What is Medicare Supplement Plan N?
Medigap Plan N is one of 10 standardized Medicare supplement plans. These plans offer the same coverage no matter which insurance carrier you purchase your policy from.
Medicare Supplement Plans are letter-labeled. Each plan provides the same base benefits from any insurance carrier selling Medigap coverage. For example, Insurance Carrier X selling Medicare Plan N in Texas must offer the same basic benefits as Insurance Carrier Y selling Plan N in Georgia. The key difference between these plans is the premium. Some carriers prefer to offer extra services with their Medigap policies for a higher cost. Therefore, Medicare Supplement Plan N rates may differ from one carrier to another. Medicare supplement riders can be defined by their premium costs paired with the extra benefits options that they offer.
Medicare Supplement Plan N fully covers the coinsurance expenses for Medicare Part B. Although the policy offers relatively low premiums in comparison with other plans, it requires you to make out-of-pocket payments for certain services. If you use these services often, out-of-pocket expenses could potentially add up. This is why it is important to pick your plan carefully, as it might be cheaper to go with a more comprehensive plan at a higher premium but lower out-of-pocket fees to be responsible for.
Medicare Supplement Insurance Plan N Eligibility
Before getting into the benefits for Medicare Supplement Plan N 2020, here are the eligibility requirements:
– You are at least 65 years old and have been a U.S. citizen or legal resident for at least five (5) consecutive years.
– You are currently receiving retirement benefits
– You are disabled and therefore receiving disability benefits
– You have End-Stage Renal Disease (ESRD)
– You have Lou Gehrig’s disease, also known as ALS
Medicare Supplement Plan N Coverage
Medicare Supplement Plan N coverage options are:
– Hospital coinsurance and costs on Part B up to 365 days after Original Medicare (Part A & B) benefits are depleted
– Hospice care copayment or coinsurance for Part A
– Medicare Part A deductible
– Coinsurance costs for Medicare Part B (not for office/emergency room visits)
– Part B preventive care coinsurance
– First 3 (three) pints of blood
– Skilled nursing facility coinsurance
Medigap Plan N does not cover:
– Part B excess charges
– Medicare Part B deductible
Comparison of Similar Medigap Policies
Medicare Supplement Plan N vs Plan G:
When comparing Medicare Supplement Plan N cost to that of Medigap Plan G, Medicare Supplement Plan N is the less expensive plan, for valid reasons.
Firstly, Medicare Supplement Plan N coverage does not cover excess charges, as mentioned above. This extra cost comes into play if a medical provider wants to be paid more for their services, in which case, the medical bill could go 15% higher than the original cost.
Medicare Supplement Plan N benefits do not cover copays. In case of office or emergency room visits (if not admitted as an inpatient), you will be responsible for paying up to $20 and $50 accordingly. For outpatient care, you would be responsible for the Medicare Supplement Plan N deductible per se, which is really defined as the Medicare Part B deductible, $198 in 2020, upon your first doctor’s visit.
It is important to consider these comparisons since the cost of your policy is not only the premium you pay your insurance carrier. If you require doctor visits frequently, or admittance into an emergency room, Medicare supplement Plan N copay can easily add up and end up costing more than if you had purchased a more comprehensive plan in the first place.
Medicare Supplement Plan N vs F:
Medicare Supplement Plan N offers the same benefits as Plan F. The only exceptions are Medicare Part B deductible and excess charges. Medigap N pays for 100% of the coinsurance for Part B, however, you would be responsible for copays on office and emergency room visits for $20 and $50 accordingly.