Medicare Supplement Plans | Plan G vs High Deductible Plan G vs Plan N | Which one is right for you?

[@stephaniemckeon3391]

I'm loving the use of the white board! Very useful for us visual learners.

[@Theretirementnerds]

Thank you Stephanie :) Just need to work on my artistic skills

[@Scdoo100]

I also appreciate his good handwriting 😁

[@markg6860]

Good info. I'm in Texas and have a Plan N, which I am happy with. Re: Plan G HD ... it should be noted that the $2,700 annual deductible applies only to the 20% not covered by Medicare. Medicare is still going to pick up its 80% of the bill.

[@Theretirementnerds]

Excellent point!

[@consv]

Plus you save $100 plus per month over full G

[@markg6860]

@@consv The actual amount saved does vary by state, but there is indeed a saving! Anything that might enable a Senior to keep his/her original Medicare/Medigap coverage is a major plus!

[@howardcf46]

Excellent video with all the facts. Medicare is a maze for a new person like myself and your videos breakdown it into a simple comparison. Thanks and keep it up.

[@Theretirementnerds]

Thank you for watching and for your comment Charlie. We have several videos in the queue. Let me know if there's a topic you'd like covered and we can make a video around it.

[@sherrycrosbie9737]

Awesome summary! I also learn by reading your replies to all the comments. Great Job.

[@Theretirementnerds]

Thank you Sherry!

[@paulclark4891]

Good info, both my wife and I went with the (N) plan , they were very reasonable, I pay $83.00 and my wife pays $72.00. The (N) was $900.00 cheaper then the (G). Also we live in Pennsylvania and dr in PA are not permitted to charge the excess charges.

[@Theretirementnerds]

That is fantastic! It is so interesting to see how different Medicare is across the country. Prices, doctors, rules. Fascinating. Thank you for watching and adding your thoughts. Makes us happy knowing you are happy with your plans.

[@eb1266]

I learned a lot in this vidéo. Thank you....I was interviews between plan N and pin G...now I know that Plan G is the best for me

[@Theretirementnerds]

So glad it was helpful!

[@PSWaterhouse]

Excellent. Exactly the information that customers need and seems unnecessarily difficult to find.

[@Theretirementnerds]

Thank you so much!!

[@masterlee4370]

You know when you try someone's food for the first time and you're like "WOW" they need to package this and sell it. Well that's how I feel about these videos. They are just that good.

[@Theretirementnerds]

You have a way with words my friend. Appreciate you!

[@randolphh8005]

Very good explanation of these plans! We are physicians, and also just signed my wife up for Plan G high deductible. $46 per month in Florida! As you stated it is good for more healthy persons, whereas regular Plan G is great for less healthy people. As physicians and consumers we would point out that most persons are either mostly healthy, and use minimal services yearly, or have more chronic illnesses and need a lot more ongoing care. For those that are healthier, they may have an event once every few years requiring more intensive services. Many elderly will of course at some point in the future of course develop more chronic health conditions, but even that may be limited to just a year or so,before they pass. So obviously it is a bit of a guess, but if we are mostly healthy 3 years out of 4, a high deductible Plan G will save at least $1000 per year in premiums. Also as you touched on, the term “deductible” is slightly misleading, as it is mostly a copay, unless using inpatient services. You would need to use well over $10,000 of outpatient to,reach the full deductible. We also did the math on typical Advantage plans in our area, and found that for average plans we have available, a more chronically ill person will pay more with “no premium” Advantage plans than a Plan G Supplement, AND they will have way better access, and much less hassle. And of course there is the issue of not being able to get on a supplement once you sign up for Advantage

[@Theretirementnerds]

Each of your points is spot on. It's all about how much risk you are willing to take. HD Plan G does a good job of balancing the risk between regular Plan G and say an Advantage plan. Lower fixed costs, and higher (but reasonable) costs if you use the healthcare system - somewhat similar to advantage,, yet the freedom and access of Plan G. HD is G for a lot of people. Not quite as available as G in all areas and not as popular, but still a great option.

[@walterbazarewski2496]

Thank you for this great breakdown of costs.

[@Theretirementnerds]

Of course! Thank you for watching!

[@eduardooramaeddie4006]

Thank you for this information Medicare

[@Theretirementnerds]

Thank you for watching!

[@consv]

I'm leaning towards G high deductible since I am in reasonably good health and want to save 100 plus a month for cost.

[@JM_824]

If you're in California (and I believe there are other states that have similar rules), if you can sign up for a Medigap plan without underwriting then going with a Plan G first might not be a bad idea because you can always switch to a reduced coverage plan every year around your birthday without underwriting, but you can't do vice versa (you can only move down, not up). You can also during this time switch to a different provider but keep the same Medigap Plan without going through underwriting.

