Understanding Medigap Plans G and N

life insurance costChoosing a health plan that not only includes all the essential health benefits and affordable life insurance costs can be tricky, but it’s one of the most important decisions you can make. In fact, roughly 86% of people agree that most people would require some amount of insurance coverage, most likely regardless of life insurance costs. And one of the most well-known avenues to that is Medigap. Medigap, also known as Medicare supplemental insurance, refers to various health insurance policy options available in the United States.

You’ve already read about the popular Medigap Supplement option: Plan F. Now it’s time to dive a little deeper into two different options. If you’re looking for a comprehensive Medigap plan, consider plans G or N. Here’s what you need to know about these two types of health insurance policies. Keep in mind, however, both Plans G and N offer all the same benefits of Plan F, but with a few exceptions.

Medicare Supplement Plan G
Fairly similar to Plan F, with the exception of a Part B deductible, Plan G is a great healthcare option. If you decide to purchase Medicare Supplement Plan G, you’ll need to pay the standard out-of-pocket costs that are included in Medicare Part B’s deductible, which was $166 in 2016. Plan G does cover Part B’s excess charges, though, and G (and F) are the only two Medigap plans to do so.

Excess charges are the differences in costs between a health-care provider charges for a medical service and the Medicare-approved overall amount. Without this option, patients who visit non-participating doctors can be charged up to 15% above what Medicare has initially approved for a covered service, which can be quite pricey.

Medicare Supplement Plan N
Mediap Plan N covers all the same benefits as Plan F except for Medicare Part B deductible and Part B excess charges. Though you would pay 100% of the Part B coinsurance in the majority of instances, there are a few exceptions, including paying up to $20 for certain office visits and a $50 co-payment for visits to the emergency room that do not result in an inpatient admission.

If you’re worried about health or life insurance costs, confused about the differences between Medicare Supplement plans, or just want to speak with an experienced professional, contact Bankers Fidelity right away.

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