Whether you are new to Medicare and looking for the right Medigap plan to fit your needs, or you’ve been on Medicare a few years and are trying to keep up to date with the best coverage, you should absolutely consider Medicare Supplement Plan N as an option.
What is Medicare Medicare Plan N?
Medicare Plan N is currently the 2nd most enrolled-in Medigap Plan. Only Plan G has more policyholders, as it pays almost 100% of the gaps (expenses) in Medicare Part A and B.
Medicare Supplement Plan N has:
- Lower Premiums than Medicare Plan G
- Lower Rate increase than Plan G
- No Network (Choose the best doctors)
- Great coverage, minimal out-of-pocket expenses
Medicare Supplement Plan N in 2022
Without a doubt, Medicare plan N will be one of the most popular Medigap Plans for 2022 with more enrollments than ever.
Medicare Supplement Plan N in 2022 has:
- Lower premiums than Plan G
- The Lowest Rate increases of the top Medigap Plans
- No Network and Low co-payments
Medicare Plan N vs Plan G
When it comes to deciding if Plan N or Plan G would be a better option for you, it really comes down to just a few variables.
Medicare Plan G
If you’re the type of person who wants as few medical bills as possible, and you’re willing to pay extra for that luxury, then Plan G is absolutely the way to go.
Medicare Supplement Plan G Pros:
- 100% coverage after you pay just one small deductible (Annual Part B – $203 in 2021)
- No co-pays, coinsurance, or any other deductibles to pay
- Relatively low premiums
Medicare Supplement Plan G Cons:
- Higher monthly premiums than Plan N (Approximately $20-$30 higher per month)
- Higher yearly rate increases than Plan N (5-8% average is not uncommon)
Medicare Plan N
If you want to save money and have a low monthly premium and are willing to have a few additional out-of-pocket expenses, then Plan N is a great option for you.
Also, Plan N is a fantastic choice for people who do not want to have a Medicare Advantage plan and a network.
Medicare Supplement Plan N Pros:
- 100% coverage after you pay just one small deductible (Annual Part B – $203 in 2021)
- Lower Premiums than Plan G (up to $30 lower per month)
- Lower Rate Increase than Plan G each year
Medicare Supplement Plan N Cons:
- Possible co-pays; up to $20 per doctor’s visit, and $50 for emergency room visits if not admitted
- Does not cover Medicare Part B excess charges (extremely rare, see below)
Click below to learn more!
Medicare Part B Excess Charges
Doctors in this country who accept Medicare, also accept the assigned rates that Medicare publishes. This simply means that Medicare provides doctors the amounts they can charge. This is called “assignment”.
Doctors must choose to either accept Medicare assignment for their entire practice or not. If a doctor does not accept Medicare assignment, they may charge up to 15% above what the Medicare rate is. With Medicare Plan N, you are required to pay this 15%.
Plan N does not cover Part B excess charges, but not to worry. It’s estimated that 96% of all doctors in the country accept Medicare assignment, so it’s quite rare that you would ever see an excess charge.
In fact, a study was done by a major carrier recently and it was determined that less than 1% of all their health claims actually had a Part B excess charge. And even in those few cases, the charge was less than $20.
To read reviews on Medicare Supplement Plan N just click HERE.
How to Enroll in Medicare Plan N
Enrolling in Plan N is easy, however, when you can enroll depends on what situation you are currently in.
New to Medicare/Turning age 65:
People who are new to Medicare or just turning age 65 may enroll in Medicare supplement plan N with no medical questions asked. You are guaranteed coverage and cannot be turned down.
This period to enroll is called your 6-month Medigap open enrollment period. It starts on the day your Medicare Part B coverage begins and lasts for six months. During that period you cannot be turned down for any Medigap coverage.
Currently have a Medigap Plan and you’re wanting to save money by switching:
Anyone who already has a Medigap plan may actually apply to change coverage at any time during the year. You do not have to wait until the Medicare open enrollment period in October to apply. So call us today at 1-888-891-0229 and we can help!
Leaving a Medicare Advantage plan to enroll in Medicare Plan N:
If you have an advantage plan and have been enrolled in one for 12 months or longer, then you will need to wait until October 1st to apply for a Medicare supplement plan N. You will need to answer medical questions on the application and get approved for coverage.
If approved, your coverage with Plan N will begin on January 1st of the following year.
Call us Today
Regardless of your situation, give us a call today so we can check the rates for Plan N and get the process started. We’ll get you in the best plan for the lowest premiums now, and for years to come!
