Plan N Medicare is one of the most popular Medigap Plans available to help pay the expenses that Medicare Part A and B do not cover. With lower premiums and rate increases than Plan G, more people are now enrolling in Medicare Plan N than any other plan.
Click below to learn more!
Medicare Plan N – A great plan!
So you may have heard of Plan N but perhaps not because all the rage for the last several years has been Medicare Supplement Plan F.
Now, Plan F does offer 100% coverage and for years it had good reason to be all the rage because for whatever premium you might pay, you didn’t get any medical bills.
However, over the years that became very expensive.
And as of January 1st of 2020, they have eliminated the plan.
But I know there are still quite a few of you folks out there with Plan F who kept it. And that’s okay, I understand why you did. It’s 100% Coverage!
But, I have bad news. You’re wasting money and your rate increases are only going to get larger.
Yes, you can keep the Plan F, so…
However, a closed plan equals high rate increases and high premiums.
There are other options available, including if you’re dying to keep your Plan F, we can switch it to another company and save your premiums on that.
So by all means, give us a call if you would like to look at those options.
Now, Plan N is what we’re talking about here today.
There’s another plan called Plan G.
This plan is just one step down from Plan F and offers great coverage for much lower premiums than F.
Call us today if you’d like to see the costs of Plan G and how much you can save!
Is Medigap Plan N right for you?
But I wanted to focus on Plan N Medicare for a specific reason. It’s a fantastic plan.
A lot of people haven’t even heard of it, let alone know the details of the coverage.
But honestly, I think we’ve put close to eight different people on a Plan N today because they learned about the benefits and found out that it was going to fit their needs great.
So let me just cover some of the benefits of Medicare Supplement Plan N.
Now Medicare pays first for your medical bills, and then your plan is secondary.
Keep in mind Medicare supplement plans only pay if Medicare does in fact pay first. They must have something to “supplement”.
If you go to the doctor, and you have an expense that Medicare is not going to pay, no Medicare supplement plan letter will come up and pay it.
With Plan N, you will have to pay what is called the annual Part B deductible.
Medicare Part B Deductible
And what that means, it’s a certain amount of money that somebody must pay before the insurance company kicks in and starts paying.
This Part B deductible is put out by Medicare, and on a couple of different plans, you’re required to pay it.
With Plan N, you must pay the deductible first before Medicare begins paying the 80%, and Plan N begins paying the 20% of all your medical bills.
Now you might be saying, “Hey, get me back to that Plan F, that 100% thing you were talking about, that sounded pretty good!”
That’s not available anymore if you’re new to Medicare. But don’t worry, Plan G and N are better options anyway!
So it’s pretty typical to pay this Part B deductible. With Plan G you also pay it before your coverage begins.
On Medigap Plan N you pay the deductible, but you also might have a few additional out-of-pocket expenses.
Now you might be saying, “Well, hey, Plan F’s out of the question, give me that plan G, I just want the one deductible then 100% coverage!”
Well sure, you could do that. And it is the most popular plan. I just like to give options!
And there are a number of situations that people get into that Plan N might be better.
So in exchange for those other cost-sharing options or other expenses, you might have on Plan N versus say, something like Plan G, you get a much lower premium.
Medicare Plan N Additional Expenses
Now, let me explain what some of those out-of-pocket expenses could be.
So on Plan N, you pay the Part B deductible as we mentioned.
After that, if you go back to the doctor that year, you might have a small co-pay.
It will never be more than $20. It could be less than 20, or it could be zero co-pay.
It just depends on how they code the visit. Meaning, whatever you went there for and how they’re going to bill it.
Now, if you’re in a situation where you go to the doctor frequently, and that’s going to continue, then you might be saying, “Well gee, those co-pays would add up on me fast!”
In that case, let’s take a look at Plan G instead!
Medicare Part B Excess Charges on Plan N
Another possible expense that you could get on Plan N, though very rare, is called Medicare Part B excess charges.
These are only charged by doctors who do not accept the assigned rates from Medicare for their entire practice. It’s estimated this is only about 3-5% of doctors in the entire United States.
If you find a rare instance where it’s a doctor who does not accept them, they are allowed to charge 15% extra of what Medicare would charge. You would be required to pay a percentage of this 15% on Plan N.
I will tell you this, in 11 years, I’ve never had a client ever see a Part B Excess Charge. But, it could happen.
Medicare Plan N Rates
Rates for Plan N vary by zip code, age, tobacco use, gender, and if you qualify for a household discount or not.
Again Plan N has lower rates than Plan G but it really comes down to just how much before making a choice between plans.
If you call us today, we’ll look up all the rates in about five minutes from the top carriers.
And we might want to lean toward Plan G, it just depends.
Though I have seen significant differences, where it was over a $30 difference in premium between Plan G and N.
In fact, I just wrote a husband and wife on Plan N right before starting this article, who were extremely healthy and had far lower rates for Plan N than Plan G.
They didn’t want to have to pay the extra premiums on Plan G and realized how great the coverage was for Plan N!
But you need a trusted advisor on your side, and we do that for all our clients. And you never pay us a dime for our services.
The easiest way to narrow down which plan is best is to just give us a call at 1-888-891-0229.