Medigap Plan N: Is it Right for you?
Plan N reduces how much Medicare enrollees pay for out of pocket for health care. This means that Plan N pays 100% of the coinsurance for hospitalization (Medicare Part A) and medical care (Medicare Part B).
Plan N provides greater coverage than many other supplemental plans on the market – including Plans A, B, D, K, L, and M. However; it isn’t the most comprehensive plan available. Plan N is best for those who want lower average monthly costs, such as $152 per month, which is typical for this plan.
What does Plan N cover?
Plan N covers the Medicare Part A deductible. It also covers the coinsurance for Parts A and B, as well as 80% of medical costs incurred during foreign travel and three pints of blood.
Plan N does not provide coverage for the Medicare Part B deductible. Moreover, its copays do not count toward meeting the Part B deductible. Most Plan N policies do not carry a separate deductible besides the Part B deductible.
Plan N also does not cover Medicare Part B excess charges. These are charges that providers can charge above Medicare costs if they do not accept Medicare-approved rates. It’s important to note that Plan N has no out-of-pocket limits.
How much does Plan N cost?
Plan N’s monthly premium can average between $120 and $180. In some states, it can be over $200, but in other states, it can be as low as $80. Of course, rates are determined by location, age, gender, and in some situations, current health status.
Keep in mind that this monthly cost is in addition to the cost of Medicare Parts A and B. Most enrollees get Part A for free, and Part B currently costs $170.10 per month.
Plan N does have copays for some medical services, such as $20 per physician visit and $50 for each hospital emergency room visit, but only if that visit doesn’t result in admission.
Recommendations
Remember, your actual costs for Medicare Supplement plans can vary by age, location, and other health factors. Always request a personalized quote from your trusted insurance agent to determine how much you’ll pay.
Don’t forget that coverage for Plan N is standardized. You’ll get the same medical benefits with all providers nationwide. However, providers have different rates, customer service, and add-on benefits.
For most situations, Plan G and Plan N are the best options to provide comprehensive coverage and peace of mind. These plans cover most individuals’ needs and help cover excess medical costs that Medicare does not cover.
The Medicare Advantage plan may seem attractive, but it doesn’t have the same coverage as Medicare Supplement. We recommend Medigap Plan N if you can afford the monthly premium of $100-$150 and never worry about referrals and skyrocketing out-of-pocket medical costs.
Contact Us
You can contact us to learn more about Plan G and Plan N, get a free quote, and compare your options. Please call us at 603-696-4394 or 1-833-META-T65 for a free comparison of your Medigap options.
References:
- Medicare Plan N: Coverage, Cost and How It Works.
- https://www.valuepenguin.com/medicare-plan-n
- What Is A Medicare Supplement Plan N – MedicareTalk.net.
- https://www.medicaretalk.net/what-is-a-medicare-supplement-plan-n/
- Esch, Jagger. “Medicare Supplement Plan N.” MediCareFAQ. June 15, 2022.
- https://www.medicarefaq.com/medicare-supplements/medigap-plans/medigap-plan-n/.
- U.S. Centers for Medicare & Medicaid Services. Retrieved from
- https://www.medicare.gov/medigap-supplemental-insurance-
- plans/#/m/plans?fips=12083&zip=32162&year=2022&lang=en. Accessed July 2, 2022.
