by Russell Noga | Updated June 10th, 2024
Navigating the world of Medicare can be a complex journey, but understanding your options for Medicare supplement plans can significantly ease the process.
One such option gaining popularity among Medicare beneficiaries is the Philadelphia American Medicare Plan N. This comprehensive plan offers lower premiums while still providing extensive coverage, making it an attractive choice for many. But what sets it apart from other plans?
Let’s dive in and explore the ins and outs of Philadelphia American Medicare Plan N.
Short Summary
- Philadelphia American Medicare Plan N offers comprehensive coverage at lower premiums with additional benefits.
- Medigap plans provide coverage for Original Medicare out-of-pocket costs and potentially other services not covered by Medicare, but the expense of these plans varies depending on the plan and provider.
- When selecting a Medigap plan, consider factors such as coverage, cost and personal healthcare requirements. Research different options to find one that best fits individual needs.
Overview of Philadelphia American Medicare Plan N
Established with a mission to provide cost-effective and reliable premiums, Philadelphia American is a company committed to offering a range of American Medicare supplement plans to suit various needs and budgets. One of their most popular offerings is the Philadelphia American Medicare Plan N, providing comprehensive coverage and lower premiums for Medicare beneficiaries.
Renowned for their friendly and helpful customer service, the Philadelphia American team strives to make the process of selecting and managing a Medicare supplement plan as seamless as possible.
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Understanding Medicare Supplement Plans
Medicare supplement plans, or Medigap plans, are designed to fill the gaps left by Original Medicare coverage. These standardized insurance policies, also known as Medicare supplement insurance, help cover out-of-pocket costs that Original Medicare does not cover, such as deductibles, coinsurance, and copayments.
By considering various medicare supplement policies, you can find the best plan to suit your needs, including medicare supplements. Companies that offer medicare supplement insurance can provide you with the coverage you need.
Philadelphia American, along with other insurance companies, offers a wide variety of Medigap plans to cater to the diverse needs of Medicare beneficiaries. But what exactly are these plans and how do they work?
What is a Medigap Plan?
A Medigap plan is a standardized insurance policy that helps cover out-of-pocket expenses not covered by Original Medicare. These expenses can include deductibles, coinsurance, and copayments, which Original Medicare does not typically cover.
Although Medigap plans are offered by private companies like Philadelphia American, all plans provide the same coverage within each plan letter, regardless of the company offering it. This standardization ensures that you receive the same benefits, no matter which insurance provider you choose.
Various benefits are subject to variation in coverage depending on the type of Medigap plan. Some of these benefits include:
- Medicare Part A deductible
- Medicare Part B deductible
- Additional days not covered by Original Medicare
- Preventive care not covered by Original Medicare
- Blood (first 3 pints)
- Services in a skilled nursing facility
- Foreign travel health care services
The key is to identify the plan that best suits your healthcare needs and budget.
How do Medigap Plans Work?
Medigap plans are designed to complement Original Medicare by providing coverage for costs such as deductibles, coinsurance, and copayments that Original Medicare does not cover. By working alongside Original Medicare, Medigap plans ensure that you receive comprehensive coverage for your healthcare expenses.
In addition to helping with out-of-pocket costs, Medigap plans may also offer coverage for services that are not covered by Medicare, such as emergency care outside of the United States. However, the expense of Medigap plans varies depending on the plan and the insurance provider.
Generally, the more comprehensive the plan, the greater the expense.
Features of Philadelphia American Medicare Plan N
Philadelphia American Medicare Plan N stands out for its comprehensive coverage and additional benefits.
With lower premiums than some other Medigap plans, Plan N may require copays for doctor’s and ER visits.
Let’s delve deeper into the coverage details and additional benefits of this popular plan.
Coverage Details
Plan N provides coverage for a range of medical expenses, including Medicare approved expenses such as:
- Medicare Part A coinsurance and hospital costs
- Medicare Part B coinsurance or copayment
- The first three pints of blood
- Part A hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance
- Part A deductible
- Part B excess charges
This health insurance coverage ensures that you are well-protected for a variety of healthcare services, providing peace of mind and financial security.
