Thinking Of Switching from Medicare Plan G to Plan N? Here’s What You Need to Know

If you have a Medicare Supplement plan, you already know that these plans help cover the gaps left by Original Medicare (Parts A and B), such as deductibles, coinsurance, and copayments. Medicare Plan G and Plan N are both popular choices, but they offer different benefits. If you're thinking about switching from Plan G to Plan N, here’s a simple guide to help you decide.

What’s the Difference Between Plan G and Plan N?

1. Premiums:

   • Plan N usually comes with lower premiums than Plan G, making it an attractive option for those looking to save on monthly costs.

2. Copayments:

   • With Plan G, there are no copayments for doctor visits or emergency room visits.

   • Plan N requires copayments: typically $20 for office visits and $50 for ER visits (unless you're admitted to the hospital).

3. Excess Charges:

   • Plan G covers Part B excess charges, which are the extra fees a doctor may charge over the Medicare-approved amount.

   • Plan N does not cover Part B excess charges, so if a doctor charges more than Medicare allows, you’ll have to pay the difference.

     
     

Why Consider Switching to Plan N?

1. Lower Premiums:If you're looking to reduce your monthly costs, Plan N can offer significant savings on premiums compared to Plan G.

2. Solid Coverage:Plan N still covers the important gaps in Medicare, like hospital costs and skilled nursing care and the Part B 20% coinsurance. The trade-off is that you’ll pay some small copayments for doctor visits and ER care and any Part B excess charges.

3. More Affordable Option for Healthy Seniors:If you’re healthy and don’t visit the doctor often, the savings from Plan N may be more than enough to cover the occasional copayment.

   
   

Things to Consider Before Switching

1. Underwriting:Switching plans may require medical underwriting. This could impact your eligibility or premiums, depending on your health status.

2. Your Healthcare Needs:If you have frequent doctor visits or anticipate needing emergency care, Plan G might still be the better option due to its no copayment feature. If you're in good health and don’t need frequent care, Plan N’s lower premium could be a great fit.

3. Out-of-Pocket Costs:While Plan N has lower premiums, you’ll need to pay the copays and potentially excess charges. Make sure you’re comfortable with these out-of-pocket costs before switching.

   
   

Should You Switch?

Switching from Plan G to Plan N can be a smart way to save money if you’re comfortable with paying small copays for visits. It’s a great option for healthy seniors who want to keep their costs down without sacrificing comprehensive coverage.

At Four Oaks Medicare Planning, we specialize in helping you find the best Medicare plan for your unique needs. Contact us today and we will walk you through it!