In today’s marketplace, consumers want more control over their healthcare decisions and expenses. Popular plans, like a high-deductible health plan, offer lower monthly premiums and encourage consumers to take an active role in managing their own healthcare costs. Similarly, Medicare Supplement Plan N is gaining traction as seniors opt to have lower monthly premiums. With Plan N, enrolled individuals only pay the Part B deductible when they access medical care. Additionally, the individual might incur copayments or Part B excess charges. In a recent study by America’s Health Insurance Plans (AHIP), Plan F continues to lose market share declining from 46% of all Medigap enrollments in 2020 to 41% in 2021. This decline is because F is no longer available to people new to Medicare on or after January 1, 2020. However, Plan G and Plan N are gaining popularity, with 32% and 10% market share, respectively. Plan N is the third most popular Medicare Supplement plan, and as of 2021, more than 1.38 million people chose Plan N over other Medicare Supplement coverage options. Help Your Clients Save Money With Plan N The popularity of Plan N is largely due to the coverage benefits. This plan includes many of the Medicare benefits, but is structured in a way to keep plan costs low. Plan N offers similar benefits to Plan G. With both plans, individuals are subject to incur the annual Part B deductible of $226, copayments up to $20 for doctor appointments, and $50 for emergency room visits.
For clients who are looking to save money, Plan N might be a great solution. Let’s look at an example: Jane Smith is currently enrolled with a Plan G which costs her $180 a month in premium. By moving to a Plan N, she pays $120 a month. By switching to a lower premium plan, Jane saves $60 a month or $720 total a year. Jane can use the money saved to cover out-of-pocket medical expenses including the Part B deductible or copayments. Or, she can use the savings to purchase additional coverage like a Cancer, Heart Attack and Stroke policy or an Accident plan. With Plan N, Jane is in more control of her healthcare decisions and how she chooses to spend her money. If you have a client who does not visit the doctor often, Plan N may be a great fit for them. Next time you are evaluating coverage options with your clients, take a look at Plan N. They might be a great fit for this affordable Medicare Supplement option. For a list of carriers that offer Medicare Supplement Plan N, Please request details today or call us at (800) 998-7715 and ask to speak to a marketing representative. |
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Medicare Supplement Plan N is Rising in Popularity
Posted by www.psmbrokerage.com Admin on Tue, May 16, 2023 @ 03:43 PM
Tags: Plan N, Medicare Supplement plans
Introducing LifeShield Medicare Supplement Plans
Posted by www.psmbrokerage.com Admin on Thu, Jan 05, 2023 @ 09:23 AM
Give clients the freedom to choose. With this bundled solution from LifeShield, producers and clients can enjoy a unique and exclusive Medicare Supplement and Dental, Vision, and Hearing (DVH) combo sale opportunity with more benefits and more freedom – meeting clients' financial and coverage needs. 10% Multi-Product Discount - This multi-product discount is applied to the DVH plan when combined with an approved Medicare Supplement policy*. Competitive Rates With Great Commissions - PAID DAILY - Policyholders can enjoy market leading rates across Plans F, G, and N, while producers can enjoy a great commission rate that’s PAID DAILY. A Seamless eApp Experience - Point-of-sale underwriting decision notification for clean apps and declines, with 48-hour turnaround for referred underwritten cases. Combo Sale approved in 19 states w/ more coming soon!
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LifeShield National Insurance Co. is an Oklahoma City-based life and health insurance company, and a member of the LifeShield National family of insurance companies. Together with its affiliates Individual Assurance Company Life, Health, & Accident, and Life Assurance Company, LifeShield has been protecting families for nearly 50 years with affordable life, health, and accident insurance solutions to help you live the life you choose. LifeShield National Insurance Co. is rated B++ (Good), the 5th highest rating possible out of a total of 16 by AM Best, a widely recognized independent insurance industry ratings firm. For the latest rating information, visit www.ambest.com |