Popular Supplement Plans
Though there are 10 standardized Medicare Supplement plans, some plans cover more costs than others. Medicare Supplement Plan G and Plan N are two of the most popular and comprehensive Medigap plans available. We’ll examine their features and benefits below.
Medicare Supplement Plan G
Medigap Plan G is one of the 10 available Medicare Supplement plans. Like other Medigap plans, it is offered by private insurance companies that are approved by Medicare. To enroll for Medicare Supplement Plan G, you must have Medicare Part A and Part B (Original Medicare).
Medigap Plan G helps to cover the remaining costs that are left behind from Medicare Part A and Part B. After receiving treatment through Medicare, Original Medicare will pay for the required medical expenses. This is known as the Medicare-approved amount. However, there are out-of-pocket costs that are to be covered by the beneficiary. Medigap Plan G can help to pay for some of these costs and the fees associated with Original Medicare.
Medigap Plan G covers the coinsurance and hospital costs for Part A up to an extra year after using Medicare benefits. Plan G also covers Part A deductibles, hospice care coinsurance, skilled nursing facility coinsurance, and Part B excess charges. It covers the first three pints of blood in a transfusion, Part B coinsurance/copayments, and 80% of foreign travel emergency care.
Plan G does have a high deductible option: High Deductible Plan G. Because of the high deductible, it has a lower premium than the standard Plan G. The annual deductible for this option is $2,370 (as of 2021). If you opt for this high deductible plan, you must pay this deductible first to begin receiving coverage from the plan.
Medicare Supplement Plan N
By purchasing Medigap Plan N, you can lower your out-of-pocket costs for Original Medicare. Medigap Plan N covers Part A deductibles and coinsurance, Part B coinsurance and hospital costs, the first three pints of blood in a transfusion, skilled nursing facility care and hospice care coinsurance, and 80% of foreign travel emergency expenses. However, Plan N does not cover the Part B deductible and excess charges.
Unlike Plan G, Plan N does not have a high deductible option. However, because of its coverage, it is considered one of the most comprehensive supplement plans. You can purchase Plan N during the Medicare Supplement Open Enrollment Period.
It is important to choose the Medicare Supplement Plan that suits your needs. At Bend Medicare, we can help you find that Medigap plan. Contact us today for more information.
