Boomer Benefits Compares Medicare Plan G with Plan F and Plan N
Fort Worth, Texas -
Boomer Benefits, a health insurance agency in Fort Worth, TX, has released an article explaining the differences between Medicare Plan G, Plan F and Plan N. These are the top three Medicare Supplement plans for 2022 and this article seeks to remove the confusion regarding these options for having additional coverage on top of the Original Medicare (Part A and Part B). Enrolling in any Medigap is a smart decision for those who are worried about out-of-pocket health care costs. According to a 2016 study, the average 66-year-old couple spends approximately 57 percent of their Social Security benefits on health care.
It is important to note that the most comprehensive plan available is Medigap Plan F, which means that it will cover all the gaps found in Medicare. Next is Plan G, which covers almost as much as Plan F, except for the Part B deductible. And Plan N is likely to be the third most popular because it functions just like Plan G, except that the plan holder will need to pay copays for visits to the doctor and the emergency room. Plus, the plan holder will also have to handle excess charges.
Meanwhile, it is also important to note that there are 10 different kinds of Medigap plans and these are standardized across most states, except for Wisconsin, Minnesota, and Massachusetts. Medigap is offered by private insurance companies but they don’t necessarily have all 10 plans. In terms of popularity, Plan F is the most popular, with approximately 55 percent of all Medigap plans currently active being Plan F. Plan C is in second place but there is a huge gap as Plan C only accounts for about 9 percent of all Medigap plans.
However, with regards to enrollment growth, Plan N and Plan G are on the rise, with up to 33 percent and 25 percent, respectively compared to the previous year. When compared side by side, Plan G and Plan N are almost similar, with both lacking the Part B deductible, except that Plan N also lacks the Part B excess charges.
Medigap Plan F is a heavy favorite because it covers all gaps. However, this also means that Plan F has higher premiums and people will need to carefully weigh the pros and cons of the three popular Medigap plans. And there’s the problem of Plan F being phased out in 2020. Plan F is no longer be available for people who are new to Medicare on or after January 1, 2020. Those who are already enrolled in a Plan F will have no problem as this will be allowed to continue.
Thus, Medigap Plan G is at present the most popular among the Medigap plans since it offers almost the same coverage as Plan F, except for the Part B deductible, which costs $233 in 2022. Meanwhile, Plan N offers a good balance between protection against catastrophic out of pocket expenses and affordable premiums.
Established in 2005, Boomer Benefits is an award-winning insurance agency for several national insurance carriers such as Cigna, Mutual of Omaha, Blue Cross Blue Shield, Aetna, and various other A-rated carriers. They are licensed in 48 states in the US and through the years, they have earned the reputation of being the baby boomers insurance agency to go to. They offer free consultation with Baby Boomers. And their Client Service Team offers free lifetime support for Medigap policy needs. They will also inform clients if there is any rate change from their chosen insurance company. And in the event that there are claim problems, they will provide free support with appeals and drug exceptions. They are actively involved with both the National Association of Health Underwriters and the National Association of Medicare Supplement Advisers. This means that they are always up to date with regards to the frequently changing legislation that affect Medicare benefits.
People interested in learning more on Medicare Plan G can visit the Boomer Benefits website, or contact them through the telephone. They are open from 8:45 am to 5:30 pm, Monday to Friday.
For more information about Boomer Benefits, contact the company here:
2601 Meacham Blvd STE 500, Fort Worth, TX 76137, United States