Medicare Supplement Plans
Medicare Supplement plans help you cover costs with Medicare A & B. They are standardized and regulated by Medicare and must cover Medicare approved services and care. Each plan is represented by a letter, which means the amount of coverage you get. The coverage for any particular letter plan is exactly the same at each insurance provider that offers it.
The chart below shows you the coverage for the two most popular Medicare Supplements; Plan G and Plan N.
| Part A & B Costs | Plan G | Plan N |
|---|---|---|
| Covers All Part A Hospitalization And Nursing Facility Deductibles & Co-insurance | Yes | Yes |
| Provides 365 Additional Lifetime Hospital Days Paid At 100% (Over And Above Medicare) | Yes | Yes |
| Covers Part B 20% Co-insurance? | Yes | Yes |
| Covers Part B Deductible | No | No |
| Covers Part B Excess Charges (Amounts Billed By Doctors Over Medicare’s Fee For Service) | Yes | No |
| Are There Co-Pays After Deductible? | None | $20 Doctor / $50 Emergency Room |
| Your Annual Out Of Pocket Liability For Part A & B Medical Expenses | Part B Deductible Only Which Is $226 Per Year In 2023 Zero Liability After Deductible | Part B Deductible, $226 In 2023 $20 Doctor Copay / $50 ER Excess Charges If They Occur |
*Medicare Supplement Plan F, which covers all Medicare costs, is still available for those who started Medicare prior to January 1st 2020. Inquire with us for details.
Medicare Supplement Plan Descriptions
Medicare Supplement Plan G
Medicare Supplement Plan G is currently the most supplemental coverage available, giving you simplicity and very low out of pocket liability for medical expenses. Plan G Covers all costs with Medicare except the annual Part B deductible. The annual Part B Deductible is $226 a year in 2023. So, if you have a Plan G policy, the annual Part B deductible is the only medical cost you are liable for. You have no copay’s or co-insurance after the deductible. Plan G is the best option for those who want the most coverage with Medicare and don’t mind paying a little bit higher monthly premium.
Medicare Supplement Plan N
Medicare Supplement Plan N is very similar to Plan G and is known as the value Medicare Supplement. It provides good coverage at a lower monthly premium than Plan G. With Plan N, just like Plan G, you are responsible for the annual Part B deductible ($226 a year in 2023). After you meet your annual deductible, Plan N has copays for doctors and the emergency room, whereas Plan G does not. There is one more difference in coverage. Plan N does not cover Part B “Excess Charges” if they occur. These are costs when a doctor bills over the fee Medicare pays them for their services. Part B Excess Charges are typically rare and when they do, they are minimal. Plan N is a good option for those who want good coverage but also keep their monthly premium as low as possible.
