Youtube daily report Aug 12 2017

Medicare Supplement Plan G, Medigap Plan G, Plan G, Plan N, Medigap Plan N

In this video I am going to talk about Medicare supplement Plan G

For most people turning 65, Medicare supplement Plan G offers the best value today. However, there are changes in the relationships

between Medicare supplement Plan G, Medigap plan F and Medigap Plan N that you should be aware of before you make a decision.

In this video, I'm gonna show you these relationships and how they're changing and how they may impact your decision-making

as you decide if the Plan G Medicare supplement is right for you.

In addition, I'm going to compare the differences between the two most popular Medicare supplement plans today;

that's Medicare supplement Plan G and Plan N.

Also I have a special treat in this video that I normally reserved for my in-person client meetings only.

Its information on how the insurance companies can raise prices on their Medicare supplement plans without it showing up in their

price history. So that when we research or you research a plan and you're looking for a past history price increases it won't show up.

I'm gonna talk about how they do that and what you can do about it

later on in this video, all coming up!

MedigapSeminars.org an Independent Medicare agent / independent Medicare insurance broker. With Matthew Claassen.

Before we get into today's video on Medicare Plan G, you should know that whether you're new to Medicare and researching

Medicare for the first time or you've had Medicare and you just have questions,

you are going to find the answers to those questions on my website MedigapSeminars.org.

I created a series of educational videos on Medicare so that you can learn all you need to know, on demand, on your schedule.

These videos take you from how to enroll in Medicare to talking about the different types of Medicare plans,

to how to identify which Medicare supplement plan is right for you, for your budget, and for your needs.

And, if you have a question you can't find answered on the web site, just click the Contact Us form.

In the Contact Us form, ask your question. A licensed, knowledgeable insurance professional will be back to you

within 24 hours with an answer. Visit MedigapSeminars.org.

Our mission is to help you make an informed decision about your Medicare choices.

On to Plan G Medicare supplement. As we discussed Medicare supplement Plans, you might

be asking what's the difference between a Medigap Plan and a Medicare supplement?

The answer; nothing! The two terms are interchangeable.

More often than not the Medicare research and Medicare information itself refers to these plans

as Medigap Plans. In the industry we more often than not refer to them as

Medicare supplements. Either way these are plans that supplement Medicare Part A & Part B

by filling in the gaps that copays and deductibles that would normally be

your obligation to pay, if you didn't have a supplement.

Also, it's a very important to know that these plans are all guaranteed renewable.

What that means is that once you have a Medicare supplement plan

only you can cancel the plan and no one can change the benefits, not even an act of Congress.

So, as long as you want the Plan and can pay the premiums, that plan is yours. No one can cancel it,

no one can raise your prices because of your health. It is guaranteed renewable.

Medicare supplement Plan G is quickly becoming the most popular Medigap Plan in the country, and that's only for two reasons.

The first is because the previous most popular plan Medicare supplement Plan F and Medicare supplement Plan C

are being phased out as of January 2020.

Once January 2020 hits and nobody new to Medicare can purchase a Plan F or a Plan C.

Most people shopping for a supplement plan today find Medicare supplement Plan G as the best value.

Let's take a look at the Medicare supplement plans so that you can see why. This table illustrates the benefits

of each of the 10 different Medicare supplement Plans. The Plans are identified by a letter across the top row,

and the different and general categories of Medicare benefits are identified on the left hand column going down the left hand side.

As you look in the column underneath each of the Medicare supplements

you'll find the percentage of insurance coverage that you get for each of those categories.

For example, let's take a look at Medicare supplement Plan F. You notice it's100% all the way down until you get the international

coverage. The foreign national coverage is maxed out at 80% and it's a very, very limited. It has a lifetime maximum

of $50,000. We are going to discount that because it's really not what we're talking about here.

Plan F has 100% coverage for every category. That means that with a Plan F you pay your premium

and then 100% of the copays and the deductibles

are covered by Medicare and your Medicare supplement. Plan F is a great plan and it could be an easy decision for many people entering

Medicare except that it is being discontinued in January 2020.

And Medicare supplement Plan G typically offers equal coverage for a lower premium. Taking a look at Medicare supplement Plan G

we can see that the Plan G has all the same benefits as a Plan F, except for this one row right here.

The Medicare Part B annual deductible.

You pay that yourself out of pocket.

That deductible is in annual deductible. It resets on a calendar year; a January 01 reset.

As of 2017 it's just $183. Expectations are that it may go up to $250 sometime in the next 7 to 10 years.

So all you pays the Medicare Part B annual deductible and your premium.

Other than that, all expenses related to Medicare Part A inpatient coverage or Medicare Part B outpatient services

is covered by either Medicare or your Plan G Medicare supplement. That' it! The math here is simple;

if Medigap Plan G were $183 less per year in premiums, then at Plan G and Plan F would be equal.

However, typically Medicare supplement Plan G is about $300 to $400 a year less in premiums.

That means and you can take that $300 to $400 annual savings and from that savings pay your $183 Medicare Part B deductible

and pocket the rest. That's what makes Medicare supplement Plan G a better value. You might ask what happens when the

Medicare Part B deductible increases from $183 to $250?

