Medicare does not cover all of the fees for all of the services that they offer coverage for, which leaves behind deductibles, copayments, and coinsurance. This is where Medicare Supplements come in to help. Before you settle on which supplement plan is right for you, though, what’s the true difference between the most common plans: C, F, G, and N?
Medicare Supplement Plans C and F
Medicare Supplement Plan C and F are very similar to each other as they cover all the deductibles, copayments, and coinsurance left behind by Medicare. There’s only one difference between the two plans, which is centered around excess charges. In certain states, doctors can charge up to 15% of the agreed-upon rate that Medicare allows, meaning if you have Plan C, you’re going to be responsible for up to 15%. If you have Plan F, the insurance carrier is going to pay for that coverage.
Medicare Supplement Plan G
Medicare Supplement Plan G is very similar to Plan F as they both cover all the deductibles, copayments, and coinsurance, with one exception: Medicare Part B deductible. The Part B deductible for the year 2020 is $198. If you have Plan G, you’re going to pay for the first $198 of bills for medical services. After that, everything else is covered in full as long as the claim is approved from either Medicare Part A or Part B.
Medicare Supplement Plan N
Medicare Supplement Plan N will be lower costing in charges and monthly premiums, but it will leave behind a few other things. Not only does it leave behind the Medicare Part B deductible, but you have up to $20 for doctor’s office visits, up to $50 for the emergency room (which will be waived if you are admitted), and also does not cover Part B excess charges.
Eligibility
It’s important to note that Congress has made some changes when it comes to being eligible to purchase a supplement plan. If you’re new to Medicare, starting after January 1, 2020, you will not have the option to purchase Plans C or F, unless you were already on Medicare Part A and you’re eligible for Medicare Part B prior to this. If you’re somebody who’s just turning 65, then Plans C and F will not be available to you.
If you’ve been on Medicare for a while or prior to January 1, 2020, or if you have delayed your Medicare Part B because you were still working but you had Medicare Part A, you’re still eligible to purchase Plan C or Plan F.
At Hitcho Insurance, we work with you to find the best Medicare policy that suits your needs, your goals, and your finances. If you’re looking to enroll in a Medicare Supplement Plan or are looking to switch plans, then give us a call today at (610) 694-9435 and receive a free consultation.
