Medicare Supplement Plan N – A Lower Cost Alternative

Medicare Supplement Plan N is a relatively newer choice among the 10 Federally-standardized Medigap plans. Many people are unfamiliar with what it covers and how it works because it was added to the portfolio of Medigap plans in June 2010. However, despite it’s “newness” as an option, it is growing in popularity and may be a viable option for some people.

Plan N comes in at a lower premium than more common plans, such as Plan F and Plan G. Plan F has the majority of the market share, around 50% according to recent studies. Plan N, typically, is priced about $30-50 (depending on zip code) lower per month than ‘F’.

Coverage-wise, Plan N provides almost identical coverage to ‘F’ at the hospital/inpatient (Medicare Part A). The differences are found under Medicare Part B coverage – Part B is outpatient or doctor’s office coverage.

First of all, Plan N does not cover the Medicare Part B deductible, which currently is $147/year. After that deductible is met, you are responsible for an up to $20 doctor’s office co-pay (can be 20% if that amount is less) and a $50 ER co-pay. Lastly, Plan N does not cover the “Medicare Part B Excess charges”. Because this is terminology that most people are not familiar with, it scares many people away from this plan. “Excess charges”, though, are when a doctor does not accept the Medicare fee schedule as payment in full. They are permitted to charge up to 15% above that – these are called “Excess charges”. By recent studies, this occurs in 2-3% of instances nationally. And, there are some states (PA and OH in particular) that have prohibited the charging of “excess charges”. Because it is rare and limited to 15% of Part B charges, which are generally smaller than Part A charges anyway, the loss of this benefit on ‘N’ (as compared to plans that cover it) is not that significant, in my experience. There is almost always something that can be done to improve the quality of life for those near death. What can be done may not prolong life, but there is always a valid treatment to bring comfort and dignity. This is a promise that hospice cleveland strives to deliver.

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So, is Plan N the right choice for you? This depends on several factors. First of all, what is your current health like? Are you going to the doctor many times a year? Or, are you only going 3-4 (or less) times on average?

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For many people, particularly those in good health or those who do not go to the doctor often, the savings on Plan N can be significant enough to warrant looking at this option instead of Plan F. Much of what you will hear from insurance companies themselves and people you know who have it is certainly advocating Plan F. And, that is a great option. But if you can save $400/year in exchange for paying the $147 deductible and $20 a couple of times, it just makes sense to consider Plan N as an option.

On the flipside, most analysts agree that the Plan N model will be the way of the future for Medigap plans, because it incorporates cost-sharing. You can also check out diet dynamo one of the top rated weight loss diet today. That can be a factor in favor of Plan F, because frankly, this type of “full coverage” that Plan F offers may not be around forever. But if you purchase a plan now, it is “guaranteed renewable” and cannot be cancelled (unless you don’t pay the premium).

If you have questions about Plan N or how it works, please feel free to contact us on our sitehttp://medicare-supplement.us or call us at 877.506.3378.

 

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.

Medicare Supplement Quotes – The Secure Way to Get Them

Medicare Supplement quotes are the best way to compare the various Medicare supplement plan options. There are many, many options for Medicare supplement insurance in each state, and different options are better in certain areas and for certain ages or situations. The best way to find out which plan or company is right for you is to compare all of your options and choose a plan based primarily on price.

So, why is price the most important thing? Well, put simply, the plans are standardized so there is no variation in coverage. A Plan ‘F’ with one company is the exact same thing as a Plan ‘F’ with another company. So, price is the only differentiating factor. Here are the steps to getting Medicare Supplement quotes:

