馃攳
Plan G vs Plan N - Which Medigap Plan Saves You the Most Money? - YouTube
Channel: Boomer Benefits - Medicare Expert
[0]
have you been comparing benefits between
[1]
Medigap plans and wondering if you can
[4]
save money with plan n if you have
[6]
you're not alone it's one of the plans
[8]
that we get the most inquiries about hi
[10]
there if we haven't met yet I'm Danielle
[12]
kunkel Roberts co-founder here at boomer
[14]
benefits and a member of the Forbes
[16]
Finance Council in this video we'll go
[19]
over the differences in benefits between
[21]
plan N and plan G we'll talk about how
[24]
those differences could affect you
[25]
personally what the potential rate
[28]
differences are and what things you need
[30]
to consider when deciding which Medigap
[32]
plan might be the best fit for you stay
[35]
tuned so that you can find out how to
[36]
get our medigap plan g vs. plan and
[39]
comparison guide which will give you at
[41]
a glance helpful information about both
[43]
plans to help you decide and if you find
[46]
this video helpful don't forget to hit
[48]
the subscribe button so that you'll
[49]
always be notified when we drop a new
[51]
video on the boomer benefits youtube
[53]
channel many of these videos give you
[56]
important updates on upcoming Medicare
[58]
election periods which you certainly
[59]
won't want to miss
[62]
[Music]
[67]
first let's talk numbers the rates for
[70]
Medigap plans vary widely across the
[72]
United States plans in New York and
[74]
Florida for example can be nearly double
[76]
the rates in some of the least expensive
[78]
medigap states rates vary based on the
[81]
cost of health care in the area in which
[82]
you live and they also vary by your age
[85]
gender zip code and eligibility for
[87]
household zip codes so it's difficult to
[89]
generalise it
[90]
however in running some numbers we can
[93]
say that plan and premiums are generally
[95]
around fifteen to thirty dollars a month
[97]
cheaper than plan G in most areas there
[100]
are some limited exceptions in certain
[101]
high premium states like Connecticut
[103]
where you might find a premium
[104]
difference of around fifty to sixty
[106]
dollars a month currently now plan and
[109]
has fewer benefits of plan G so you have
[111]
to consider the benefit differences
[112]
between the two plans as well as your
[114]
own personal medical usage to determine
[117]
which plan might be a better fit on plan
[119]
G the only thing you pay out-of-pocket
[121]
is the once annual Part B deductible on
[124]
plan n you pay that same deductible but
[126]
you also pay up to $20.00 per doctor
[128]
office visits and up to $50 for
[131]
emergency visits you pay for your own
[133]
excess charges - and excess charges a
[136]
balanced bill that a medical provider
[138]
can send you if that provider does not
[140]
accept Medicare's assigned rates they
[143]
can bill you up to 15% more than
[145]
Medicare's allowed rates it's important
[147]
to also mention that there are a few
[149]
states where excess charges are
[150]
prohibited by law
[151]
so in those states the only difference
[153]
between plan G and n are the co-pays
[155]
that you pay for medical and emergency
[157]
visits we covered these in the free
[159]
guide that would be giving away at the
[161]
end of the video so stay tuned for that
[166]
now if I were you here's how I would
[170]
make this decision for myself if I were
[172]
a person who almost never goes to the
[174]
doctor and enrolling in plan and would
[176]
save me fifteen to thirty dollars a
[177]
month then I might consider plan and if
[179]
my budget were really tight however if
[182]
I'm a person that has a medical visit
[184]
every month that's going to cost me $20
[186]
then that one medical visit is going to
[188]
pretty much negate most of my premium
[190]
savings for plan an especially when I
[193]
consider that non-participating Medicare
[195]
doctors can also balance filming lastly
[197]
if I'm a person with two or more doctor
[199]
visits per month let's say I have a
[201]
chronic health condition then plan G
[203]
will absolutely save me money because
[205]
otherwise I would rack up too many
[207]
co-pays on plan end and it would end up
[209]
costing me more money per month than
[211]
plan G because of my heavier medical
[214]
usage so that's me giving you my own
[216]
opinion on how I would break it down and
[219]
what I would do if I were in your shoes
[221]
I'll also share with you some feedback
[224]
that we have from our own policyholders
[226]
here at boomer benefits some of our
[229]
clients who choose plan and at first
[230]
call us back later and want to change to
[233]
plan G because all of the co-pays and
[235]
the little balanced bills begin to annoy
[237]
them they decide that they would rather
[239]
pay slightly more to just eliminate that
[241]
hassle altogether now remember you can
[244]
avoid the access charges by simply
[246]
asking your providers upfront if they
[248]
accept Medicare assignment and then just
[251]
refuse to treat with any doctor that
[253]
doesn't accept Medicare's allowed rates
[255]
but the reality is that people often
[257]
forget to ask or they might remember to
[259]
ask their doctor but not their lab
[260]
facility and BAM an unexpected balance
[263]
bill lands in your mailbox so when
[266]
you're considering all the factors your
[267]
total monthly premium savings your
[269]
medical usage and whether or not you'll
[271]
be diligent enough to always ask about
[273]
assignment these are the things that can
[276]
lead you to deciding which plan is right
[278]
for you we also hear a lot of people
[280]
speculating that plan and rate increases
[284]
might be lower than plan G rate
[285]
increases after 2020 because people
[288]
coming off large employer plans will be
[290]
able to get plan G with no health
[292]
underwriting under guaranteed-issue
[294]
rules when on the other hand doesn't
[297]
qualify for guaranteed-issue
[298]
when coming off other coverage that
[301]
means that it will require medical
[303]
underwriting to get approved for plan n
[305]
unless you have just activated Part B
[307]
and in your in your one-time Medigap
[310]
open enrollment window so the theory is
[312]
that there may be a healthier group of
[314]
people on plan n which could maybe make
[317]
for lower rate increases on that plan in
[318]
the future I can neither confirm nor
[321]
deny this because it remains to be seen
[323]
we hear speculation like this on a
[325]
zillion things with Medicare and I've
[327]
learned never to believe it until we see
[329]
proof of it happening my advice until
[331]
that is to make your decision based on
[332]
what we know for a fact right now and
[334]
not what might maybe happen someday do
[338]
you have a question about how plan and
[340]
coverage works feel free to drop it in
[342]
the comments below this video and we
[344]
will of course answer for you and don't
[346]
forget to download our free medigap plan
[349]
g vs. plan and comparison guide you can
[352]
find the link for that in the
[353]
description below the video look for the
[356]
boomer benefits logo below this video
[358]
and click the show more link to see the
[361]
notes you'll find the link for the guide
[363]
in there thanks for watching and we'll
[365]
see you in a future video
[368]
[Music]
[374]
[Music]
Most Recent Videos:
You can go back to the homepage right here: Homepage