Would that decrease the value of my Plan G?

The short answer is "NO". But here's why!

When the Medicare Part B annual deductible increases

the Medicare supplement Plan F will pay that increased amount on your behalf.

Since insurance companies are not simply going to let that come out of their profit

they raise the premium on the Plan F to make up for the increase in the Medicare Part B deductible.

In fact, historically what we see is a $1.50 increase in the plan as premium for every dollar increase in the Medicare Part B

deductible. Think of it as an added surcharge to pay that deductible for you.

The Medicare supplement Plan G does not pay that Medicare Part B deductible.

So it is immune to the increases in the Medicare Part B deductible.

Yes, you'll pay the higher deductible out of pocket

But what you won't pay is the added surcharge that they add to the Plan F.

That saves you hundreds of dollars a year and it makes for a more stable premium over time. It's what makes Medicare supplement Plan G

a better value. People considering a Medigap Plan G will often compare the benefits and the cost of Medigap Plan G to a Medigap Plan N.

Medigap Plan N can cost much less than a Medicare supplement Plan G. But there's a catch.

In fact Medicare supplement Plan N will often cost 25% to 30% less than a Medigap Plan G. Just like Medicare supplement Plan G,

with Plan N you pay the Medicare Part B annual deductible out of pocket.

In addition, these asterisks here, what they're showing is that whenever you visit the doctor

you'll pay up to a $20 copay. If you have an emergency room visit and you don't end up in a hospital, it will be a $50.00 copay.

In addition to that, as you come down the columns here you'll notice that there is

one part where the benefits are missing. It's called the Medicare Part B excess charges. If you're charged a Medicare Part B excess

charge and you have a Medicare supplement Plan N, that excess charge comes out of your pocket.

Medicare Part B excess charges can be easily avoided in most cases and there are some states where it's actually forbidden.

I have those details in another video on the Medicare supplement Plan N. I have linked that down below

and I should have a link above.

The bottom line is that Medicare supplement Plan N could be a good value. It could be the right plan for you.

But it takes effort to make sure that you avoid the Part B excess charges. Take a look at my video on Plan N get more details.

Now, this Medicare supplement benefit table will change as of January 1, 2020, that's not far off.

If you're new to Medicare today or plan on having Medicare beyond January of 2020 then it's important that you

have a copy of this table. You should know what your benefit options are going to look like after that date.

Later on this video I'm gonna show you where and how you can get a copy. So stay with us.

From January 1, 2020 on, people new to Medicare cannot get a Medigap Plan F or Plan C. Historically Plan F & Plan C have

been the most popular two Medigap Plans. That should be replaced going forward

with Medicare supplement Plan G and Medigap Plan N and possibly another plan, Medigap Plan D I talk about in another video.

Once Medicare supplement Plan F and Plan C are no longer offered to new people, that means no new young 65 year olds can get into

the Plans. So everybody with a Plan F is going to be getting older, and as we get older we have more medical needs.

which means more expenses for Medicare and for the Medicare supplement insurance company.

Insurance company's will then pass along those higher expenses to the people in those plans. If you have a Plan F or Plan C you can

expect the price increase in Medicare supplement Plan F and Medigap Plan C to be greater than other plans after January 1, 2020

In fact it's happening already today.

That is not the only reason that Plan F has higher price increases than Plan G.

There is one other point that is actually very important. It is part of what is changing with Medicare Plan G today.

Plan F was the most popular plan

when you're new to Medicare, and as you know when you're new to Medicare Part B

the insurance company cannot judge you by your health history.

They cannot ask health questions they have to accept two regardless of your health and give you the best price that they offer that plan by.

That means they take on more people with poor health and higher medical costs and have to pass along those higher medical costs that

everybody in the plan through higher premiums. Here's how this is impacting Medicare supplement Plan G today.

It used to be that most people that have a Plan G at purchase that Plan G later on in their Medicare history

after their initial enrollment period. It was often purchased by people in their young 70s

who at that time went through medical underwriting.

Because they went to medical underwriting the people of poor health were filtered out.

It was a pool of people with higher health. Better health meant lower cost and because it had lower cost

you would typically find the Medicare supplement Plan G would have a price increase anywhere from zero to 3%.

But that has changed. Here's why

Now the people buying the Medicare supplement Plan G are typically new to Medicare and in their initial enrollment period

where the insurance company has to accept them regardless of their health history.

This is a big deal and it is changing the price dynamics of the Medicare supplement Plan D in a big way. Let's take a look and I'll show you

how. It used to be that the average price increase in the Medicare supplement Plan G

average about 1/3 price increase of a Medigap plan F. Zero to 3% was common.

Take a look at this, 7.50% price increase in a Plan G.

and here's another one in a different state.

and another one in a different state.

I have pixelated out the name of the insurance company here because it's not the insurance company now that's important.

I want you to focus on what's happening with Medicare supplement Plan G. This is not an insurance company specific issue.

Here's a 5% price increase in Plan G with no price increase in Plan F!

