Plan N has been poised to become a top Medicare Supplement choice for years, but presenting it to clients can be difficult.
Excess charges are hard to explain, and who wants copays anyways? Well, clients who want to save an average of 28% on their monthly premiums – that's who!
Here's a quick guide to help you present Plan N to your clients clearly and quickly.
Plan N vs F vs G
In our latest Plan F update article, we talked about how Plan N will likely soon be the Med Supp of choice.
We already know Plan F is well on its way out with its aging population and massive claims experience.
Plan G has been the favorite, but as we all expected, the premiums are getting more expensive due to open enrollment business post-MACRA.
Related: Medicare Supplement Tip Sheets: Newly Updated (2024)
Benefits of Plan N (for Everyone)
Plan N has been in a nice, cozy spot for a long time – it has low premiums, minimal rate increases, and the small copays are just enough to keep plan utilization down. Plus, carriers are offering higher commissions and Plan N-only cash incentives.
Basically, Plan N is great for the insurance carriers, the agents, and the consumers.
The rub is it's harder to present to clients than Plan G. But we're going to change that!
Plan N Fact Sheet
The Plan N Fact Sheet makes it easy to explain the pros and cons of Plan N to clients. Let's take a look at what's included.
Plan Comparison Chart
First, we have a chart showing Plan N and Plan G, side-by-side.
You can run through the benefits that come with each plan, highlighting the two differences that come with Plan N:
- Copays for Part B services
- Part B excess charges
Then, the fact sheet goes on to break down what those two differences really mean.
Explanation of Copays and Excess Charges
We explain what a copay is and how much you can expect to pay for health care provider visits and ER visits.
You may point out to your client that the $20 and $50 copay amounts are limits – their copays may end up being less!
And excess charges, albeit rare, are notoriously hard to explain. We broke it down and provided an example so your client can understand it.
Perks of Plan N
And we saved the best for last – the perks of Plan N!
In exchange for dealing with copays and potential excess charges, your client will save an average of 28% on their monthly premiums, compared to Plan G.
Plus, Plan N historically has fewer and lower rate increases than other supplements.
Customizing the Plan N Fact Sheet
As always, we've made this printable easy to customize.
When you download it, you'll get access to a Canva template where you type in your contact information and even upload a headshot.
Conclusion
Ready to start presenting Plan N to your clients? Make it easy with the Plan N Fact Sheet.
Let us know how it goes in the comments!