[@Retiredmco]

Great breakdown of the 3 real choice's for myself! My choice is HDG, because I have a HSA to pay deductible.

[@Theretirementnerds]

Thank you for watching! Sounds like a good plan!

[@tomcarr6416]

I realize that your target audience is folks new to Medicare. But investigating how this will play out in the future is significant. My own experience has been that the growth rate of the Plan G HD deductible and premium is far slower than the Plan G premium. Now that I'm 74 I can see that Plan G HD would have been a far better choice as the Plan G premium increase just about covers the current deductible. That means in a low usage year I save money and have the assurance that in a high usage year the risk is limited. I'm sure you have access to more data about rate increase and deductible increase available to you to make reasonable projections.

[@Theretirementnerds]

It is an important conversation to have, and this may be more information than you wanted, but it all boils down tot the risk within the pool of people on these plans. Plan J used to be the most popular and had incredible benefits. Everyone went on it. Well, once 2010 came around, the majority of people on Plan J were now much older and causing much higher costs to the pool of people within that plan. Plan F experienced/is experiencing the same thing. Anyone who had high-cost health issues went on Plan F because it paid for everything. Well, people eligible for Medicare after 2020 can no longer get Plan F, so, which plan do those with high cost medical issues or the potential for them choose? Plan G. Now Plan G is taking on all of the more costly risk and as a result, premiums will increase (in general) more aggressively than the other Plans. Eventually, we could see Plan G phasing out like Plan J and Plan F before it and that'll shift the higher risk into other plans (Plan N most likely). While you may or may not have known these specific details, your comment shows that you conceptually understand exactly what's happening. Thank you for watching and leaving such an insightful comment.

[@kevinheinicka7479]

Thanks for explaining the difference of G and Ghd

[@Theretirementnerds]

Of course! Thank you for taking the time to watch!

[@anzatzi]

Thank you for sketching out the numerical examples

[@Theretirementnerds]

Of course! We are visual learners 😀

[@davidfolts5893]

Great video! I like Plan G because I want simplicity.

[@Theretirementnerds]

Plan G is oh so simple so if that's what you're looking for, Plan G is it!

[@chuckg6039]

They are all easy.

[@Theretirementnerds]

Yes, they are all easy. Regular Plan G is just... easier.

[@jayrosenbloom6716]

I started plan N in April. So far, only my eye doctor has collected a $20 copay. My primary care doc and specialists are not even collecting them!

[@Theretirementnerds]

That's great! Thank you for sharing!

[@teams3345]

When I get 65 in three years (if all stays the same) I will go with Plan G. My insurance that covers everything is $150 a month with $3,000 deductible so plan G will still be cheaper. Plus I max out my HSA currently at $4,650. Thanks for explaining. You are so young to know all this Medicare “stuff”.

[@Theretirementnerds]

Plan G is such a great plan. That cost could vary based on where you live, but compared to work coverage, Plan G is amazing. I am fortunate to work with some amazing people who have taught me everything I know. I am the one on camera, but the team here is much, MUCH better than me.

[@teams3345]

@@Theretirementnerds I live in Atlanta, Georgia. I am sure you are better or the same as your team. In three years I will be able to choose who I go to for Medicare advise. I hope you are still available and can give support and direction. Thanks

[@Theretirementnerds]

@@teams3345 we plan on being here a long time so when the time comes for you, happy to help!

[@yeahright532]

Plus your Medicare part B premium, whatever that is in Three years.

[@teams3345]

@@yeahright532 yup that is correct. No issue.

[@FrankRizzo804]

Hi Erik, do folks with a Plan N know ahead of time if there will be an excess charge with a doctor? I think you answered my question at 7:21 of the video but wanted to make sure. Do medical providers inform the patient at the time of making an appointment? Thanks.

[@Theretirementnerds]

Hi Frank, There's a "how it should work" and "how it does work." For the most part, providers should inform. Also, those seeking care should always check. The reality is that people forget on both sides. People have visited providers and been surprised by excess charges, not knowing they'd show up. Having said that, and recently going through visits with my mom, a lot is happening at a doctor visit. Nurses and doctors explaining things, papers are signed, tablets and e-signatures, verbal disclosures, and more... so maybe a patient was informed, but in the heat of the moment, it all sort of goes in and isn't retained. Not sure if that helps, but when presenting a Medicare card as the coverage option, a provider should inform you they aren't participating. I would highly recommend that everyone ask when scheduling an appointment, not just at the appointment or after.

[@sandrarenolds]

Enjoyed this video; but since I live in Wisconsin, seems like these plans are not available to me. Is there something I am not understanding? Is there a video explaining policies in Wisconsin? These videos are fantastic; thanks for doing this.

