Medicare Supplement Plans
A Medicare Supplement insurance plan, also known as Medigap, is an insurance you can buy that helps pay for the out-of-pocket costs Original Medicare doesn’t cover. There are ten different supplemental plans to choose for coverage. Plans are referred to by letters. The three most purchased plans are Plan F, Plan G and Plan N.
The Three Most Common Medicare Supplements
Medicare Supplement Plan F
This Medicare Supplement takes care of the 20% that Medicare does not completely pay. The benefit of this plan is that clients do not have any copays or deductibles. This is full coverage. Some clients refer to this plan as “walk in and walk out”. Plan F is only available to individuals that were Medicare eligible prior to January 1, 2020. In general, a person with Plan F should have no out of pocket expenses for Medicare approved services.
Medicare Supplement Plan G
This Medicare Supplement looks identical to Plan F with one exception. Clients have to pay the Medicare Part B annual deductible. After clients have met the deductible, this plan is identical to Plan F. The Part B deductible for 2023 is $226.
With this plan, clients are responsible for the first $226 of expenses for any outpatient medical care. The total out of pocket cost for Medicare approved services would be the Part B deductible. That would mean a total out of pocket of $226 for 2023.
Medicare Supplement Plan N
This Medicare Supplement plan has a few differences when compared to Plan F or Plan G. With Plan N, clients pay the $226 Part B deductible just like Plan G. After an individual has met the $226 deductible, he or she must also pay “copays”. Copays can be no more than $20 per doctor’s visit. There is a $50 copay for an Emergency Room visit. This $50 is waived if the individual is admitted to the hospital.
Plan N does not cover Part B excess charges either. These excess charges come into play if the doctor you are seeing does not accept Medicare assignment. The yearly out of pocket expense for Medicare approved services would be the $226 and a possible copay for a doctor’s visit.