However, it is important to note that Plan N may necessitate copayments for physician and emergency room visits. These copays are typically minimal and are designed to keep premiums lower while still offering comprehensive coverage.
For individuals in good health, this trade-off may be well worth the lower premiums.
Additional Benefits
In addition to the coverage mentioned above, Philadelphia American Plan N offers extra perks such as electronic claims processing and household discounts. These benefits not only make managing your healthcare expenses more convenient, but can also help you save money if multiple members of your household are enrolled in a Philadelphia American Medicare supplement plan.
Furthermore, Philadelphia American Medicare Plan N provides supplementary benefits, including Final Expense, Accident, Dental, and Critical Illness insurance options.
The plan also covers inpatient care in hospitals and skilled nursing facilities, limited home healthcare services, and hospice care, ensuring that you have a well-rounded insurance plan to meet your needs.
Comparing Philadelphia American Medicare Plan N to Other Plans
Now that we’ve explored the features of Philadelphia American Medicare Plan N, let’s compare it to other popular Medicare plans, such as Plan F and Plan G.
Understanding the differences between these plans will help you make an informed decision about which plan is best suited to your needs.
Plan N vs. Plan F
When comparing Philadelphia American Medicare Plan N to Plan F, it’s important to consider the coverage and costs associated with each plan. Plan F provides full Medicare coverage, so you won’t be left with unexpected out-of-pocket costs.
All approved expenses will be covered 100%. With Plan F, you pay your monthly premium and have no out-of-pocket costs as long as Medicare approves your services. This makes Plan F a popular option for those seeking complete coverage without any additional expenses.
On the other hand, Plan N provides comprehensive coverage but with some cost-sharing. With Plan N, you may have to pay a minimal copayment for specific services, such as doctor visits or emergency room visits.
Nevertheless, it is not surprising. Plan N still offers considerable coverage and can help reduce your out-of-pocket expenses.
When choosing between these two plans, it’s crucial to weigh the trade-offs between coverage and costs and consider your individual healthcare needs and budget.
Plan N vs. Plan G
When comparing Plan N to Plan G, the two plans share many similarities.
Both offer lower premiums than Plan F and provide comprehensive coverage for various healthcare services. However, there is one key difference between the two plans: Plan G covers the Medicare Part B deductible, whereas Plan N does not.
This distinction may be crucial for some individuals when choosing between the two plans. If covering the Medicare Part B deductible is a priority, then Plan G might be the better option.
However, if you’re willing to pay the Part B deductible yourself and prefer lower premiums, Plan N could be a more suitable choice.
As always, it’s essential to assess your individual needs and preferences when selecting a Medigap plan.
Costs Associated with Philadelphia American Medicare Plan N
One of the significant factors to consider when choosing a Medigap plan is the cost. For Philadelphia American Medicare Plan N, premiums are determined by:
- Age
- Gender
- Smoking status
- Location
This means that your premium may vary depending on these factors, so it’s essential to keep them in mind when budgeting for your Medicare supplement plan.
The average premium rate for a 65-year-old female with a Medigap policy from Philadelphia American will depend on:
- Age
- Zip code
- Tobacco use
- Gender
It’s crucial to research and compare premium rates from different providers to ensure that you’re getting the best value for your money.
Remember that while the cost is an important consideration, it’s also essential to evaluate the coverage and benefits provided by each plan.
Enrolling in Philadelphia American Medicare Plan N
To enroll in Philadelphia American Medicare Plan N, you must be enrolled in both Medicare Parts A and B, be 65 years of age or older, and accept Medicare. The enrollment process involves speaking with one of their licensed insurance agents, who can guide you through the steps and answer any questions you may have.
It’s crucial to enroll during the Open Enrollment period, which is the month you turn 65 and the six months following. If you miss this period, insurance providers may decline your application or charge a higher premium.
By enrolling during this time, you can avoid potential complications and secure the best possible coverage for your healthcare needs.
