Medicare Supplement Plan N Cost for Healthcare Coverage
Medigap Plan N is a popular supplemental insurance policy for seniors enrolled in Medicare. This plan offers a balance between comprehensive coverage and affordability, making it an attractive choice for many.
Key Features of Medigap Plan N
- Initial Enrollment Period (IEP): The best time to sign up for Medigap Plan N, or any Medigap policy, is during the IEP, which starts the first day of the month a person turns 65 and lasts for 7 months. During this period, private insurance companies must sell a policy at the best available rate, regardless of a person's health status [1].
- Coverage: Plan N covers 100% of Part A hospital costs, Part B coinsurance and copayment, the first 3 pints of blood, Medicare Part A hospice care, skilled nursing facility care coinsurance, Part A deductible, and 80% of the cost of emergency care when traveling abroad [2].
- No Yearly Out-of-Pocket Limit: Unlike some Medigap policies, Plan N does not have a yearly out-of-pocket limit [3].
Advantages of Medigap Plan N
- Lower Monthly Premiums: Plan N generally costs less each month than more comprehensive plans like Plan F or Plan G, making it an attractive choice for those on a budget [1][2].
- Strong Hospital Coverage: It covers the full Part A deductible for hospital stays as well as daily coinsurance costs, which reduces large inpatient expenses [1][2].
- Most Doctor-related Costs Covered: After meeting the annual Part B deductible, Plan N pays the 20% Part B coinsurance, covering most outpatient costs but with some exceptions [2].
- Freedom to Choose Any Doctor: There are no network restrictions; you can see any provider accepting Medicare [2].
- Overseas Emergency Coverage: Like some other Medigap plans, Plan N provides limited lifetime coverage for emergency care abroad [5].
Disadvantages of Medigap Plan N
- Copayments Required: You pay up to $20 for a doctor visit and up to $50 for an emergency room visit if not admitted, which are out-of-pocket costs absent in more comprehensive plans like Plan G or Plan F [1][2][4].
- No Coverage for Part B Deductible: Unlike Plans C and F (only available to those eligible before 2020), Plan N requires you to pay your Part B deductible yourself before benefits begin [1][2].
- No Coverage for Part B Excess Charges: Plan N does not pay the extra amounts charged by some doctors above Medicare-approved rates, unlike Plan G and F plans which cover these charges [1][2].
- Potentially Higher Out-of-Pocket Costs: Due to copays and no excess charge coverage, overall out-of-pocket expenses can be higher than with plans offering more complete coverage [4].
Finding a Medigap Policy
The Medicare online plan finder tool is available for finding a Medigap policy, or a person can contact their local State Health Insurance Assistance Program (SHIP) at 877-839-2675 [6].
Important Considerations
- A person must be enrolled in Medicare Part B to be eligible for Medigap enrollment.
- If a person misses their IEP, they can enroll during the Open Enrollment Period (OEP) from October 15 to December 7 each year.
- If a person has a Medicare Advantage plan, it is not possible to have a Medigap plan at the same time.
- The cost of Medigap Plan N depends on factors such as age, marital status, gender, location, and smoking status.
In summary, Medigap Plan N is a cost-effective option for those who want solid hospital and medical coverage at a lower premium but are willing to pay small copayments and handle the Part B deductible and possible excess charges out-of-pocket. It offers less comprehensive coverage than Plans G and F but is more affordable and maintains broad provider access [1][2][4].
[1] https://www.medicare.gov/supplements-other-insurance/how-do-i-get-medigap-insurance/get-medigap-insurance [2] https://www.medicare.gov/supplements-other-insurance/what-medigap-plans-cover/what-each-medigap-plan-covers [3] https://www.medicare.gov/supplements-other-insurance/how-do-i-get-medigap-insurance/get-medigap-insurance [4] https://www.medicare.gov/supplements-other-insurance/what-medigap-plans-cost/what-each-medigap-plan-costs [5] https://www.medicare.gov/supplements-other-insurance/what-medigap-plans-cover/emergency-care-when-traveling-outside-the-u.s. [6] https://www.shiptacenter.org/contact/
- Medigap Plan N, a popular choice for seniors, provides financial relief for healthcare expenses by covering 100% of Part A hospital costs, Part B coinsurance, and Medicare Part A hospice care, among other costs.
- The financial advantage of Medigap Plan N lies in its lower monthly premiums as compared to more comprehensive plans like Plan F or Plan G, making it an attractive option for those who are cost-conscious.
- In the realm of health and wellness, Medigap Plan N offers flexibility as it allows customers to choose any doctor accepting Medicare without network restrictions, providing peace of mind to those who prioritize healthcare access.
- While Medigap Plan N is a valuable resource for many, it's important to be aware that this plan does not cover Part B excess charges, which could lead to higher out-of-pocket expenses for those receiving care from providers who charge more than Medicare-approved rates.
- To find a Medigap policy, one can utilize the Medicare online plan finder tool or contact their local State Health Insurance Assistance Program (SHIP) at 877-839-2675, ensuring they make an informed decision about their health insurance coverage.
