If you are new to Medicare or just turning 65, navigating the different options can feel overwhelming. Across the insurance industry, the two most common choices are Medicare Supplement Plan G and Plan N.

In this video, we break down what separates these two popular paths. Plan G is the most comprehensive option available, leaving you with only the annual Part B deductible to pay out of pocket. Plan N also requires you to pay that same deductible, but introduces small copays for doctor and emergency room visits, and it does not cover "excess charges." Understanding these key nuances will help you make the right choice when structuring your Retirement healthcare.

Frequently Asked Questions (FAQ)

– What is the main difference between Medicare Plan G and Plan N?
The main difference lies in out-of-pocket costs and medical billing protection. Plan G covers 100% of the gaps in Original Medicare after you pay the annual Part B deductible. Plan N generally has lower monthly premiums, but requires copays of up to $20 for doctor visits and up to $50 for emergency room visits, and it does not protect you from doctor excess charges.

– What is a Medicare excess charge?
A Medicare excess charge is an additional fee that a doctor or medical provider is legally allowed to charge above the standard Medicare-approved payment amount for a service. Providers who do not accept "Medicare assignment" can charge up to an extra 15% more than what Medicare normally pays. Plan G covers these excess charges fully, while Plan N does not.

– How should I decide between Plan G and Plan N?
Your decision should come down to your personal Health needs, budget, and preference for financial predictability. If you want a plan where you have zero surprise out-of-pocket medical bills after your deductible is met, Plan G is typically best. If you prefer to save Money on your monthly premiums and don’t mind paying small copays when you visit the doctor, Plan N can be a great option.

Contact Us
Questions? Email us at [email protected], call us at (919) 535-8261, or visit our website at https://cardinalguide.com/.

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Hans Scheil Hans “John” Scheil, CFP®

Hans “John” Scheil is the author of The Complete Cardinal Guide and has over 40 years of experience specializing in helping individuals at or near retirement. John’s insurance career began at the age of 18, when he sold insurance while attending college full time. His years in the insurance industry included positions as a Branch Manager, National Sales Director, and Senior Vice President for several nationally recognized insurance companies. John holds a Bachelor of Science degree from Northern Illinois University (1980) and a Master of Science in Management from The American College (2007).

John resides in Cary, North Carolina, with his wife, Ronda, and dog, Ellie, and has two grown sons. He is involved locally with StepUp Ministries and the Alzheimer’s Association. John enjoys golf, traveling the world, and leadership.