What Is Medicare Plan N?
Medicare Plan N is the second most popular Medigap plan. With lower premiums and lower rate increases than Plan G, Medicare Plan N is becoming a favorite amount people on Medicare.
Plan N has just one low deductible to pay before both Medicare and the plan pay 100% of your medical bills. In exchange for lower premiums than Plan G, Plan N has some additional out of pocket expenses that might come up.
Coverage with Plan N
Here’s the overage you can expect:
Medicare Part A Coverage:
Part A (Hospital) coinsurance and deductibles
Medicare Part B Coverage:
Part B 20% Coinsurance
For Part B, Plan N will offer coverage for 20% of your coinsurance. However, you won’t get coverage for excess charges along with Part B deductibles. So, you will have to pay for the copayments for visits to the doctor or emergency rooms.
Common examples of coverage with Plan N
Medicare Part A – Hospice Care, blood, hospital visits
- Hospitalization: Plan N offers coverage for deductible of Part A each benefit period. Along with that, you will get coverage for the expenses approved by Medicare for 365 days once the benefits from traditional Medicare end.
- Hospice care: You can expect full coverage for hospice coinsurance.
- Skilled nursing: You can get coverage for up to one hundred days at a nursing facility with plan N. However, after one hundred days, you’ll have to take care of the expenses.
- Blood: The first three pints of blood required are covered by Plan N. And if more are required, they’re covered by Medicare
Medicare Part B – ER or Doctor Visits
20% of the continuance is covered by Plan N. However, the copayments are to be paid by you for ER or physician visits. For doctor’s visits, the copayment is $20 and for the emergency room visits, it’s around $50.
If you have a telehealth visit with your doctor, the $20 does not apply. Also if you visit an urgent care center and not the emergency room, the co-payment will not apply.
Foreign Emergency Travel Benefits
With Plan N, you can get coverage for the 1st two months in case you have to visit any other country for emergency assistance. A total of $50,000 can be covered with this plan in your total lifetime.
However, for you to get this coverage, you need to pay an annual deductible of $250 along with the 20% coinsurance as it only covers 80%.
But if you surpass the limit, you’ll have to cover the costs.
Who can enroll in Plan N?
Here are the costs involved in Plan N:
A monthly premium: How much premium you will pay depends on which insurance provider you choose. You should know that this premium is separate from the premium that goes to Medicare for Part B.
Deductible for Part B: A deductible of $203 is to be paid for Part B before you can expect coverage from the plan.
Copayments: Copayments of $50 for an emergency visit and $20 for visits to the doctor’s office are to be paid.
Excess charges: Certain Medicare service providers can ask for up to 15% above the prescribed limit of prices set by Medicare. Usually, excess charges are taken by those providers who don’t accept the agreement with Medicare. The plan N won’t offer coverage for these excess charges
Why You Should Be Comparing Plans
Who can enroll in Plan N?
Here are the requirements, you need to fulfill before you enroll:
The Part B and A requirement: You need to have Both Part A and Part B of traditional Medicare for enrolling in Plan N.
Service Area of the plan: Medigap insurance can be used nationwide, there is no network. This allows you to choose any doctor or specialist, or any hospital as long as they accept Original Medicare.
What’s the right time to enroll in Plan N?
Medigap Open Enrollment Period (OEP)
The OEP starts when the coverage for Part B becomes effective. Also, you can opt for a Medigap plan even before the OEP and request the insurance provider to make your coverage effective on the same date as your Part B.
This period lasts for six months from your Part B effective date.
During the OEP, you can register for Plan N anytime you want. However, it should be available in your area.
This period is recommended as during this time, no insurance provider can deny you the plan or coverage because of your health condition.
It’s the reason you should opt for Medigap during this period.
Outside the open enrollment period (underwriting required)
You can also attempt to purchase the Plan N after the OEP ends. However, there’s no guarantee that you’ll get this plan.
The insurance providers may give you medical underwriting while deciding whether or not to sell a plan.
It simply means that the insurance provider can check the medical history and can say no to you. Also, you might get your enrollment but at a premium higher than usual.
Why Plan N?
For some Plan, N is great while it’s not a good choice for others. Here are some pros and cons for better understanding.
The Plan N offers coverage for the deductible of Part A. It’s one of the few supplement plans that offer you coverage for emergency services bought outside the country. You can also expect coverage for care at a nursing facility.
However, there are copays that you need to pay. Also, there’s a part B deductible along with excess charges which aren’t covered by this plan.
Call us today to get started and enroll in any of the Medigap Plans available. We’ll find you the best coverage now, and for years to come!