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. It, along with Plan G, does not require medical underwriting in certain situations. Plans G and N cost less, cover the most important gaps, and frequently offer lower renewal rates. Our clients ask about these three plans the most.
Plan G and N oftentimes offer more value than Plan F when you compare benefits vs. cost. You must pay the one-time ($233 for 2022) and $226 for 2023 Part B deductible with Plans G and N, but the monthly premiums can be much less than Plan F. This difference more than makes up for the $226 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 is the small copays with Plan N – $20 for 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.
Medicare supplement Plan N tends to have smaller rate increases than Plans G & F. At present, Plans G is a “guaranteed issue” Medigap policy. There are a lot of ways someone can qualify for Plan G without medical underwriting. This is not always the case for other supplements. Because of this designation, G Plans will usually have a membership with more health claims. This increased usage results in larger premium increases.
(Plans D & M can also be good choices depending on which gaps you most want to be covered. We see more demand for the three mentioned above, however. And now that Plans C and F are no longer for sale to new enrollees, Plans N and G are the next best options.
High Deductible Plan G & F Medicare Supplements
Several insurance companies offer a High Deductible Plan G Medicare supplement. High Deductible Plan G (and F before it) only fill in gaps once the annual deductible has been met. In 2023, you will need to reach a $3,470 deductible first before coverage would begin. Medicare Parts A and B will always pay their share first, however.
High Deductible Plan G offers the lowest monthly premiums available on any policy sold today. United American, Humana, Mutual of Omaha, Cigna, and a few others all offer very competitive quotes in this space. Rates can be as low as $40 a month for some individuals.
It’s important to note 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 G might be great now, you may like it less in the future when meeting the deductible each year. Most of our clients who choose High Deductible G tend to be in very good health.