 5 times not get admitted? If that was the case the decision to go to the ER vs an urgent care facility is something you would have to ask yourself. In fact the $50 ER co-pay is designed to discourage unfettered use of the ER, which drives up medical costs and premiums.
On a plan G a patient can visit the ER as many times as they want and not incur any expense personally other than the $240 annual deductible, this encourages abuse of the ER vs using an urgent care facility. This is one reason why Plan G premiums tend to go up more quickly than Plan N. Even if you are responsible in the utilization of the ER, the other people in the same risk pool as you might not be and you end up paying for their indiscretion.
Makes sense if people pay for Plan G, they will have a tendency to 'abuse' it more therefore cause plan G monthly premiums to increase.
@@jr38499 Correct. An "all you can eat" type of plan will encourage consumption. The small speed bump of a $20 co-pay is designed to make patients consider the need to see a doctor without it discouraging genuine need for care.
@@jr38499 That was essentially why Plan F is no longer available for new enrollees
Question? Can someone change from plan G to plan N without underwriting review in Texas?
Outside of Medigap OEP, you would likely have to go through underwriting to make that switch in Texas. It is not one of the states with more lenient rules.
@GiardiniMedicare Thanks much. Great content, keep it up!
@@kathleenepugh9495 Thanks for watching!
I live in PA so I am leaning towards Plan N. I am concerned about Plan N not having guaranteed issue rights. I'm not sure what that means. Should I be concerned about this since I do have serious health problems. I am within my first 6 months of becoming eligible for Medicare.
The fact that Plan N is not a guaranteed issue plan, should be a benefit to you. During your 6-month open enrollment period you can get a Plan N with no health questions, but open enrollment is not the same as guaranteed issue rights. Instead, guaranteed issue rights are for people losing other coverage in specific situations. Generally people using guaranteed issue rights have more pre-existing conditions and health care needs, so them not being able to access Plan N without answering health questions, is a benefit to the overall stability of Plan N.
I know it's confusing, so if you want to connect with one of our agents in PA to discuss it more, you can use this link!: gmedicareteam.com/map/
@@GiardiniMedicare Thank you for your reply. I believe I am in the special enrollment period due to being laid off and losing my health insurance earlier this month. So can I get Plan N without underwriting? How long do I have to get it?
@@TR-ps2tw If you are new to Part B at age 65 or older, yes you will be able to get Plan N without underwriting. You have 6 months from the first day of the month you turn 65 to do this using your Medigap Open Enrollment Period. Page 14 of the choosing a Medigap policy talks more about the Medigap OEP: www.medicare.gov/publications/02110-medigap-guide-health-insurance.pdf
I’ve always chosen Plan G because I have MS. But I really only see my neurologist, every six months if things are going well. I’ve also had a stage three melanoma about 7years ago, so I have to see a dermatologist every 6 months. I see my GP every 6 months because of other common conditions such as blood pressure and cholesterol. However, if plan G and plan pay excess charges to participating providers, and all my providers are within the Riverside health system and under Riverside’s umbrella, wouldn’t I be just as well off with Plan N unless something happens and my yearly visits increase. How do I fill out a Plan N application to find out if they would even accept me now before re-enrollment time when I have to act?
Your logic is correct that Plan N could still work if you don't go to the doctor often due to your MS being under control, but of course, there is always a risk for the future! I'm unfamiliar with Riverside Health, but it looks like it is in Virginia. If you are also in Virginia, you likely don't have access to a unique birthday rule or another way to get Medigap coverage without health questions.
I, unfortunately, can't think of a Medigap plan that would accept you with MS. We will talk more about the process of changing Medigap plans soon in a new video. Still, we could try to connect you with a broker in VA to see if there is a way for you to change that we aren't aware of.
@@GiardiniMedicare Thank you for answering so promptly! Is it worth it to even look into Plan N if you don’t think that Plan N would consider me with MS? I’ve never had any problem with Plan G, so maybe in my case it’s best not to mess with what’s working for a relatively small savings. You agree?
@@christinechristinem2131 Unless there is a Medigap company in Virginia that will accept MS that we are unaware of, there isn't much reason to consider Plan N in your case. Plan G is still a great option anyways!
My union is offering a plan g without skilled nursing for free is this worth getting
Hard to say. Does it not cover any skilled nursing at all? Also, without covering skilled nursing it wouldn't be a Plan G
Do you have a feel for why the percentage of people selecting plan N has diminished over the years? The chart you showed demonstrated fewer and fewer people choosing plan N over Plan G. Why the shift?
That chart is misleading. Actually, Plan N is growing in popularity across the country as more people become aware of its benefits and overall cost value. Unfortunately, too many agents still recommend the Plan G because it is easier to explain and they get paid higher commissions, so they don’t mention Plan N at all.
@@MaryBethMcCoy I don't understand your position. If you look at the chart in 2012 55.9% of subscribers chose a plan N vs a plan G, but by 2022 that percentage dropped to only 14.6%. I understand that some (maybe even many) agents fail to mention Plan N, but Cameron said in the video even after explaining both Plan G and Plan N more of his customers choose Plan G. It puzzles me why Plan N went from being slightly more popular to infrequently chosen.
In addition the percentage of advantage plans has increased to the point now that Advantage is over half of the plans chosen today. So what that means is that Plan N is 14.6% of less than 50% of plans sold, so probably closer to 7% of all new enrollees each year. My fear is carriers will drop plan N due to lack of interest.
