Medigap Plan N – Thorough Explanation
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 regardless of which insurance carrier sells them. For example, Insurance Carrier X selling Plan N Medicare Supplement in New Jersey must offer the same basic benefits as Insurance Carrier Y selling Supplemental Medicare Plan N in Texas. The key disparity between these plans is their varying premium. Some insurance companies prefer to offer extra services with their Medigap policies for a higher cost. Therefore, Medigap Plan N rates may differ from one insurance carrier to another. Medicare supplement riders can be defined by their premium costs paired with the extra benefits options.
Medicare Supplement Plan N covers the coinsurance expenses for Medicare Part B in its entirety. 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 uncovered 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 Medigap Plan N 2021, 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
Medigap 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
Medigap vs Plan G:
When comparing Medigap Plan N cost to that of Medigap Plan G, you will find that Medicare Supplement Plan N is the less expensive plan, for the following reasons:
Firstly, Medicare Supplement Plan N coverage does not cover Medicare Part B excess charges. 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 its 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 Medigap Plan N premiums are not the only cost you will pay for your policy; If you require doctor visits frequently, or admittance into an emergency room, Medigap 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.
Medigap 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 Medicare Part B, however, you would be responsible for paying copays on office and emergency room visits for $20 and $50 accordingly.
For more information about Medigap plans, Medigap Plan N reviews, Medigap Plan N details, comparison with other plans, and more, check here!