Today’s article is again very important as I will fully explain the top Medicare Supplement (aka Medigap) Plans for 2024. If you are currently enrolled in Medicare and considering different options, or if you are approaching Medicare eligibility, this article will help you to a great extent to gain full information about Medicare and its different plans and different changes in 2024. Today, I will specifically explain following three most famous Medicare plans:
THREE MOST FAMOUS MEDICARE PLANS
We will have a close look at Medicare plans i.e., G, N & G High Deductible. I will also explain how they work and help you determine which plan might be best for you. Detailed information about these three plans is as follows:
Medicare Supplement Plan-G
It is pertinent to mention here that ever since Medicare Supplement Plan F stopped being offered to any newly eligible Medicare beneficiaries as of the Year 2020, Plan G has become the most comprehensive Medicare Supplement Plan. On this plan, you are responsible to pay your Medicare Part B deductible. This is a set deductible that changes every year and in 2023 it was $226 per year, which will probably change a little bit for 2024. So, on Plan G after you have met that deductible, you have 100% coverage for all of your medical and Hospital services. So, you are not going to pay anything else out of pocket.
There are no other deductibles or co-pays if you have Medicare Supplement Plan G. It is very comprehensive coverage and because of that it is typically one of the most expensive Medicare supplement plans. Therefore, you will have to pay a higher monthly premium for it.
Medicare Supplement Plan-N
The next most popular plan is Medicare Supplement Plan N, this plan is very similar to Plan G, but there are a few differences. On Plan N, you also have to meet the deductible just like on plan G. But after you met the deductibles on Plan N, you may still pay co-pays for things like doctor’s office visits or an emergency room visit if you are not admitted to the hospital.
Those co-pays are up to $20 for doctor’s office visits and capped at $20 up to $50 for an Emergency Room visit and capped at $50 for that. So that’s the first thing that makes Plan N a little bit different is you do have that co-pay responsibility for certain office visits. The next thing that makes Plan N a little bit different is that Plan N does not cover Medicare Part B excess charges. Now Medicare Part B excess charges are extremely rare and highly unlikely.
The other thing that makes Plan N different is because you do have this little bit more potential for out-of-pocket exposure. On Plan N, you will often see that the Plan N Monthly Premium Costs are going to be lower than on Medicare Supplement Plan G.
Medicare Supplement Plan-G High Deductible
Plan G High deductible also has a high deductible version and currently the deductible on this High deductible Plan G is $2,700 per year. In Plan G, you pay the Medicare cost share for your Part A and B Services, so you pay the Medicare part A deductible if you go into the hospital and pay the Medicare Part B deductible for medical services. You pay your Medicare Part B 20% co-insurance and you pay any other Medicare part A or B co-insurance or cost share amounts, until you have gotten to that high deductible. At that point the high deductible Plan G kicks in and covers you at 100%.
Other thing you should keep in mind that when you are choosing your Medicare Supplement Plan, in most states these plans are Medically Underwritten Plans. A medically underwritten plans are that the insurance company can ask you a series of health questions. They can also look at your health history and based on how you answer the health questions, or what they find in your health history they could deny your application for coverage.
However, if you are new to Medicare they will never do this, as everyone gets a six-month window based on their Medicare Part B. Effective date in which they can apply for any Medicare Supplement Plan with any company and they will always be approved after that window closes. You may have to pass through medical underwriting if you want to get a new Medicare Supplement Plan or if you want to change your Medicare Supplement Plan and that goes for changing from one insurance company to another or changing from one plan to another medical underwriting may apply.
It is further added here that there are a few states that have some special guaranteed issue rules so in those States you may not have to pass through medical underwriting. But again, in most states if you ever want to change your, it is likely that medical underwriting will apply. So, when you are choosing a Medicare Supplement Plan, you should keep in mind not only your needs today and what your health is like today but what it might be in the future. You should also keep in mind if you have a family history of certain chronic conditions that may prevent you from passing through medical underwriting to change your plan later on.
Another important thing to note is that these benefits are always exactly the same, no matter which insurance company you choose. These plans are standardized, so the benefits of Plan N with Blue Cross Blue Shield is going to be the same exact Plan N as it would be with United Healthcare. For example, let’s say the benefits are always the same but the different insurance companies can charge you different premiums for that same exact plan. And additionally, the different insurance companies can raise your rates at different percentages every year. So, just as important if not more important than which plan letter you choose for your medic Gap plan is which insurance company you decide to go with for your Medicare Supplement Plan.
Non-Network Plans
It is pertinent is added here that that these plans are Non-Network Plans. For example, if you choose Etna for your Medicare Supplement Plan, you do not need to go to Etna doctors and you can go to any hospital/doctor you choose to. Moreover, these Medicare supplement plans are secondary to traditional Medicare benefits so when you go to the doctor Hospital, all you need is to show them your red white and blue Medicare card and you can always go to any provider who accepts traditional Medicare. Even if that doctor says they do not work with Etna and you have an Etna Medicare Supplement Plan that is supplementing your traditional Medicare benefits they will still take your plan because they accept traditional Medicare so that is one thing that’s true on any Medicare Supplement.
No need of Referrals
Moreover, it is also important to note that you will never need referrals to see a specialist on these plans, so you do not need any prior authorization and your doctor working on your treatment plan, as long as Medicare approves the service it will always be covered by your Medicare Supplement Plan. Another thing about Medicare supplement plans is that the benefits never change. So, if you sign up for say a Medicare Supplement Plan G this year the benefits of that plan will never change, in fact they are guaranteed renewable for life so that means that you will always keep your same Benefit Plan G for as long as you want to, as long as you continue to pay your plan premium so in 2024. The top Medicare supplement plans that most people choosing to enroll in are Plan G, Plan N or Plan G High deductible.
States where Medicare Part B Excess Charges are Illegal
When it comes to Medicare Part B Excess Charges, they are illegal in a few States including Connecticut, Massachusetts, Minnesota, New York, Ohio, Pennsylvania, Rhode Island and Vermont. So, in these States there never going to be an issue.
Medicare and Social Security
Though Medicare and Social Security are two different federal programs, but they have several things in common. Most of the people who are Medicare also receive Social Security Benefits. It is important to note that not all people are eligible for both programs. They can be eligible for one but not for the other. For example, you can claim Social Security benefits when you turn 62 but you cannot get Medicare before you are 65.
Conclusion
In today’s article, I explained everything about Medicare, specifically its three plans i.e. Plan G, N and G High Deductible. So, if you are trying to decide between these plans, you should carefully read this article and try to understand that which plan is best for you.
Thanks for reading my article and if you have any further questions, please feel free to contact me and leave the same in the comment box below. I will respond to you as soon as I could, please.
FAQs
Q. What is eligibility for Medicare?
A. To be eligible for Medicare, you should be 65 years or older, disabled or have End-Stage Renal Disease (ESRD)
Q. Who is not eligible for Medicare?
A. You cannot get Medicare if you did not work in job covered by Social Security/Medicare.
Q. Is Medicare available in all U.S. States?
A. Yes Medicare (Part A & B) covers hospital and doctor visits in all 50 states, if provider accepts Medicare.
Q. What documents do you need for Medicare?
A. You need your original birth certificate or its copy, certified by the issuing agency. In case you do not have your original birth certificate/copy other documents such as your immunization records or school records can be provided.
Q. Does Medicare cover medical care when you are overseas?
A. No. Medicare usually does not cover medical care when you are outside the United States.