Medicare Supplement plans are becoming popular among the US citizens. The Medigap sales have been increasing steadily over the years. Medigap covers the unmet expenses of the Original Medicare Part A and Part B and saves the customers from paying high out-of-pocket expenses. It also offers the flexibility to the customers to visit any doctor or hospital for treatment. Some of the most popular Medicare Supplement plans are Plan F, Plan G, and Plan N, the details of which are provided below:
Plan F is the undoubted leader in being the most popular Medicare Supplement plan. In the year 2017, about 57% of the total Medigap policies sold were under the Plan F. It is the best and the most comprehensive plan which customers can buy. It provides highest degree of coverage and benefits. The Plan F of the Medigap, provides 100% coverage to the customers and there is no out-of-pocket expenses for them under this plan. The Plan F ensures that the customers do not have to pay any copayments, coinsurance, and deductible. Since it provides the maximum benefits, the Plan F is the most expensive and the average monthly premiums can be around $150. Overall, currently Plan F is the best Medigap plan. However, it will be discontinued to new Medigap customers in the near-term.
As the Plan F will be discontinued for new Medicare Supplement plan customers from January 1, 2020, the customers need to move to a similar alternative to it. Plan G under the Medigap is a worthy alternative to the Plan F. It covers all the benefits offered by Plan F with the exception of the Part B deductible. Also, the Plan G is not a guaranteed-issue policy hence lesser customers will be holding the Plan G, which means that the premium will go up slowly compared to other plans. Plan G is ideal for customers having minimal health issues so that they do not end up paying a hefty out-of-pocket expense.
The Plan N covers everything which is covered by the Plan G, except the excess Part B charges. As per the law, the doctor can charge up to 15% extra above the Medicare-approved charges. These charges are generally rare. In addition, the Plan N offers a $20 office copay and $50 emergency room copay if the customer is not admitted. The Plan N is ideal for customers who cannot afford the expensive and high coverage Plan F and G.