When considering a purchase of a Medicare supplement plan, we all agree that seniors are better suited working with an knowledgeable agent to determine what products would meet his or her needs. As agents are we giving our clients the big picture of the Medicare insurance field?
Most agents explain to their clients the differences between Medicare Advantage and Medicare Supplement Plan F. Both are superior products that fulfill many clients' needs quite nicely, but that's where the differences between these two product stop. Factually, if you were to plot Medicare health plan costs and benefits along a grid, Medicare Advantage and Plan F would be at opposite end of the grid. Succinctly, we're asking our patrons to make an "all-or-nothing" judgment between two highly different options. Shouldn't we be finding something in the middle to offer?
Medicare Supplement Plan N is usually not part of this conversation, but it should be. Plan N combines elements of both Medicare Advantage (co-pays) and Plan F (benefits beyond Original Medicare) to create a middle ground approach that many folks are more comfortable choosing.
Medicare Supplement Plan N is often not associated with this conversation, but it probably should be. Plan N combines elements of both Medicare Advantage (co-pays) and Plan F (benefits beyond Original Medicare) to create the middle ground that many people are more comfortable selecting.
On June 1, 2010 the Federal Government implemented several changes to the Medigap insurance plan offerings. Two new plans were created that offer benefits on a cost sharing basis. The two new plans are Medicare Supplement Plan M and Medicare Supplement Plan N. Since the two new plans were expidited in June of 2010, Medicare Supplement Plan N enrollments have increased formidably. Briefly a discussion of the benefits of the Plan N Medicare Supplement along with an informative chart detailing the benefits of Medigap Plan N follows above.
As shown in the above chart Medicare Supplemental Plan N offers a cost saving feature known as a co-pay. Simply, the policyholder receives a reduction in premium when compared to other Medigap plans because they are agreeing to share in the cost of both physicians visits and emergency room visits. The insured will pay up to a $20 co-payment for physicians visits and up to $50 for emergency room visits. The important note here is, the term "up to". Simply if the Medicare 20 percent co-insurance equals less than $20 for a physicians visit or $50 for emergency room visits, then the insured pays the lesser of the two. The emergency room co-payment will also be dismissed if the insured is admitted to the hospital overnight within 24 hours.
Medicare Supplement Plan N is particularly appealing to those currently covered by a Medicare Advantage program which offers cost sharing but is more restrictive in benefits and does not allow the freedom to choose any physician or hospital. Younger and/or healthier clients will also enjoy the savings offered by a Plan N Medigap policy.
Most agents explain to their clients the differences between Medicare Advantage and Medicare Supplement Plan F. Both are superior products that fulfill many clients' needs quite nicely, but that's where the differences between these two product stop. Factually, if you were to plot Medicare health plan costs and benefits along a grid, Medicare Advantage and Plan F would be at opposite end of the grid. Succinctly, we're asking our patrons to make an "all-or-nothing" judgment between two highly different options. Shouldn't we be finding something in the middle to offer?
Medicare Supplement Plan N is usually not part of this conversation, but it should be. Plan N combines elements of both Medicare Advantage (co-pays) and Plan F (benefits beyond Original Medicare) to create a middle ground approach that many folks are more comfortable choosing.
Medicare Supplement Plan N is often not associated with this conversation, but it probably should be. Plan N combines elements of both Medicare Advantage (co-pays) and Plan F (benefits beyond Original Medicare) to create the middle ground that many people are more comfortable selecting.
On June 1, 2010 the Federal Government implemented several changes to the Medigap insurance plan offerings. Two new plans were created that offer benefits on a cost sharing basis. The two new plans are Medicare Supplement Plan M and Medicare Supplement Plan N. Since the two new plans were expidited in June of 2010, Medicare Supplement Plan N enrollments have increased formidably. Briefly a discussion of the benefits of the Plan N Medicare Supplement along with an informative chart detailing the benefits of Medigap Plan N follows above.
As shown in the above chart Medicare Supplemental Plan N offers a cost saving feature known as a co-pay. Simply, the policyholder receives a reduction in premium when compared to other Medigap plans because they are agreeing to share in the cost of both physicians visits and emergency room visits. The insured will pay up to a $20 co-payment for physicians visits and up to $50 for emergency room visits. The important note here is, the term "up to". Simply if the Medicare 20 percent co-insurance equals less than $20 for a physicians visit or $50 for emergency room visits, then the insured pays the lesser of the two. The emergency room co-payment will also be dismissed if the insured is admitted to the hospital overnight within 24 hours.
Medicare Supplement Plan N is particularly appealing to those currently covered by a Medicare Advantage program which offers cost sharing but is more restrictive in benefits and does not allow the freedom to choose any physician or hospital. Younger and/or healthier clients will also enjoy the savings offered by a Plan N Medigap policy.
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To learn more about Medicare Supplement Plan N versusto Medicare Supplement Plan F Talk to Ask Medicare.
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