Medigap Plan N, also known as Medicare Supplement Plan N, is one of the two new Medigap plans introduced in June of 2010. In order to lower monthly premium costs, Plan N uses copays which include: up to $20 for a doctor’s visit, and $50 for emergency visits. The result is an affordable and very popular plan with a monthly premium 25%-35% lower than the all-covering the Medigap Plan F.
Like all Medigap plans, the Medicare Supplement Plan N is standardized. Its benefits are the same for all insurance companies offering the plan. Premiums, however, may be very different from one company to the next.
Most (but not all) Medicare Supplement insurance companies offer Plan N.
Medicare Supplement Plan N benefits include:
- Medicare Part A coinsurance and hospital costs up to an extra 365 days after Medicare benefits end.
- Medicare Part B coinsurance (usually about 20% of outpatient expenses) or copayment (hospital outpatient services). Copayments are required: up to $20 for a doctor’s office visit and $50 for an emergency visit.
- Blood Coverage: The first 3 pints of blood per year.
- Medicare Part A Hospice Care coinsurance/copayment.
- Skilled Nursing: Medicare Part A coinsurance (20% that Medicare does not disburse for nursing facilities).
- Part A Deductible (in 2016 – $1,288 per benefit period).
- Foreign Travel Emergency (Plan Limit is applied) – Emergency Medicare coverage outside of the US.
Medicare Supplement Plan N benefits do NOT include:
- Part B Deductible (in 2016 – $166 per year)
- Medicare Part B Excess Charges (defined as the amount the doctor may charge above the Medicare approved amount. It cannot be more than15% of what Medicare pays).
When Medigap Plan N is the right choice?
For anyone in good health who only visits a doctor occasionally and doesn’t want to be over insured.
For those who are now enrolled in Medicare Advantage and would like to return back to Original Medicare it is important to note that because Medigap plans don’t have network restrictions, and much lower out-of-pocket expenses, Medigap Plan N provides a cost-effective alternative to Medicare Advantage.
It provides a smoother transition to new Medicare members familiar with the copay concept.
Ultimately, for people who are healthy or on a fixed income, Medicare Supplement Plan N premium savings may offset benefits presented in more expensive plans, such as Medigap Plan F. Good health is important: savings in premium payments using Medigap Plan N will not compensate you for the money spent on copayments if you see a doctor on a frequent basis (let’s say twice per month).
Let Liberty Medicare Help you Choose
It may be a difficult task to select the right plan for you, considering there are ten to choose from. Not all Medigap providers carry all of these plans. The difference in premiums for the same type of plan among different vendors will greatly vary.
Use the Liberty Medicare expertise to your advantage. Find the Medigap plan that is best for your financial and health needs. All our services are absolutely free to you. Learn more about all benefits of working with Liberty Medicare.
We represent many well-known Medicare Supplement providers and help people save money on Medicare in the following states:
- New Jersey
Get a free Medicare Supplement Insurance Quote, or call us at 877-657-7477. Our specialists are ready to answer your questions.