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Is a Medicare Supplement Insurance Plan N the Right Option for Me?
Medicare Plan N is one of eight standardized Medicare Supplement Insurance plans available for purchase in most states (Massachusetts, Minnesota, and Wisconsin have their own standardized Medigap plans). Since its introduction in 2010, Plan N has become one of the more popular Medicare Supplement Insurance plans, as it is a good option to help pay for copayments and deductibles not covered by Original Medicare Parts A and B. Medigap Plan N has a broad range of coverage at an affordable price.
Medicare Plan N fills the majority of the coverage gaps left by Original Medicare. The only gaps not covered are Medicare Part B’s deductible ($203 in 2021) and any excess charges that fall under Medicare Part B which are above the Medicare-approved amount. This means that any time you are admitted to the hospital, your 20% coinsurance for Medicare Part B will be completely covered.
What sets Medicare Supplement Plan N apart is that it requires copays for some services. If you have Medigap Plan N, you are responsible for copays of up to $20 per doctor visit and $50 at the emergency room if the visit doesn’t result in hospitalization.
What Does Medicare Supplement Plan N Cover?
Hospital Expenses: 100% Part A hospital expenses – all coinsurance and deductible expenses, up to 365 days after Original Medicare benefits are exhausted.
Medical Expenses: 100% of Medicare Part B coinsurance or copayments (except for a copayment of up to $20 for some office visits and a $50 copayment for emergency room visits not resulting in an admission).
Transfusions: Pays for the first three pints of blood you receive in a medical procedure.
Hospice Care: Pays Part A hospice care copayment or coinsurance.
Skilled Nursing: Pays facility care coinsurance.
Foreign Travel Medical Emergencies: Pays up to 80% of Medicare-approved emergency medical care when traveling in another country (up to plan limits).
Part B Deductible
Part B Excess Charges
Medigap Plan N does not cover prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs. Another option is a Medicare Advantage plan, which typically covers prescription drugs and may also include other benefits, such as dental, gym memberships, vision and hearing coverage.
What Does Medicare Supplement Insurance Plan N Cost?
Monthly premiums are set by the private insurance companies who offer Medicare Supplement Insurance and are based on age, health status, gender and various other factors. Depending on these factors including location, insurance companies may charge different premiums for the same Medicare Supplement Plan N. That’s why it is in your best interest to shop around to ensure you are paying the lowest amount possible for your Medigap coverage. Companies may not cancel your coverage unless you don’t pay the plan premium, you weren’t truthful on the application, or the Medigap insurance company becomes bankrupt or insolvent.
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Meet a Medicare Supplement Plan N User
Emily, 67, wasn’t looking forward to navigating all the decisions she would have to make in order to go on Medicare. She knew about “the gap” in Original Medicare coverage and that she would have to choose between several Medicare Supplement Plans if she wanted the peace of mind of knowing she’d be covered.
Her goal was two-fold: one, get the broadest coverage she could find, and two, make sure it was a plan she could afford on her limited budget.
One plan stood out above the others once Emily noted it contained terms like “100% covered” when it came to hospital expenses and Medicare Part B coinsurance costs.
Because Emily has been relatively healthy, she wasn’t concerned about the $20 copayment for any doctor’s office visits as well as the $50 copayment for emergency room visits.
This particular Medicare Supplement Plan is one of the most popular of all, which made Emily feel even better about it. For these reasons, Emily chose Medicare Supplement Plan N.
Need help navigating the Medicare Supplement Insurance Plan alphabet? To ensure you’re getting all the benefits you deserve, complete the online form to request a callback or call now and speak to a SelectQuote Medicare Plan Expert.