Is Medicare Supplement Plan N Right for You?

Jan 9, 2018

Medicare Plan N Medicare Plan N has been popular since it was first introduced in 2010. Also called Medigap Plan N, this option was created for consumers who like the idea of paying a lower premium in exchange for taking on a small annual deductible and some copays.
All Medicare supplement Plan N policies are the same, no matter which insurance company you choose. You can find Plan N available in many states from various well-know insurance companies.
 AHIP reported that Plan N enrollment grew by 33% between 2013 – 2014.

What Does Medicare Plan N Cover?This standardized Medicare supplement covers the 20% that Medicare Part B doesn’t. It also pays for your hospital deductible and all your hospital copays and coinsurance. You will pay your own excess charges, Part B deductible and some small copays at the doctor’s office and the emergency room.
*It’s always a good idea to go over all the out of pocket risk with an agent before purchasing a policy.

What Does Plan N Cover at the Doctor’s Office?
First and foremost, your standard preventive care is covered entirely by Medicare. This includes services like screenings for cancer and diabetes and cardiovascular conditions. It also includes annual physicals, colonoscopies, vaccines and a variety of other normal tests. You will pay nothing for any of the standard Medicare preventive care services.
Your Medicare Supplement Plan N coverage will also includes visits to the doctor for injury and illnesses, durable medical equipment, ambulance, surgeries, home health, lab-work and other imaging tests, diabetes supplies, and many more services. The main thing to remember is that if Medicare Part A or B covers it, then your supplement will also cover it. Medicare pays 80%
If your doctor does not accept Medicare assignment, you will pay a 15% excess charge. 
What Does Plan N Cover in the Hospital?Your Medicare Part A hospital benefits provide coverage for inpatient hospital services, skilled nursing, home health, hospice and blood transfusions. While you would normally owe a deductible for your hospital stay, your Medigap Plan will pay that for you.
Here’s a quick list of items covered in the hospital by Medicare Supplement Plan N:

  • The Part A Hospital deductible (in 2018, this is $1340) and your coinsurance (20%)
  • An extra one year (365 days) of hospital benefits after Medicare’s coverage runs out
  • Hospice care at any certified hospice center
  • Coverage for the first 3 pints of blood

Plan N also provides foreign travel emergency benefits up to the plan’s limit.
Your Medigap Plan N CostsMedicare Supplement Plan N offers identical basic benefits like the more popular plan F, but you agree to pay a share of a few things that you wouldn’t pay on Plan F. First, you agree to pay the small annual Part B deductible ($183). You will also pay co-payments up to $20 for doctor appointments.  Emergency room visits have a $50 copay.

Medicare Plan N EligibilityYou are eligible to enroll in Plan N as long as you have Medicare Parts A and B. You must also live in the plan’s service area. The best time to enroll in Medicare Plan N is during your Medigap open enrollment period. This six-month window starts with your Part B effective date. It’s your one chance to enroll in any Medigap plan without health underwriting. No insurance company can turn down your application due to health conditions.
If you’ve missed your one-time Medigap open enrollment period, you can still apply for a Medigap Plan N. We can explore the health questions on various company’s applications to see if you are able to pass.
Medigap Plan N Insurance CompaniesThough Medicare Plan N is one of the 10 federally standardized Medicare supplement options, each insurance company can choose whether to sell it or not. This policy is fairly easy to find since many carriers offer it.
Need Plan N quotes? Feel free to contact my office anytime, 631-805-5573 or shoot me and email request to Medicare@paulbinsurance.com