The fact that agents get paid a percentage of the premium means the more expensive plans will be favored. In addition to the agents I'm sure the carriers would prefer subscribers choose a more expensive plan. Commissions for Advantage are even more lucrative.
I suspect that carriers are incentivising the most profitable plans
Plan N finally saw a bump in enrollment percentage now in 2024, according to the most recently released data: www.telosactuarial.com/blog/med-supp-broker-sales-mix-2023-q4-review
Plan G is more popular generally due to the fact that most brokers still focus on Plan G, and many consumers still prefer to not deal with the copays and other uncertainties with Plan N.
@@GiardiniMedicare That's great news. I'm glad to see that popularity is improving.
I see some people are still buying plan F. That has to be very expensive, just because you can doesn't mean you should. Gosh.
Plan N for wife and I.
Plan N!
On plan n do you have pay anything for physical therapy
If you haven't met the Part B deductible, you must pay towards that. If your deductible has been paid for the year, you wouldn't have charges for PT if they don't use one of the CPT codes discussed in the video.
There is no copay for physical therapy visits. The only exception is the first visit, if they evaluate your condition and establish a treatment plan then that first visit may attract a $20 co-pay.
I had PT this year with plan N. Paid $20 for the visit to the orthopedic doctor, none of the PT visits had a co-pay. The doctor was quite smart. He set a follow-up visit after the planned PT sessions but told me, if you are doing well after the PT treatments cancel the follow-up with me. Which is what happened, he only wanted to see me again if PT failed.
Question: On Plan N can the up to $20 copays for Doctor visits or the up to $50 ER visit ever go up in the future?
I've been researching this for over a year as I was thinking about selling supplement plans, and I believe the answer to this question is no. When they want to change something about a plan they create a new lettered plan.
Although it has not happened since 2010 when Plan N was implemented, when looking at the federal register for the original Plan N guidelines, it does state "The NAIC expects to periodically review the co-payment levels for Medicare supplement Plan N and make adjustments to this regulation as necessary". This is on page 18823 on this document: www.govinfo.gov/content/pkg/FR-2009-04-24/pdf/E9-9272.pdf
@@GiardiniMedicare LOL! So that sounds like it is possible? Or even probable? 10 years from now THAT could be a concern.....No?
@@iluvmoney6767 I would say it is more possible than probable, but yes it is a risk. Thanks for bringing up the topic since more people should be aware of it.
@@GiardiniMedicare The fact there are over 18,000 pages is scary just by itself lol.
No Plan G versus Plan G-HD videos?
Not yet!
@@GiardiniMedicare
Hope You Would Do One On That!!!!!!❤❤❤❤
Do potential clients pay you for your service if we need it? If so what is the fee?..
Nope! It’s free
Great….I’m in NY do you have a link for me?
@@nav910dabb Our agents aren't licensed in NY, but we can connect you with an agency in NY that can help you if you use this link: mailchi.mp/gmedicareteam.com/m3r1w54p7z
Thanks so much!
Plan n here !! 3 years no inceases for me !!
Hopefully the same is true for this year!
Hi there, can I ask you what company that you have?
@@ItsMe-rr9nh Atnea
I thank you!
Can someone on plan N flip flop to plan G without medical underwriting - or some kind of penalty?
It's only possible to flip to Plan G from Plan N in a few states without medical underwriting. We will have a video soon about the full underwriting process.
@@GiardiniMedicare Thanks!
Plan N
How come Plan D is not as popular it is basically Plan G without the excell charge and plan N without the copay it is basically a hybrid between these two plans
Great question! The premium for Plan D rarely makes sense when compared to Plan G or Plan N based on the coverage you get
Plan D is not widely offered, even though it is a good plan.
Plan n
After watching the video I’m still leaning towards plan G for the security
Makes sense! Like we talked about in the video, most people choose Plan G.
Both plans are good. It is important to project into the future what the increases will be on both plans as you age. Many plans are attained age or community rated with age discounts and you will see the gap between plan G and plan N widen. This is assured to happen. In addition "product increases" to reflect medical inflation can also occur in addition to the increase at your birthday.
Projecting 15-20 years into the future will let you know if you can afford to remain on plan G or plan N long term. Affordability today is less important than affordability when you get to be much older and will likely have problems switching plans without underwriting should your plan become too expensive.
Why is Florida so expensive?????
In part due to the fact that the Medigap plans in Florida are issue-age rated.
Full of old people…
With Medicare cutting the amounts the doctors receive, whoa to say that doctors will begin charging excess charges thus making plan N more expensive.
That is always a concern, but we don't foresee that happening, and participating provider membership has continued to grow despite cuts.
Some providers have chosen to stop accepting new Medicare patients rather than impact their existing patients.
😂Sounds like another agent hating!
Hating what?
I find your presentation style confusing. There are many other Medicare consultants that are clearer.
Agreed! Plenty of other good options out there
Informative BUT better English would make it less annoying! For ex.: "Now, Medicare Part B, THEY would..." Unnecessary redundant (and incorrect as well as annoying) use of a pronoun.
Thanks!
Like everyone else who viewed this, I came here for info on medicare not an English class. Very informative.
The information he explains is what is important, not whether he uses a pronoun correctly.