What is Medicare Supplement Plan N?

Medicare Supplement Plan N is one of 10 Medigap plans issued by private insurance carriers to bridge the gap in Original Medicare Parts A & B. These plans are standardized, meaning a plan provides the same base benefits the same plan provides in another state. For example, a Medigap Plan N sold by Insurance Carrier X in Georgia offers the same base benefits as Plan N sold by Insurance Carrier Y in Texas. The key disparity between the policies sold by different insurance carriers is the cost of the premium, therefore, Medicare Supplement Plan N may be offered at different prices depending on the carrier. Some companies may offer extra benefits with Medigap policies, hence selling their policies for a higher price. With that being said, Medicare supplement riders can be defined with the extra benefit options they offer paired with the premium cost you pay.

Medicare Supplemental Plan N covers 100% of the Medicare Part B coinsurance expenses. Although the Medigap plan’s premiums are relatively low compared to other Medigap policies, it will also require policyholders to make out-of-pocket payments for certain services, which could potentially add up if you use such services. This is why it’s important to decide what services you need and whether or not it’d be a better option for you to enroll in a more comprehensive plan.

Medicare Supplement Insurance Plan N Eligibility

Before going over the benefits for Medicare Supplement Plan N 2021, here are the general eligibility requirements:

– You are at least 65 years of age and are a U.S. citizen or a legal resident for at least five consecutive years
– You are currently receiving retirement benefits

OR
– You are disabled and therefore receiving disability benefits
– You have End-Stage Renal Disease (ESRD)
– You have Lou Gehrig’s Disease (ALS)

Medicare Supplement Plan N Coverage

Medicare Supplement Plan N Coverage Options include:

– 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
– Deductible for Part A
– Coinsurance costs for Part B (not for office/emergency room visits)
– Preventive care coinsurance for Part B
– First three (3) pints of blood
– Skilled nursing facility coinsurance

On the other hand, Medicare Supplement Plan N benefits do not cover:

– Medicare Part B deductible
– Part B excess charges

Comparison of Similar Medigap Policies

Medicare Supplement Plan N vs Plan G:

When comparing Medicare Supplement Plan N cost to that of Plan G, Medigap Plan N is less costly for valid reasons:

First, Plan N does not cover Medicare Part B excess charges, which could come into a play if a provider wants to be paid more for their services. In such a case, the provider can bill you for excess charges up to an additional 15% of the original cost.

Secondly, copays are not covered. If you have to go through an office visit or an emergency room visit (in case you weren’t 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, which is really defined as the Original Medicare Part B deductible ($198 in 2020, upon first doctor’s visit)

It is important to consider such comparisons. For instance, if you need to visit a doctor frequently or get admitted to the emergency room, your Medicare Supplement Plan N copay can easily add up and you might end up paying more than what you’d pay if you chose to purchase a more comprehensive plan.

Medicare Supplement Plan N vs F

Plan N and F are similar with one exception; The Medicare Part B deductible and excess charges. While Plan N pays for 100% of the Original Medicare Part B coinsurance, it still leaves you responsible for copays on office visits and emergency room visits for $20 and $50 accordingly.

If you need to compare Plan N with other plans, click here