by Russell Noga | Updated January 14th, 2024
Are you a member of Original Medicare Parts A & B? If so, you’re eligible for a “Medigap” policy. So, why would you want Medigap if you already have Medicare? Original Medicare only pays for 80% of the costs of Part A (hospital costs) and Part B (medical expenses).
That means you must pay the remaining 20% of out-of-pocket inpatient and outpatient expenses. As a senior, you can’t afford to dip into your retirement savings to cover these costs. What if you have an extended hospital stay? At $400 to $800 for each day you spend in the hospital, those bills can add up fast, leaving you with a huge medical expense.
Medigap policies cover you for these unexpected medical expenses, giving you peace of mind knowing you have nothing to pay out-of-pocket. Medigap Plan N is one of the most popular options for seniors due to its low premiums, but is Plan N a good Medicare Supplement?
Does Plan N offer you the coverage you need in a medical emergency? This post unpacks the benefits and premiums associated with Plan N.
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What Coverage and Benefits Do You Get with Medigap Plan N?
Plan N offers you low premiums, but you still get all the coverage you need for Medicare Parts A & B in case of a medical emergency. If you’re a healthy senior and don’t go to the doctor or emergency room often, it’s worth considering Plan N for your supplemental coverage needs.
Here’s what Plan N covers.
- Part A coinsurance and hospital stays for an extra 365 days after using up Medicare benefits.
- Part A deductible.
- Part A hospice care coinsurance or copayment.
- Part B coinsurance (copayments apply).
- Skilled nursing facility care coinsurance.
- The first three pints of blood in transfusions and procedures.
- 80% of emergency health care services for 60 days when traveling outside the US. (Deductible and limitations apply).
Understanding Medicare Supplement Plan N Copays
One of the reasons why Plan N is so affordable is because it requires policyholders to make copayments on outpatient and inpatient care services. For instance, you’ll make a $20 copayment (up to 20% maximum) on doctor consultations fees.
You’re also responsible for a $50 copayment when visiting the emergency room. However, the copayment doesn’t apply if admitted to the emergency room. There are no copayments on urgent care services, and you get unlimited coverage for the out-of-pocket expenses associated with Original Medicare Parts A & B.
So, it’s the ideal choice for healthy seniors. You get the benefit of lower monthly premiums (approximate savings of $170 per year) and all the coverage you need in the event of a medical emergency.
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What Does Medicare Supplement Plan N Not Cover?
Like all other Medigap policies, Medigap Plan N doesn’t cover the Part B deductible of $226 for 2023. Plan N also doesn’t cover excess charges associated with visits to medical practitioners who charge outside of Medicare-approved rates., However, you can avoid excess charges by visiting doctors who charge “Medicare assignment” rates.
Along with these two exclusions, Plan B, like all Medigap policies, doesn’t cover the cost of prescriptions and preventative healthcare services not associated with Parts A & B of Original Medicare. So, you don’t get cover for physiotherapy, acupuncture, long-term care at nursing homes., private nursing, or vision, dental, and hearing services.
However, some Medigap providers offer separate add-on plans covering vision, dental, and hearing. Speak to us, and we can point you in the right direction to a provider offering these preventative care packages.
What are the Premiums for Medicare Supplement Plan?
When providers set our premiums for Plan N, they assess your age, gender, smoking status, and location in the United States. Nonsmokers and women will pay less in monthly premiums due to the lower risk they present to Medigap schemes than men and smokers.
However, the biggest factor influencing your premiums is where you live. All providers charge different rates for Medigap plans, with some being more affordable than others. However, they also charge different rates from state to state. So, Plan N might be cheaper from one provider in your state but more expensive from another.
That’s why you need a licensed agent to assist you with getting a quote from your state’s lowest-cost provider of Plan N. On average, you can expect to pay the following premium in Nevada, New York, and Ohio, but it might vary depending on the factors discussed.
Plan N Average Monthly Cost in New York
- Woman, Age: 65 $328.00
- Man, Age: 65 $328.00
Plan N Average Monthly Cost in Nevada
- Woman, Age: 65 $258.00
- Man, Age: 65 $292.00
Plan N Average Monthly Cost in Ohio
- Woman, Age: 65 $218.00
- Man, Age: 65 $246.00
Some providers will try to entice your business by offering additional benefits on top of the Federally regulated benefits for Original Medicare parts A & B. You can get household discounts, discounts for paying fees upfront for the year, or setting up automatic payments.
You might find some providers offer additional perks like access to the Silver Sneakers fitness program, discounts on health and wellness products, and much more. Speak to our team, and we’ll get you the best deal on Medigap Plan N in your state.
Which Healthcare Insurers Offer Medicare Supplement Plan N?
There are dozens of healthcare companies offering Plan N policies. Plan N is readily available in all states, and you can get it from one of the following companies.
