In Ohio Medicare Supplement Plans F, G and N are purchased most often at our agency. Plan F is offered on a guaranteed issue basis (when applicable) and is the most comprehensive policy available. It covers all of the gaps left by Medicare Parts A & B and does not require any medical underwriting in certain situations. Plans G and N cost less, cover the most important gaps, and oftentimes offer lower renewal rates. Our clients ask about these three plans the most.
Plan G and N can oftentimes offer more value than Plan F when you compare benefits vs. cost. You must pay the one-time $185 Part B deductible with Plans G and N, but the monthly premiums can be more than $25 less than Plan F. This difference more than makes up for the $185 one-time deductible.
And here in Ohio, doctors are not allowed to apply Part B Excess Charges. It’s against the rules. That fact makes Plan N a smart choice as well. The only difference between Plan G and Plan N are the small copays with Plan N – a maximum of $20 for any office visits and $50 for the Emergency Room. Our clients who don’t visit the doctor often might choose Plan N over G to keep premiums low.
Both Medicare supplement Plans G & N tend to have smaller rate increases than Plan F over time. At present, Plan F is a “guaranteed issue” Medigap policy. There are a lot of ways someone can qualify for Plan F without medical underwriting. This is not always the case for most other supplements. Because of this designation, F Plans will usually have a membership with more health claims. This increased usage oftentimes results in higher average rate increases with Plan F when compared to Plans G and N.
(Plans C, D & M can also be good choices depending on which gaps you most want covered, but we see much more demand for the three mentioned above. With Plans C and F, leaving the market for new enrollees in 2020, some of this may change, however. Contact us to learn how to strategize now for this impending Medicare update.)
High Deductible Plan F Medicare Supplement
Many insurance providers offer a High Deductible Plan F Medicare supplement. High Deductible Plan F only fills in gaps once the annual deductible has been met. In 2018, you will need to reach a $2,240 deductible first before coverage would begin. Medicare Parts A and B will always pay its share first, however.
High Deductible Plan F offers the lowest monthly premiums available on any policy sold today. Standard Life & Accident, United American, Thrivent, Medical, Mutual of Omaha, Cigna and a few others all offer very competitive quotes in this space. Rates can be as low as $30 a month for some individuals.
It’s important to note, however, that you may not be able to upgrade your Supplement in the future. Medical underwriting is almost always required to change plans – even within the same insurance company. While HD Plan F might be great now, you may like it less in the future if you are meeting the deductible each year. Most of our clients who choose High Deductible F tend to be in very good health.