Now, we saw some significant changes in 2020with Plan F no longer being available to anybody turning 65 on January 1 and beyond of 2020, Will there be that big of changes for2021? Stick around and find out.
So, if you’re new to Medicare, just turning 65 now, or perhaps in 2021, you also might ask, “What are the best Medicare Supplement Plans reviews for 2021? I want to know!” Well, you can throw a Plan review F out the window. You’re not even allowed to enroll in it, but that’s okay. Plan G and Plan N are better options, anyway. Now, Medicare Supplement Plan G is identical to Plan F. The only difference being, and somebody’s got to pay a Part B Deductible before Medicare or the supplement plan pay. Plan F pays that for you.
With Medicare Supplement Plan G review, it’s called the Annual Medicare Part B Deductible. You would pay that yourself. And then it almost turns into a Plan F, where it has 100% coverage after you pay that deductible. So many of you watching this might still have Plan F, and you probably love it. It’s 100% coverage.
I understand that. I’m only encouraging you to possibly let us help to look at the rates of a Plan G, explain the difference again if you’d like, and then do the math. Because we’ve been saving people money all week getting them From Plan F to Plan G. The last couple, I spoke with saved combined almost $750 by switching them to Plan G, And that’s after they paid their Part B Deductible. So if you have a Plan F, you can keep it, but you can also switch to a Plan F with another company if they have a lower rate.
But again, if you were eligible for Medicare before January 1 of 2020. Anyone new coming on Medicare that dates or after cannot get a Plan F. So what can you get? As I mentioned, Plan G or Medicare Supplement Plan N. So, let’s do a quick breakdown of precisely what Plan G covers and how it works. With Plan G, you will have your monthly premium, of course, to have the plan.
Let us shop those premiums.
Every company has the same plan, G, but they all charge different premiums for it. Now, we are an independent agency. As I mentioned, we shop all the rates, so there’s never a cost for any of our services, but we shop the rates, so you don’t have to, and we’ll find the lowest Plan G for you in your area. So with Plan G, after your monthly premium, you’re only going to have one out of the pocket expense.
And that is the Medicare Annual Part B deductible. Now, in 2020, that deductible is $198. We expect it to be about $210 for 2021. We’ll know later in the year. Medicare doesn’t like to tell us till the end of the year. But after that deductible is paid, and that is just merely the first, this year $198, 2020, the first $198 of your medical bills, you pay. After that, it’s 100% coverage. Plan F pays that for you, except it’s$198 benefit that would cost you probably 300 or more dollars to get. That’s just money down the drain. It would help if you went with Plan G in that case where you pay it yourself, and then that 100% coverage kicks in.
Now, remember, because the government standardizes these plans reviews. It doesn’t matter if it’s Mutual of
Whatever company has a Plan G, it’s identical coverage, but the premiums will differ all over the place.
So let’s talk about that other plan I mentioned, which is Medicare Supplement plan N. Now, with Plan N, it’s almost identical to Plan G, in that you still pay the annual Part B deductible. However, with Plan N in exchange for lower premiums, because Plan N is cheaper than Plan G, and it could be by, you will have what’s called some extra cost-sharing options.
Now, what those cost-sharing options mean is just additional expenses that you could incur in exchange for that lower premium.
So what are these additional expenses reviews for Plan N?
Well, you could have a co-pay of up to$20 per doctor’s visit. After you meet your deductible, you could have a small co-pay when you go back to the doctor throughout the year, but it will never be more than $20. It could be less or could be no co-pay. It just depends on what you go for. As well with Plan N, if you visit the emergency room, and you’re not admitted, this is if you visit the emergency room and you go home, there’ll be a $50 co-pay. Plan N also doesn’t cover what’s called part B Excess Charges. These are extremely rare.
In last years, I’ve never had a client get one. If the doctors don’t take the assigned rates from Medicare, over 96 or 7% of doctors do. But if they don’t, you come across somebody who doesn’t. They can charge up to 15% extra of the bill, and they would charge you a percentage of that. Again, extremely rare. Plan N is a fantastic option.