- Accendo
- Aetna
- Aetna Health and Life Insurance Company
- American Continental Insurance Company
- American Retirement Life Insurance Company
- Anthem Blue Cross Blue Shield
- Bankers Fidelity
- Blue Cross Blue Shield
- Central States Indemnity
- Cigna
- Combined Insurance
- Continental Life Insurance Company
- Equitable
- ForeThought Life Insurance
- Gerber Life Insurance
- Government Personnel Mutual
- Heartland National
- Humana
- Individual Assurance Company
- Loyal American Life Insurance Company
- Lumico
- Manhattan Life
- Medico
- Mutual of Omaha
- National General
- New Era Life Insurance
- Omaha Insurance Company
- Oxford Life
- Philadelphia American Life Insurance
- SilverScript
- Standard Life and Casualty
- Stonebridge Life Insurance
- TransAmerica
- TransAmerica Premier
- United American
- UnitedHealthcare
- UnitedHealthcare
- United of Omaha
- United World
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Frequently Asked Questions
What Is Medicare Supplement Plan N?
Medicare Supplement Plan N, often referred to as Plan N, is a type of Medigap plan designed to help cover some of the out-of-pocket costs that Original Medicare (Part A and Part B) doesn’t pay for. It provides financial assistance with various healthcare expenses.
What Does Plan N Cover?
Plan N offers coverage for several Medicare-related expenses, including:
- Medicare Part A hospital coinsurance and hospital costs up to an additional 365 days after Medicare benefits are exhausted.
- Medicare Part B coinsurance or copayments.
- Blood (first three pints).
- Part A hospice care coinsurance or copayments.
- Skilled nursing facility care coinsurance.
- Part A deductible.
- Emergency care during foreign travel (80% coverage, up to plan limits).
Is Plan N a Good Medicare Supplement Option?
Whether Plan N is a good Medicare Supplement option depends on your individual healthcare needs and budget. Here are some factors to consider:
- Cost: Plan N often has lower premiums compared to other Medigap plans like Plan F or Plan G. This can make it an attractive option for those looking to save on monthly premiums.
- Coverage: While Plan N offers comprehensive coverage, it does require you to pay certain out-of-pocket expenses, such as the Part B deductible and some copayments for doctor’s office visits and emergency room visits. Depending on your health and usage of medical services, this may or may not be a concern for you.
- Doctor Visits: With Plan N, you may have to pay a copayment for certain doctor’s office visits and emergency room visits. If you frequently visit healthcare providers, you’ll want to factor in these costs.
- Foreign Travel: Plan N includes coverage for foreign travel emergencies, which can be beneficial for those who travel internationally.
Who Is Eligible for Plan N?
Generally, to be eligible for Medicare Supplement Plan N, you must be enrolled in both Medicare Part A and Part B. The best time to enroll is during your Medigap Open Enrollment Period to ensure guaranteed issue rights.
How Does Plan N Compare to Other Medigap Plans?
Plan N offers robust coverage but may require you to pay some out-of-pocket costs for certain services. In contrast, Plan F provides more comprehensive coverage, including the Part B deductible, but is no longer available to newly-eligible Medicare beneficiaries. Plan G is another option that provides coverage similar to Plan N but covers the Part B deductible.
Can I Switch to Plan N from Another Medigap Plan?
In most cases, you can switch to Plan N from another Medigap plan, but you may need to go through medical underwriting unless you have a guaranteed issue right. Be sure to compare costs and coverage before making a switch.
How Do I Enroll in Plan N?
To enroll in Medicare Supplement Plan N, you can contact insurance companies that offer Medigap plans in your area. Compare quotes and coverage options to find the most suitable plan for your needs.
What Is the Average Cost of Plan N?
The cost of Plan N varies depending on factors such as your location, age, gender, and the insurance company you choose. It’s advisable to request quotes from different providers to find the most cost-effective option.
Is Plan N Worth It for Those with Frequent Doctor Visits?
Plan N may still be worth considering for individuals with frequent doctor visits, especially if the lower premiums offset the copayments. It’s essential to calculate the total annual costs based on your healthcare usage.
How Can I Determine If Plan N Is Right for Me?
To determine if Plan N is suitable for you, assess your healthcare needs, expected medical expenses, and budget. Consider your willingness to pay certain out-of-pocket costs in exchange for lower monthly premiums. Consulting with a licensed insurance agent can also provide valuable guidance in making this decision.
Contact Our Fully Licensed Medigap Agents for a Quote on Plan N
Plan N is available from dozens of insurers across the United States, and our fully licensed agents work with all of them. Contact us at 1-888-891-0229 for a free consultation, wherever you are in the country. We’ll get you the best rate on Plan N in your state.
You can use our automated quoting tool to get an idea of premium costs in your state, or leave us your details on your contact form, and we’ll get back to you to discuss your situation and needs.
Russell Noga is the CEO and Medicare editor of Medisupps.com. His 15 years of experience in the Medicare insurance market includes being a licensed Medicare insurance broker in all 50 states. He is frequently featured as a featured as a keynote Medicare event speaker, has authored hundreds of Medicare content pages, and hosts the very popular Medisupps.com Medicare Youtube channel. His expertise includes Medicare, Medigap insurance, Medicare Advantage plans, and Medicare Part D.