This next one is gonna shock you. I promised you a, an industry secret about how

insurance companies can raise prices without it showing up in their plan price history.

Well, here it is! Take a close look at this....

Do you see it? it's not that all the plans have the same increase in price that's not it. It is actually these worse here ...

"In-froce only" In-force only means only people who already have a policy

not people who do not yet have a policy with that company.

So here's the unsavory secret; when an insurance company

can raise prices they can do in several different ways. They can never raise prices on both

people that are new to their company and just coming in,

as well as people who already have a policy.

Or, they can just raise the price on the people who already have a policy and not the people that are new coming in.

Or, of course they could do it the other way, keep the people that already have a policy the

same while raising the price of only the new business.

When the insurance company decides to raise prices only on the in-force business, only on the people that have policies

that are already existing, that price increase does not show-up on our quote system or in your price research.

Unless you have an insurance agent or broker who has been collecting these price increases and is aware of them over the years

you won't know. If you research and ask; has this company ever raise their prices?

It will look like they haven't, although they have.

The reason that they do this is so that they are still keeping a low price to get you in, and then of course, raise the price of over time.

All insurance companies do this to one degree or another. But there are some insurance companies who have made this an art form.

it is their pricing policy to get you in a low rate and then increase your price over time.

It's like a frog in boiling water syndrome...

They can get you in at a nice comfortable rate, then slowly turn up the heat. They know most people won't jump out of that water.

Most people will stay right where they are and tolerate the higher price increases without researching and re-shopping their plan.

Now like I know this seems to be slightly off topic from Medicare supplement Plan G and I apologize for that. But it is actually important if

you're shopping for Medicare supplement Plan today. It is not just that the price information isn't there for you to see,

it is that the policy with the lowest premium today may not be the policy

to have the lowest premium over your lifetime. It could be a great company, or it could be with one of these companies that

have a lower entry price and then raise your price over time. That's important! Back to wrapping up what's happening with Plan G ...

I still promised you that I would give you a technique are process to help you determine if Medigap Plan G or Medigap Plan N

has a better value for you.

What we now seen is that Plan G is no longer the sleeper plan with just a 0% to 3% price increase.

Don't assume that the price increase of the past is going to be the same price increases of the future.

Now keep in mind Plan G is still going to be a better value than Plan F, and it should be expected that the price increases

of Medigap Plan G should still averaging less than price increases of Medigap Plan F going forward. However if you're

researching your plans and you have a fixed budget or you can barely afford Medicare supplement Plan G today,

it's possible that Plan G's price could rise to a point where you can no longer afford it.

And you should consider that.

That's why I've talked a number of times about Medigap Plan N, because people aren't rushing

into Plan N when they are new to Medicare, in most states.

Its price stability should be even greater than Plan G.

Medigap Plan N may be a worthwhile consideration and here is really what you should do if you are considering

between the Medigap Plan G and Plan N. This is what I tell people....

With a Plan G you have a peace of mind. You can get into the Plan G and the premium is affordable to you, it's within your budget

and you have peace of mind.

You can have a Medicare supplement where you can see any doctor. You're not gonna pay the

copays. You are not going to worry about Medicare excess charges.

You have peace of mind. Plan N is gonna be a a lower cost, but it takes extra effort on your part. You have to do a little bit of research

before you see a new doctor.

So that you'll know whether not you can avoid those excess charges. You can avoid them, you just have to be selective on your doctor.

Bottom line; Plan N saves money. But in return for the savings in premium there is a little extra effort on your part.

You have to think about what it is you want. If you want the peace-of-mind and the premium is within your budget

for Plan G, that's great! If you would prefer to trade the little bit of extra effort for a lower premium

then Medigap Plan N maybe the plan for you. I hope that perspective helps you as you make the

decision on which plan is best for you and your budget.

Remember the Medicare supplement plan table, the benefit table the new as of January 2020

Here is how you get it. I have put a link below that will take you directly my website where have a copy you can download it,

you can print it and save it on as a file. It is as Medicare says, "subject to change". Nothing is

completely 100% guaranteed until it comes out in January 2020. But that's pretty much what we expect.

While you are down looking for that, please give this video Thumbs-Up. If you found this information

to be useful. If you have learned something from this video then please give it a thumbs up.

Whenever you give a thumbs up to a video it helps other people with the same questions you have

researching Plan G or wanting to find out about these nuances, it helps them to find this video!

The more Thumbs Up the video has, the easier it's going to be for it to them to find.

Now it's your turn! I make these videos for you.

So please leave me comment below to let me know what it is you found most informative or most shocking in this video.

And let me know what it is that you will be able to use as you move forward in researching

your Medicare supplement plans. I really want to hear from you.

It helps me to make better videos for you. I am Matthew Claassen at MedigapSeminars.org, thank you for watching!

MedigapSeminars.org and Matthew Claassen, an independent Medicare insurance broker. Medicare Insurance agent.

Medicare Supplement Plan G, Medigap Plan G, Plan G, Plan N, Medigap Plan N

For more infomation >> Medicare Supplement Plan G - What's Changing? - Duration: 21:35.

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