Medigap Plan N
Medigap Plan N
Medigap Plan N is becoming one of the most popular options across the country. One of the most appealing things about Plan N is where it fits for the budget minded people. It is a great option for those who want a Medicare Supplement for the great benefits but don’t want to pay the higher premium for a Plan F or G supplement.
One state we have found Plan N growing is in the state of Virginia, where it has very competitive rates compared to Plan F and Plan G.
In the latest State of Medigap report from AHIP, Plan N grew 18% from 2015 to 2016. This is a trend that has been going for years now and should continue. For a personal quote or to get specific questions answered about which Medicare supplement is best for you call us at 866-319-5886.
What is a Plan N Medicare Supplement?
Medicare Supplement Plan N is standardized by Medicare. This means that no matter which company you choose from you will get the same set of benefits guaranteed by the Plan N under the rules of Medicare. Medigap Plan N will cover the 20% that is left to you from Medicare Part B after you have met your $185 deductible. It will also pay for your Part A deductible, copays and coinsurance. You will however be charged Part B excess charges and small copays for office and ER visits.
If you would like to know more details about this coverage or would like an outline of the coverage an agent will be able to provide that to you. You may also find the outline of benefits for Medicare Supplement plans HERE. Below is a small graphic detailing the benefits covered by Plan N.
How Does Medicare Supplement Plan N Work At The Doctor's Office?
Services provided to you at the doctor’s office are covered under Part B of Medicare. There are some services that are considered preventative and will be covered 100% by Medicare and require no out of pocket expense by you.
Some examples of the preventative services are annual physicals, cancer and diabetic screens and other tests that help monitor your health. You can find the full list of preventative services on Medicare’s site or in your Medicare & You handbook.
Other medical services provided at the doctor that are not considered preventative are covered under Part B of Medicare. After meeting the annual deductible of $185 for Part B you will be charged 20% coinsurances for all non-preventative services you receive at the doctor.
These services may include treatment for illnesses and injuries. Usually these treatments require diagnostic tests, surgery, lab work and imaging. If you are in need of durable medical equipment, this is also covered under Part B of Medicare. When you have the Plan N Medicare supplement, your 20% of the cost is covered by the plan.
If your doctor does not accept Medicare assignment, you will also have to pay an additional 15% excess charge. Most doctors accept Medicare assignment but not all.
You will have a $20 copay for doctor visits and a $50 copay for Emergency visits if you are not admitted. These fees are the reason that Medicare Plan N comes in at a lower premium and has become popular because the fees are a fixed amount for your doctor visits.
How Does Plan N Cover Your Hospital Costs?
Plan N will cover your Medicare Part A expenses. This means any inpatient hospital services, skilled nursing, hospice, home health and blood transfusions will be first covered by Medicare Part A and the fees that would be passed on to you will be covered by your Medicare supplement.
Here are the costs covered by Medigap Plan N for your hospital expenses:
- The Part A Hospital Deductible which is $1,364 for 2019
- Up to an extra 365 days of hospital benefits after Medicare’s coverage has ended
- Hospice care at any certified hospice care facility
- Coverage for the first 3 pints of blood
Medigap Plan N Vs Medigap Plan G?
Most of the time when we speak with customers we start by looking at two options, Medicare Supplement Plan N or Plan G. There are just a few small differences in these two plans. Plan G offers a couple more benefits but also has a higher premium.
Plan N comes in at a lower premium because it does not include coverage for Part B excess charges. It also has a small copay included up to $20 for some office visits and up to $50 for ER visits. ( This copay is waived if you are admitted) These are the only two differences when comparing to a Plan G supplement.
The graphic to the right shows two women, both turning 65, living in the same zip code and how their total cost changes between either a Plan N or Plan G Medicare Supplement. As you can see the totals for the year are less with a Plan N Medicare Supplement compared to a Plan G.
If you are okay with paying the small $20 office visit copays and the $50 ER copays Plan N may be the plan for you to consider. Remember medicare supplement benefits are set by Medicare and the benefits from one company to the next will be the same except the premium.
Ready to Enroll into a Medicare Supplement Plan N?
Now that you have been able to look into what Plan N has to offer, the next step is to decide whether the benefits it offers are appropriate for you. With Plan N you get comfort of having most of your out-of-pocket Medicare expenses covered but at a monthly cost that is budget friendly.
If you are looking for a plan that gives you more coverage or if you are not concerned about monthly costs there are other options. Medicare supplement Plan G will cover those copays and the Part B excess charge. With Plan G you won’t have to plan for those few extra expenses and for many people that is the type of peace of mind they will pay a few extra dollars to have.
If you are still wondering which plan is going to best serve your needs just give us a call at 866-319-5886. Whether you have general Medicare questions or need specific answers about your situation we will be happy to help. Call us or click below and we will be happy to help you look at your options and can give you a quote for a Plan N or Plan G.