Medicare Supplement Plans : How to Choose the Best Plan

Most people are worried about choosing the right Medicare Supplement Plan. With so many different companies and different rates and rate increases each year it can get pretty overwhelming. Our clients however are always in the very best spot with their Medicare insurance. I’m Russell Noga, independent broker and owner of now in our 10th year of business. And in this video I’ll show you how to choose a Medicare supplement plan and always be paying the lowest rates possible.

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Medicare Supplement Plans 2020 - Which is better: Plan F, Plan G or Plan N | Medicare Supplement

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Now if you’ve seen any of my videos before you know I like to make things easy. Medicare doesn’t have to be nearly as confusing as most people think. For example, when it comes to Medicare Supplement Plans, it’s not hard at all. Here’s the easiest way to choose a Medicare Supplement Plan and not overpay.

1: Pick which plan letter you think fits your needs the best, there’s only 10 different plans to choose from.
2: Shop every company in your area, as well as their rates, because they all charge different rates for the exact same coverage.
3: Next, enroll with a company and hope to God you’re not overpaying.
4: And then finally, do the same thing every year because you are going to get a rate increase.

Wait, that doesn’t sound very easy at all, does it. That’s because it’s not. In fact every week we talk with people who have spent hours trying to do this on their own and finally let us help, and they’re thrilled that they did. And if you call an insurance carrier directly for help do you really think they’re going to tell you there’s a lower rate with another company?

Now when it comes to Medicare Supplement coverage there are just three different plans that most people enroll in. The plan letters that make the most sense are Plan F, Plan G, and Plan N

First, there’s Medicare Supplement Plan F.
For years Medicare Supplement Plan F was the most comprehensive plan available. Provides 100% of the gaps in Medicare, meaning you get no medical bills.

Now Plan F is also one of the most expensive plans out there, it typically has the highest rate increases, and in 2020 this plan is no longer being offered to people new to Medicare on January 1st 2020 and beyond. But I don’t recommend Plan F even if it wasn’t going away!

But then there's Medicare Supplement Plan G.
Now Plan G is becoming one of the most popular plans now, particularly 'cause of the changes to Plan F, and it’s the plan we’re enrolling most of our clients in. Now Plan G is by far the most popular plan now. It has the same coverage as Plan F, except for just one small deductible that you need to pay first. This is called the annual Part B Deductible and for 2019 the deductible amount is $185.

Now one more option that's also very popular is Medicare Supplement Plan N.
With Plan N, you actually pay lower monthly premiums that even Plan G but there are some additional expenses you might have when you use the coverage. For example, with Plan N, you pay the same annual deductible that you do on Plan G. Again this year that’s $185. Now remember with Plan G after you meet the deductible, that’s it! Plan G pays 100%.

Well with Plan N, after you meet the deductible you might have a co-pay for each doctor’s visit. This co-pay will never be more than $20, it’s not even guaranteed you’ll get one. It just depends on what you’re going to the doctor for.

Also with Plan N, if you visit the emergency room and you’re not admitted there’s a $50 co-pay. And it also doesn’t cover what’s called Part B Excess Charges. Now what means is if your doctor doesn’t accept the assigned rates from Medicare they can charge you a small percentage extra. The thing is over 90% of all doctors in this country don't charge any extra and take assignment from Medicare. In fact in the last 10 years I’ve never had a client tell me they’ve gotten an excess charge.

So with lower premiums than Plan G, Medicare Plan N is great coverage for people who are healthy.

So which plan is best for you? Well let’s just get on a quick call and we can discuss your particular situation and we can narrow it down pretty easily. Most of our clients do go with Medicare Supplement Plan G, as I mentioned.

I can be reached at 512-402-7902 and I look forward to helping you with your Medicare supplement insurance today.

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