Medicare Plan G and Plan N are both popular Medicare supplement insurance plans, also known as Medigap plans. These plans are designed to work alongside Original Medicare (Part A and Part B) to help cover out-of-pocket costs such as deductibles, coinsurance, and copayments. Here’s a comparison of Medicare Plan G and Plan N:
Medicare Plan G:
- Coverage: Plan G offers comprehensive coverage. It covers almost all of the gaps in Original Medicare except for the Part B deductible. This means it covers your Part A deductible, skilled nursing facility coinsurance, Part A and Part B coinsurance or copayments, and more.
- Part B Deductible: The only cost not covered by Plan G is the annual Part B deductible. Beneficiaries are responsible for paying this deductible themselves before the plan starts covering their Part B costs.
- Predictability: Plan G provides more predictable costs because once you’ve paid the Part B deductible, you typically won’t have many additional out-of-pocket costs for Medicare-approved services during that year.
- Premiums: Premiums for Plan G tend to be higher than some other plans, like Plan N, due to the comprehensive coverage it offers.
Medicare Plan N:
- Coverage: Plan N provides similar coverage to Plan G, but there are a few differences. Plan N covers your Part A coinsurance and hospital costs, Part B coinsurance or copayments (except for a copayment of up to $20 for some office visits and up to $50 for emergency room visits that don’t result in an inpatient admission), and more.
- Cost Sharing: With Plan N, you may have some cost-sharing in the form of copayments for certain services. This can include up to a $20 copayment for office visits and up to a $50 copayment for emergency room visits (that don’t lead to an inpatient admission).
- Part B Excess Charges: Plan N doesn’t cover Part B excess charges, which are additional charges that some doctors and providers may charge beyond the Medicare-approved amount. Beneficiaries are responsible for paying these excess charges themselves.
- Premiums: Premiums for Plan N are generally lower than those for Plan G due to the cost-sharing elements and the fact that it doesn’t cover Part B excess charges.
When deciding between Medicare Plan G and Plan N, it’s important to consider your individual healthcare needs, budget, and preferences. If you’re willing to pay slightly higher premiums for more comprehensive coverage and a more predictable cost structure, Plan G might be a good choice. On the other hand, if you’re looking for lower premiums and are comfortable with some cost-sharing for office and ER visits, Plan N could be a suitable option. It’s recommended to compare the plans’ benefits, costs, and your own health situation before making a decision.