[@Theretirementnerds]

Thank you for watching! Yes, Wisconsin is its own special world. The plans are not the same there and Wisconsin has its own arrangements. Isn't Medicare fun? 😬 We are not licensed in Wisconsin, but we do have a partner who is. If you have further questions about your plans or options, feel free to shoot me an email at [e-mail] and I can make that introduction.

[@barreloffun10]

The standard medigap plans are like ordering a combo meal at McDonalds, you just say "I'll have a number 4" and it comes with the various items. Medigap plans in Wisconsin are like ordering a la carte. You can end up with the same meal, you just have to pick the items you want. You get to choose the features you want in your medigap plan instead of being limited to the standard plans. This means, for example, if you like the lower premium of Plan N and are comfortable with the copays, but don't care for the uncertainty of excess charges, you can choose to have the copays and a low premium, but can have excess charges covered.

[@michaeloswald1450]

Love your videos. Can you please recommend any agents in New York State?

[@Theretirementnerds]

Thank you for watching! Can absolutely recommend someone. Would you mind emailing me with your zip code to [e-mail] and I'll connect you with the right person in New York. Thank you!

[@dorib82]

I have HD Plan G. Been on it for two years. I have Medicare for the disabled, not Medicare for the elderly. I have Multiple Sclerosis, sooooooo healthcare and insurance are expensive for me.

[@dorib82]

I need to add, I do have a needs-based scholarship for the most expensive part of my treatment, which is the purchase of and infusion of the medication, Ocrevus.

[@Theretirementnerds]

Yes, that is a difficult situation. Thank you for watching and adding your insights. Hope HD Plan G has been good for you!

[@kim.in.nature.]

Question; Is the G HD $2700 ded reached with a 80/20 pymt until maxed out, then 100% is covered?

[@Theretirementnerds]

Hi Kim, great question. With a HD G: 1st - You have to pay your Part B deductible ($226 in 2023). 2nd - Medicare will take the next 80% 3rd - You are responsible for the remaining 20% until you meet your HD G $2,700 deductible. If you already met your Part B deductible from step 1 above, you just skip step one on any future claims.

[@kim.in.nature.]

@@Theretirementnerds Great! Thank you!

[@FStirswifeW]

Are you licensed in PA?

[@Theretirementnerds]

I'm not personally, but I have a partner who is and can help! [e-mail]

[@kimjay2697]

Maybe dumb question: What do you mean by Good vs Bad year? Where do you come up with these totals? I'm new to all this so please be kind. TY 😊

[@kimjay2697]

I figured it out. LOL But maybe include how you got the totals by adding them up quickly. THanks for the info, it's helping a LOT!

[@Theretirementnerds]

@@kimjay2697 thank you!

[@batbat7043]

Obviously i should move from NY, where plan G is 300 a month. So i have plan G+. Premium only 68. So even with deductible, i'm still ahead. If i don't need medical treatment, i'm way ahead. No brainer here.

[@Theretirementnerds]

Where you live plays a big factor. NY is one of the most expensive in the country when it comes to plan G and plan N.

[@batbat7043]

@@Theretirementnerds funny thing though. Been looking for 2023 rates and i can't find anything. Very strange. Haven't even gotten notice from company yet. Thought plans were opened Oct 15.

[@Theretirementnerds]

@@batbat7043 Supplement plans are a little different. Advantage plans and Part D plans send out the Annual Notice of Change (ANOC) in September. If you have Part D, you should've received that. If yohaven't, you can reach out to your insurance company that has your Part D plan. Supplements do not send an ANOC.

[@ChiY327]

I’m on Plan N, I have never had an excess charge.

[@Theretirementnerds]

This is the most common situation as 97% of all non-pediatric doctors participate with Medicare. There are some major hospital systems in certain areas that do not participate and other providers out there, so for people living in those areas or visiting those providers, they would need to be aware of this stipulation. Sounds like this doesn't apply to you, which is great!

[@KeithStedman-qc3kr]

This is an excellent video. Could you comment about the ability to change plans with the same carrier. For example, if an individual chooses a high deductible Plan G when they turn 65 will the insurance company allow them to change to a regular Plan G when they turn 75 and their health is starting to decay? I assume they will have to undergo Medical underwriting.

[@Theretirementnerds]

Hi Keith, the unfortunate answer is... I depends. There are different rules in different states. In most states, the answer is you would still need to go through underwriting. To complicate things further, each insurance company can decide its own underwriting rules for that, so there are some that will allow someone to switch from a like plan to a like plan (say Plan G from a competitor to the other insurance company Plan G) or down a plan (say Plan F to Plan G), but this is not a standard rule in most states.

