I have a Plan G, but my friend has been telling me to check out Plan N. He said he has one and his premium is much lower than mine. I would consider Plan N if I could save some money. Can you tell me what the difference is between Plan G and Plan N?
-Dan (Lancaster, PA)
Plan G has been a popular choice among new Medicare beneficiaries. Although it is the most comprehensive option for those who began Medicare after year 2020, there is another plan letter you may want to look at. If you are comfortable with some copays after you meet your deductible, Plan N might be worth your while.
With Plan G, your Medicare approved services are covered at 100% once you have met your Part B deductible ($233 in year 2022). Just like Plan G, Plan N will also cover your out-of-pocket costs for Medicare approved Part A hospital services. However, with Plan N you will have a copay of up to $20 for some doctor visits, and up to $50 for some Emergency Room visits- after you meet your Part B deductible.
Additionally, Plan N does not cover excess charges. So, if you receive care from a provider that does not accept Medicare Assignment, which is the amount Medicare agrees to pay for services, the provider can charge you up to 15% more than the Medicare-approved amount. That 15% difference would be your responsibility to pay.
Excess charges are not common, but they do exist. Some states do not allow excess charges, and you happen to live in one of them. If you plan on travelling to a state that does allow excess charges, make sure to ask the provider ahead of time if they accept Medicare Assignment. Currently these states do not allow excess charges: CT, MA, MN, OH, PA, VT, RI. NY allows excess charges up to 5%.
In some areas, the Plan N premium can save you about $30 monthly. Keep in mind that copays and excess charges can play a factor in your overall savings. If Plan N is something you are interested in, feel free to give us a call to learn more!
If you or someone you know could benefit from our complimentary services, give us a call at 855-611-4856 and one of our licensed, knowledgeable advisors will be happy to help.