Philadelphia American Company Profile
Philadelphia American, through its merger with New Era Life Insurance Company, offers Medigap plans and other insurance products, including Philadelphia American Life Insurance, to a wide range of clients.
As a financially stable company, Philadelphia American is backed by the resources of the New Era Life Insurance Company, providing customers with peace of mind and reliable insurance options.
Philadelphia American offers a wide range of insurance products, including:
- Medigap plans
- Final Expense insurance
- Accident insurance
- Dental insurance
- Critical Illness insurance
This diverse range of products ensures that customers have access to comprehensive insurance solutions tailored to their individual needs.
Tips for Choosing the Right Medigap Plan
When selecting the right Medigap plan, it’s essential to consider factors like coverage, costs, and personal healthcare requirements. Each plan offers different coverage details and associated expenses, so it’s crucial to assess your individual needs and preferences before making a decision.
Comparing different plans and providers is another important step in choosing the right Medigap plan.
Researching and comparing the coverage and costs of various plans will help you find the one that best fits your needs, ensuring that you receive the most comprehensive coverage at the best possible price.
Remember, the right plan for you will depend on your unique healthcare needs and financial situation.
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Summary
In conclusion, Philadelphia American Medicare Plan N is a popular choice among Medicare beneficiaries due to its comprehensive coverage, lower premiums, and additional benefits.
By understanding the ins and outs of Medigap plans and comparing Plan N to other options like Plan F and Plan G, you can make an informed decision about which plan best suits your needs and budget.
Don’t forget to enroll during the Open Enrollment period to secure the best possible coverage and consider factors like coverage, costs, and personal healthcare needs when choosing a plan.
With the right Medigap plan in place, you can enjoy peace of mind, knowing your healthcare expenses are well-managed and under control.
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Frequently Asked Questions
What is the Philadelphia American Medicare Plan N?
Philadelphia American Medicare Plan N is a Medicare Supplement Insurance (Medigap) plan offered by Philadelphia American Insurance Company to provide additional coverage for Medicare beneficiaries in the Philadelphia area.
What does Medicare Plan N cover?
Plan N covers a range of Medicare expenses, including Part A hospital coinsurance, Part B coinsurance, and the first three pints of blood. It also covers skilled nursing facility care, hospice care coinsurance, and more.
Is there a deductible with Medicare Plan N?
Yes, Plan N includes a Part B annual deductible that beneficiaries must pay before the plan starts covering Part B costs.
Does Plan N have cost-sharing?
Yes, beneficiaries may have to pay copayments or coinsurance for some services. For example, you may have to pay a copayment for office visits and emergency room visits.
Can I see any doctor with Medicare Plan N?
Yes, Plan N does not restrict you to a network of doctors. You can see any healthcare provider that accepts Medicare.
Is prescription drug coverage included in Medicare Plan N?
No, Plan N does not include prescription drug coverage. To get prescription drug coverage, you may need to enroll in a standalone Medicare Part D plan.
How do I enroll in Philadelphia American Medicare Plan N?
To enroll in Plan N, you need to be enrolled in Medicare Part A and Part B. Then, you can contact Philadelphia American Insurance Company or an authorized agent to complete the enrollment process.
Are pre-existing conditions covered under Medicare Plan N?
Yes, Medicare Supplement plans like Plan N typically cover pre-existing conditions after the six-month open enrollment period, as long as you meet the eligibility criteria.
What is the cost of Medicare Plan N in Philadelphia?
The cost of Plan N can vary based on factors such as your age, location, and the insurance company. It’s essential to compare prices from different insurers to find the best deal.
Can I switch from one Medigap plan to another, such as from Plan F to Plan N?
Yes, you can generally switch between Medigap plans, but you may need to go through medical underwriting in some cases. It’s important to understand the rules and regulations for switching plans in your area.
Find the Right Medicare Plan for You
Finding the right Medicare plan doesn’t have to be confusing. Whether it’s a Medigap plan, or you have questions about Medicare Advantage or Medicare Part D, we can help.
Call now at 1-888-891-0229 and one of our knowledgeable, licensed insurance agents will be pleased to assist you!
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.