Medigap Plan N – No Longer Guaranteed Issue, But Still a Smart Choice

Medigap Plan N has only been out for a little less than a year – it came out June 1, 2010. During a good part of the time since then, it was offered on a “guaranteed issue” basis by at least one insurer (Mutual of Omaha). Now, that company is no longer offering “guaranteed issue” Plan N; however, there is still limited underwriting which makes it a good choice for those who have some pre-existing conditions or health problems.

Even notwithstanding your health, Medicare Supplement Plan N can be a very good choice for your Medigap coverage. Premiums are usually 15-25% lower than Plan F premiums. The differences in the two plans are significant; however, they may not offset the premium savings that you cna gain with a Plan N.

Plan differences between the F and N plans are:

  • Coverage of the Medicare Part B deductible ($162/year)
  • The co-pays that Plan N has – $20 at the doctor’s office, $50 at the emergency room
  • Coverage of the Part B excess charges – this rarely happens but is when a doctor charges more than the Medicare-approved amount

Other than these three benefit differences, the two plans (F and N) are identical. With that in mind, you can easily do a comparison to see which one makes the most sense for you.

If you are in good health and/or are on a fixed income, you may find that Plan N just makes sense. The coverage is still good, and it still works just like any other Medigap plan. You can go to any doctor or hospital that takes Medicare, nationwide. There are no network restrictions. Additionally, benefits are Federally-standardized and do not change at all on an annual basis.

When it comes down to comparing plan options, the main thing to look at is which plan fits your unique health and financial needs. From there, it is easy to compare “apples to apples” and see which company offers the least expensive plan for the plan option that you are looking for. To get more information or Medigap Plan N quotes, please contact us on our website.

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