Medicare 101

The right Medicare Supplement Insurance plan could help you save money!

Christian Worstell

by Christian Worstell | Published April 30, 2020 | Reviewed by John Krahnert

Are you 65 or turning 65 soon? You may qualify for a Medicare Supplement Insurance plan to help cover some of your Part A and Part B out-of-pocket costs. And certain plans (like Plan G or Plan N) will help cover most of your Medicare out-of-pocket costs, including your Part A deductible, coinsurance, and hospital costs and your Part B coinsurance or copayment. 

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Plan G Vs. Plan N

Plan G helps pay for more Medicare out-of-pocket costs than any other plan available to new beneficiaries in 2020. 

★ If you want more coverage for your Medicare out-of-pocket costs, even if it means higher monthly premiums, Plan G may be a good fit for you.

Plan N provides the same coverage as Plan G, except it does not cover your Part B excess charges. Because of this, Plan N may have lower monthly premiums than Plan G. (Plan N also includes a $20 copayment for certain doctor office visits and a $50 copayment for emergency room visits that don’t require an inpatient hospital admission).

★ If you want a plan comparable to Plan G with the potential to save money on your monthly premiums, Plan N may be right for you.

The truth about Plan F

There has been a lot of buzz going around about Medicare Supplement Insurance Plan F going away in 2020 – but that isn’t the whole story. 

It’s true that Plan F was discontinued, but only for Medicare beneficiaries who became eligible for Medicare on or after January 1, 2020. So If you became eligible for Medicare before January 1, 2020, Plan F may still be available to you. 

★ Plan F helps pay for everything Plan G does, PLUS it covers the Medicare Part B deductible ($198 in 2020). 

This means that if you qualify for Plan F, your Medicare Part A and Part B out-of-pocket costs could be as low as $0 per year!1

 

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Christian Worstell is a health care and policy writer for MedicareSupplement.com. He has written hundreds of articles helping people better understand their Medicare coverage options.

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