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Adam, my Plan F Medicare Supplement is increasing.  A friend of mine recently switched to a Plan G to save some money.  Is maintaining my Plan F or switching to a Plan G my only option?

No, those are not your only options.  A lot of people are switching over to a Plan G because of the savings involved but another popular option is a Plan N.  Plan N Medicare Supplements were designed to mimic Medicare Advantage plans while maintaining the benefits of a Medicare Supplement.  With a Plan N Medicare Supplement, you will be responsible for the Medicare Part B Deductible (same as with a Plan G).  Additionally, you will have a co-payment for each doctor visit that can not exceed $20 and a $50 Emergency Room co-payment if you are not admitted into the hospital afterward.  Now, because you pick up these co-payments you will pay a much lower monthly premium.  In some cases, the savings can be $40-45 per month as compared to a Plan F.

This situation creates the question, which option is best?  The best will vary from person to person.  Some people like the 100% coverage provided by the Plan F and don’t mine extra for that.  Others like the savings provided by Plan N.  Another thing to consider if you want to switch to a Plan N from a Plan F is the convenience of a Plan F.  A number of my clients who had a Plan F but then switched to a Plan N ended up going back to a Plan F because they grew tired of the co-payments.  This will obviously vary from person to person but it is something to consider.

These, of course, are just Medicare Supplement options.  There are also Medicare Advantage and Medicare Saving Accounts to consider if you are changing during the Annual Enrollment plan.  No matter which option you choose Stockett and Associates can help.