Medicare Supplement Plan N
Medicare Supplement Plan N is quickly becoming one of the most popular Medigap plans due to its low monthly premiums and comprehensive coverage. Medicare Plan N gives you the peace of mind in knowing almost all of your medical bills will be paid, at a lower rate than many other plans.
With Medicare Supplement Plan N:
- Pay the monthly premium
- Pay the Medicare Part B annual deductible
- Get 100% coverage of Medical bills (80% Part B Medicare, 20% Medicare Plan N)
- Have up to a $20 copay per doctor’s visit
- $50 copay for ER visit if not admitted to the hospital
- Pay 100% of any Part B excess charges (Extremely rare and on average quite low)
What is Medicare Supplement Plan N?
Medicare Supplement Plan N is one of the most popular Medicare Supplement plans. It provides additional coverage to those enrolled in Original Medicare, Part A, and Part B, and helps to cover many of the out-of-pocket costs associated with medical expenses.
Medicare Supplement Plan N covers a variety of services that Original Medicare doesn’t cover, including coinsurance, copayments, deductibles, emergency medical transportation, and a foreign travel emergency benefit. For instance, with Plan N you could have 100% of your Part A coinsurance (up to an additional 365 days after you’ve used up all your original days).
Deductibles on Medicare Plan N
When it comes to deductibles, this plan offers coverage for the Part A deductible ($1600 in 2023) as long as your doctor or provider accepts an assignment from Medicare. Medicare Plan N does not cover the annual Medicare Part B deductible, similar to Medicare Plan G.
Once the deductible is met, you may have some additional expenses with Plan N, however, this is why the monthly premiums for Plan N are far cheaper than Plans F and G.
Medicare Supplement Plan N Copays
With Plan N you might have up to $20 for each doctor visit and up to $50 for each emergency room visit (if you are not admitted to the hospital).
In addition to these benefits, Medicare Supplement Plan N also offers coverage for other supplemental expenses like blood transfusions (up to 3 pints per year), hospice care coinsurance or copayment, skilled nursing facility coinsurance or copayment, and 80% of approved charges for outpatient mental health services.
Overall, Medicare Supplement Plan N is an affordable option for those who want additional coverage but don’t want the higher cost of other Medigap plans like Plans F or G. By understanding what it covers and its limitations you can make an informed decision on whether this plan is right for you.
What does Medicare Supplement Plan N Cover?
Medicare Supplement Plan N is a comprehensive plan that covers many medical costs not covered by Original Medicare. The following are the benefits covered under Plan N:
- Hospital costs and Part A coinsurance for up to an extra 365 days after Medicare benefits run out.
- Part A deductible, which will be $1,600 in 2023.
- Coinsurance or copayment for hospice care under Part A.
- Coinsurance or copayment for medical services covered under Part B.
- Blood transfusions (first three pints).
- Coinsurance for skilled nursing facility care.
- Emergency medical care during foreign travel.
Medicare Supplement Plan N Deductible 2023
Did you know that before Medicare Part B covers 80% of your doctor’s bills, there is an annual deductible that you have to fulfill?
The amount set for this deductible is $226 for the year 2023 and it can slightly increase or decrease each year depending on the economy.
Once you have paid medical bills up to the specified amount, Medicare Part B will cover 80% of any additional Medicare-approved expenses. However, if there are still costs remaining after that, you can rely on Medicare Plan N to pay the additional 20%.
Medicare Plan N has become a popular choice for people on Medicare looking to supplement their insurance due to its affordable cost and excellent benefits. With its comprehensive coverage and ability to fill gaps left by other plans, it provides a reliable option for those seeking extensive healthcare coverage without breaking the bank.
It’s important to stay informed about your healthcare options so you can make well-informed decisions. By understanding how Medicare Part B works with deductibles and supplemental insurance like Medicare Plan N, you can ensure that your healthcare needs are met without incurring overwhelming financial burdens.
Medicare Plan N for 2024
Medicare Supplement Plan N Enrollment
Enrolling in a Medigap plan is a great way to ensure that your healthcare needs are adequately met.
A Medigap plan is an insurance policy designed to supplement original Medicare, providing coverage for expenses such as copayments, coinsurance, and deductibles.
If you currently have a different Medicare Supplement plan and are relatively healthy, switching to Medicare Plan N might be a great choice as it still provides great coverage but at a lower monthly premium.
6-Month Medigap Open Enrollment Period
Did you know that enrolling in a Medigap plan during your initial eligibility period is one of the best times to do so?
This period usually occurs when you turn 65 or if you have disability-related Medicare coverage. During this time, insurance companies are required to offer Medigap coverage without considering any pre-existing conditions. This makes it an ideal time to purchase a plan that fits your needs.
This period is called the Medigap Open Enrollment period, and it provides you with six months from the effective date of your Part B Medicare to enroll in a Medicare Supplement with no medical questions asked.
In addition to the initial enrollment period, there are also “guaranteed issue” periods during which insurance companies must offer you a plan regardless of any pre-existing conditions. These periods occur after the initial enrollment period has passed and require you to join within 63 days after losing other creditable coverage such as employer-sponsored health insurance.
Some states may also allow open enrollment periods where anyone can join a Medigap policy regardless of age or health status. However, keep in mind that premiums may still be affected by your age and health condition regardless of when and where you enroll in a Medigap policy.
If you have Medicare Part A and B, you may still apply for a Medigap plan at any time during the year, however, if you’re outside this open enrollment period you will likely have to go through medical underwriting and be approved for coverage.
Medicare Supplement Plan N Cost
Medicare Supplement plans are standardized by the United States government. This means that regardless of the insurance provider, all plans cover the same benefits in the same way.
For example, Medicare Supplement Plan N with one insurer will be exactly the same as Plan N with another insurer.
This standardization helps make it easier for consumers to compare different insurers and choose a plan that best suits their needs since they know what each plan covers. However, it’s important to note that the cost of these plans can vary widely depending on the insurance company offering them.
Another benefit of this standardization is that it has made it easier for people who already have Medicare Supplement plans from different insurers to switch insurers without worrying about losing any coverage or benefits. Since all Plans are identical regardless of who provides them, beneficiaries can apply to change companies at any time during the year if they find a lower rate.
By understanding how standardized Medicare Supplement plans work, you can make informed decisions about your healthcare coverage and ensure that you’re getting the best possible value for your money. Take advantage of this system to compare different options and find a plan that fits your unique needs and budget.
The cost of Medicare Supplement Plan N depends on several factors:
- Age
- Gender
- Zip code
- Tobacco use
- If any household discounts apply
The average cost of Medicare Supplement Plan N nationwide is around $115 per month.
How to Enroll in Medicare Plan N
Shopping for Medicare Supplement Plan N by yourself can be overwhelming, as there are several different insurance companies that offer it. And, they all charge different rates for the same thing!
If you tried to call each company on your own, you’ll likely end up getting extremely annoyed as each sales rep tries to sell you only what they have to offer, and complete disregards the fact that there is likely a lower premium with a different company. They will never tell you this!
We are independent insurance brokers and we shop the rates for our clients each year and help find them the plan to fit your needs. There is never a cost for our services. It’s FREE!
To get started, just give us a call today.
Updated December 4th, 2022
