The ultimate showdown: Medicare Plan G vs Medicare Plan N
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- čas přidán 3. 05. 2024
- In this video, we break down the ultimate showdown between Medicare Plan G and Medicare Plan N. Learn the differences, advantages, and which plan may be best for you.
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I am Keith Armbrecht founder of Medicare on Video and I help people across the country make the right Medicare choices.
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✔️Difference between Plan G vs Plan N
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Three years ago, I opted for Plan G high deductible. Only $48/mo. Since I do not go to dr often and pretty healthy, I did not want to pay high premiums up front for no deductible. I have already saved $7k in premiums.
Even if you have a catastrophic year, you have still saved more in premiums than you would pay in the annual deductible!
Thank you for sharing this. It helps people like me who are trying to decide.
@@NoMoreTears64 - You are welcome.
I went with regular A & B and plan N, which I found to be very reasonable and don't mind paying those small copays . Thank you for a great and informative video for those still researching on which way to go .
Thanks for your input!
Happy to help! Plan N is a great choice!
Another way to look at High Deductible G, is that the deductible starts at $2800 minus the premium savings. In my wife’s case she saves $1400 per year on premiums, so the true deductible is $1400. AND the “deductible “ is also a copay most of the time, not a true deductible except when being admitted to the hospital. So far she is saving hundreds of dollars per year, yet still getting care.
I always tell people, aside from a hospitalization, you are unlikely to hit the deductible during the year. Even if you have a catastrophic year and hit the deductible, you have likely saved so much in premium over the years to offset the amount.
I'm on plan G and I'm keeping that over plan N for at lease this year. I'm in Missouri and we're one of the states that allow an annual premium adjustment from the insurer and also allows me to shop price annually. So, my insurer gave me a 15% increase this year but Keith's team was way ahead of them. My rep, Julia Jones called me even before I got the increase notification in the mail and told me it looked like it was coming. She was right and she already had a different insurer that has a rate only $2.00 per month over what I was paying. We made the change and canceled the one with the higher rate.
I was happy with that but Julia also pointed out that I can shop price annually if I want and shes happy to help with that. I can look for the best plan G price each year or if I wanted I could downgrade to plan N for a even lower price. I think there are some medical questions if I wanted to go back to G later but I'm healthy so that's not a problem. For this year I have a good price on plan G and I happy where I'm at. It's great to have this team looking out for me. Thanks Julia!
for me, it`s N all the way!
It's a fantastic choice!
It depends on how often you have to see doctors. My spouse, who has a chronic health issue, sometimes has three doctor appointments within a week.
If you have enough copays to cover the difference in premium and then some, Plan G is absolutely a better option.
Excellent! Thanks sir!
Very welcome!
Great explanation, thanks…
Happy to help!
My wife and I both went with a plan N, we live in PA and also see Dr in Ohio, both states do not permit excess charges, but the biggest selling point for us was the N plan saved us saved us over $900.00 in premiums for the year. after 3 years both premiums together still only cost us $164.00.
Same here. We live in southwest Pa. We both chose plan N and our premiums together are $171.00. Very happy with plan N.
Absolutely. The premium savings is a huge factor, and although excess charges are uncommon, it is beneficial to never have to think about them in your state!
The Plan N copay doesn’t start until after the Part B deductible is met, which takes a couple of doctor appointments.
thank you
You're welcome!
I live in Florida. Whenever I hear you say average Supplement premiums I have to laugh because they are so much higher here -
Plan G: $221
Plan N: $161
Plan GHD: $67
I'm in average health for a 65 yo male and really need to save money, but I'm concerned about the GHD deductible if I become chronically ill and max it out every year. Plus it will increase each year based on unknown future CPI-U inflation rates.
Given these premiums, I've eliminated G, but would N or GHD make more sense in the long-term?
How do premium increases compare between Plan N and HDG?
Typically lower increases than you would on a Plan G, because the plan has more out-of-pocket which leads to less over-utilization.
I have tricare ..what you suggest?
Tri care for life is the best . You shouldn't have to pay . Part of serving in military
Does the 20.00 co pay for doctor on Plan N, count towards the Plan N deductible or the Plan B deductible?
The only deductible on Plan N is the Part B deductible, it does not have a separate Plan N deductible. The copayments do not count toward the deductible, as the deductible is met before copays begin. Hope that helps!
@@MedicareonVideo That helps a lot thank you! One more question, how does the average premium increases compare between Plan N and HDG?
Do excess charges accrue on tests like mri or hospital fees? My experience (not yet on medicare) is that 15% of those could be serious money
Excess charges can apply to anything that is billed as "outpatient." I agree that 15% could be a lot on certain procedures, but about 93-97% of providers accept assignment, so still very rare you will encounter an excess charge.
@@MedicareonVideo and only on Medicare approved amounts I believe?
Plan G costs over $300 a month in NYC. Plan N costs around $250 a month. Plan GHD costs $70 a month with $2,800 deductible annually... So, if you don't see a doctor every other day, or don't end up in a hospital, plan GHD makes sense in NYC.
Yes, I am a big proponent of GHD in NY!
That range in costs is not correct for here in NY. It is a lot higher for my zip code!!!
NY is very different than most other states, which is why I almost always recommend GHD in NY.
If you decide to go with Plan N can you switch to Plan G later?
Depends where you live, but in most states you would need to go through medical underwriting in order to switch plans. As long as you are generally healthy, underwriting is pretty standard.
Do you think there is any truth to the rumor that more doctors are going to opt out of Medicare assignment due to low re-imbursement rates by the insurance companies so they can start billing the 15% excess charge? I could foresee this being a potential issue with plan N
I've researched this quite a bit and I don't think so for most doctors. Medicare has incentives for doctors to accept assignment. Medicare pays these doctors 5% more and they handle forwarding claims to your supplement plan. The net result is doctors would only get 9% more (15% on the 5% lower Medicare payment) and they would have higher administrative costs for billing supplement plans. Also, they'd probably lose a lot of Medicare patients to doctors that do accept assignment.
Thank you for the response. I ended up going hdG, not sure where any of them will end up down the road. We can only hope we chose correctly.@@dennislaplant95
My concern is with Medicare constantly being robbed of money to pay for other government programs, will more doctors begin to charge (excess charges)
It seems unlikely. Some providers, like Mayo Clinic, have actually done the opposite and began accepting Medicare Assignment within the last few years.
What about the primary doctors. They only now receive about 20% of what they charge now. So many of my neighbors are scheduled for doctor visits every 3 months. I believe the offices do this to make up for the loss of income from Medicare.
I tried to find something different than my plan g but I was told no because I have an chest anusyseum
Underwriting can make changing plans difficult depending on the state you live in.
Too fucking complicated. I despise the insurance system.
Just watch several of these types of videos and it will become clear to you soon enough. I do agree Medicare is a bit complicated but once you are in it goes pretty smooth.