[@yazminmojica4458]

Are you licensed in California?

[@Theretirementnerds]

Hi Yazmin, I am not personally, but I have partners who are if you need help. You can send me an email to [e-mail] if you'd like

[@yazminmojica4458]

@@Theretirementnerds Thank you

[@doncherf2610]

How easy is it to switch supplement plans? Do you always have to pass underwriting?

[@Theretirementnerds]

The short answer is that it depends on which state you are in and the insurance companies in your area. Usually yes. However, certain states are guaranteed issue with varying levels of freedom there. Some companies will let you switch to them if you go from a like plan to a like plan (G to G) or down (G to HD G). Generally though, underwriting happens.

[@doncherf2610]

Thank you.

[@BangNguyen-ux4ie]

Does Plan GHD qualify for HSA? Thx

[@Theretirementnerds]

You can use your HSA for the deductibe - not the premiums. You also can't contribute to an HSA once on Medicare.

[@BangNguyen-ux4ie]

@@Theretirementnerds Thank you

[@thiagosantiro2327]

If you have a high deductible G (HDG) plan in Florida and now move to Nebraska where high deductible G plans are not offered what are the options? Do you have to attempt to apply for another plan G or N in Nebraska because you lost the HDG by moving to a state that does not offer HDG?

[@Theretirementnerds]

As with most things Medicare... we'll tell you the standard, but know that there are exceptions with different insurance companies. 1. If you are planning to move, we'd advise calling your plan insurance company about the move. 2. The standard is that with your HD G Supplement plan, if it was valid when you got it in Florida, it's valid as you move to Nebraska. Supplement plans don't have networks like Advantage plans, so a Nebraska provider that participates with Medicare will still accept Original Medicare and your Florida Supplement plan. Just because other carriers in Nebraska don't offer a HD G, that doesn't mean that your existing plan is not valid at participating facilities and providers in that state. Does that help?

[@thiagosantiro2327]

@@Theretirementnerds Providers and facilities will accept the HDG in all states and billing will be to the Florida HDG. However the Florida HDG policy will not renew due to the move to Nebraska and since Nebraska does not have any insurance companies offering HDG then the HDG is no longer available. Do all insurance companies in all states provide guaranteed issue rights to switch to another plan without underwriting when a plan is no longer being offered or available?

[@dgs8011]

@@thiagosantiro2327 #90DaysFromRetirement Thanks for raising this issue. Never occurred to me that these 3 options might not be available everywhere. There's only one state I might move to (in order to be close to my POA at some point), so it behooves me to check into their options when it comes time for me to make a Medigap decision. I wonder if there are restrictions on how much companies can change their offerings through the decades.

[@alextanyi]

once you choose a plan (g) how easy is it to switch to another (n).

[@Theretirementnerds]

Hi Alex, the answer is, that depends. Depends on the state. Depends on the insurance company. In our area (Intermountain West), there are several carriers that will allow that switch pretty easily. In others, not so much. It'll depend on where you are and the company you are working with.

[@Tampain]

If I decide on HDG can I switch to plan G on a couple of years without going through a medical exam?

[@Theretirementnerds]

That will depend on which state you live in as well as the insurance companies in your state. In some states (about 12) they are different levels of open about supplement hopping. In most states, they are not. Some insurance companies will allow you to go from like to like (so from Plan G to another Plan G) or down (Plan F down to Plan G) but not up. In this example, HDG would be moving up to Regular G.

[@ecmere]

You are explaining a Plan F with no copays, the Plan G does have Doctor copays

[@Theretirementnerds]

Hi there! Happy to help clarify. Plan F covers the Part B deductible. Plan G does not. Plan G does not have copays after the Part B deductible is met. Plan N does have copays. Hope that helps!

[@damianweiss217]

Should not high deductible G plan worst case scenario be $3,372($672+2700) or premium plus deductible ? How did you get the higher amount over $5,000 ?

[@Theretirementnerds]

We include the Part B premiums for each of these as well. With the exception of low income beneficiaries (Medicaid), everyone has Part B premiums. That is the $1,978.80 figure in the video.

[@flexjay87]

Wait, you lost me in the math on G. How did you go from 1,800 + 226 = $ 3,778 ?

[@Theretirementnerds]

Need to add in the Part B premiums

[@irenenautch5102]

What is not clear is what you mean by a "bad Year"? What are the assumptions you are making for that bad year, i.e. how many doctor/hospital visits etc? I think that needs to be stated up front.

[@Theretirementnerds]

Hi Irene, thanks for watching. You may appreciate this video more: kzbin.info/www/bejne/g4jVf5uQjJ2NmbM We go through a more detailed example around what you are suggesting. Thank you!