Plan F And Plan N

S

SrSr

Member
I'm a new member, live in NYS and have done Medicare counseling. Many of the individuals that I have counseled
prefer to enroll in Plan F, instead of Plan N which would be less expensive in most circumstances.
Currently in NYS the least expensive cost for Plan F is $294.50/month, For Plan N it's $187.25/month.This results in a saving of $1287 annually, but with Plan N there are some additional costs.
a) You have to pay the $183 Part B deductible, that reduces the savings to $1104 annually.
b) You have to pay "up to $20" for doctor office visits. So if you go to a doctor 20 times a year, you can be on the hook for another $400, assuming you all the office visits cost were $20, which is unlikely. Now your savings are $704.
c) You can be responsible for visits to the Emergency Room of $50, if you don't have an overnight stay at the Hospital.
d) If your doctor does not accept the Medicare Approved amount, there may be an additional cost of 15% of the Medicare Approved amount. In NYS it's 5%. I have Medicare for over 20 yrs. and have never had a doctor that didn't accept assignment.
Therefore I usually recommend that individuals enroll in Plan N to save some money.
 
Plan F is not competitive in my area so the comparison is between G, N and HD-F. Our annual premium difference between G and N is $220 or about 11 office visits.
 
Just keep this in mind plan C, F and F-HD Medicare supplement will no longer be for sale as of January 1, 2020. And if you are in them then you can keep the plain. But the premiums will go up in time. The reason the healthy people will drop the plans and then the sick people will pay more.
 
That's interesting. I guess Plan G would be a better choice in your area as most individuals have more that 11 office visits.
 
For me I will pay $58 each month for F-hd. I see the doctor 4 to 6 times a year. And in 2020 with luck I will go of G-hd.
 
maac091953 said:
For me I will pay $58 each month for F-hd. I see the doctor 4 to 6 times a year. And in 2020 with luck I will go of G-hd.
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In NYS the premium for F+ is 64.50. I believe that F+ is the best plan for individuals in good health. If you remain in good health, you can save a lot of money annually, but if you have a major health crisis your costs are limited because of the MOOP in Plan F+.
In NYS, if you did have a major heath crisis your costs in Plan F+, will be less than the annual costs of Plan F.
 
maac091953 said:
I am in good health as well. Come 2020 or so we may need to go to the G-hd.
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I'll give you an update on my Medicare Supplement Plan experience. I had Plan F for many years and loved it, but about 5 years ago I started to do Medicare Counseling as a volunteer. I have a technical background and kept spreadsheets on my medical expenses for 10 years, so I did a "What If" on other Medigap Plans, notably Plans F+
and K for those years. I was surprised to discover that I could have saved, because I am in good health, from $1600 to $1900 for every one of those years in Plan F+ or Plan K..
This is what I found:
1- Plan F+ was more costly because you pay 20% for Part B coinsurance and 100% of the Part A Hospital deductible of $1,340 (2018), but in the event of a major health crisis you are financially protected because the MOOP is only $2240 in 2018. It's almost a no brainer.
2-Plan K was less costly because you pay only 10% for Part B coinsurance and 50% of the Part A Hospital deductible or $670 (2018), but in the event of a health crisis it can be costly because the MOOP is $5,120 in 2018.
I chose to take the additional financial risk and went with Plan K and have saved over $7600 in health costs over the past 4 years. In my case. it turns out that if I went with Plan F+ my savings would have been only a few hundred dollars less, so Plan F+ would have been the better choice because of the reduced financial risk.
I live in NY state and these are costs for NY state Medigap Plans.
 
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