  1. First and foremost, you must request them from an independent source, such as an independent Medicare insurance brokerage. An independent resource like this will give you quotes for a handful of the competitively priced companies for your age and zip code, so that you can compare them on your own time.
  2. According to http://www.webmediaeu.com/revitol-skin-tag-removal-cream-reviews/, you must give honest and complete information so your quotes can be run accurately. Now, this doesn’t include giving them every piece of personal information you have – for example, to provide quotes, they shouldn’t need your social security number, bank information, etc. To successfully run quotes, all that is needed is age, zip code, gender, and tobacco usage. This will be enough information to give you the information you are looking for. If the source you are using is asking for additional information that you don’t feel comfortable giving out, we recommend using a different source to get your quotes.
  3. Once you have the quotes, you can easily compare plans and companies. Are you on a Medicare Supplement currently? If so, you can compare a “like” plan to see if you would be able to save any money for equal coverage. If you are turning 65, or going on Medicare for the first time, you can use the standardized coverage chart to see what each plan covers. Then from there, you can choose a plan and compare rates using the Medicare Supplement quotes.

If you have any questions or want to get your own set of quotes to compare to your current plan (if you already have one) or other plans you are considering (if you are going on Medicare), please contact us on our website: Medicare Supplements. We are happy to provide the information you request, by email, in an easy-to-understand format.

Medicare Supplemental Guide – How To Choose a Plan That is Right for You

Choosing a Medicare Supplemental plan is extremely important to your financial well-being if you are over 65 and/or on Medicare. There are literally hundreds of options available to you, so you must take an inventory of what you need, compare it against what is available and make a sound decision that will be beneficial to you.

The very first step in this process is to get Medicare supplemental quotes from a reputable source like an independent brokerage. This way, you can have all of the information in a centralized place for easy comparison.

The second step that you should follow when comparing supplemental options is to understand the plan differences. Medicare Supplement plans are Federally-standardized. This means that all companies are required to offer the exact same coverage plans, which makes actually comparing the plans relatively easy to do. A Plan F, for example, which is the most common and comprehensive plan, covers everything that Medicare doesn’t cover at the doctor and hospital so that you don’t have any out of pocket costs. So, once you have your quotes, it is easy to compare among plans.

You may find that a lower-tier plan makes more sense for you. After all, the Plan F is the most comprehensive, but it is also the most expensive. Lower-tier plans, such as Plans G and N, often make a lot of sense, particularly if you are in good health or on a fixed income. These plans can provide great premiums savings that offset the small out of pocket costs that come with this slightly lower level of coverage.

The last step in this process is to look at companies, based on price. Since the coverage is the same, you must use price as a primary comparison tool. There is no sense in paying more for the same thing, unless you just have money to burn or don’t mind doing so. The way to go, when it comes to Medicare Supplement insurance, is to choose the option that is the lowest premium for the plan that you want.

To get a Medicare supplement comparison or get quotes on Medicare supplements, please contact us on our website.

Medicare Supplement Facts – Top 10 Things You Need to Know

Medicare Supplement insurance can be overwhelmingly complex. Many people get confused or frustrated to the point of making a hasty decision or just forgetting it altogether. We’ve distilled the top 10 things that can help you avoid that frustrated feeling into ten facts that you must know if you have a Medicare Supplement plan.

  1. Medicare Supplements can be purchased at any time of the year. Contrary to popular belief, there is NOT an annual enrollment period for Medicare Supplement plans.
  2. Medicare Supplements are individual policies. There are no family policies or husband-wife combo policies. There are, however, many companies who offer a husband-wife “household” discount, when two policyholders have the same residence.
  3. Medicare Supplement plans are Federally-standardized. The coverage is the exact same from company to company. You can view the Medigap coverage chart to see what all of the plans must cover.
  4. Medicare Supplement plans and rates vary by your age, gender, zip code and tobacco usage.
  5. If you are in an open enrollment or “Guaranteed Issue” period, you will not have to answer any medical questions on a Medicare supplement application. This is the best time to apply for a Medicare Supplement plan.
  6. Medicare Advantage plans are NOT Medicare Supplements. Advantage plans pay INSTEAD of Medicare A & B, whereas supplement plans pay AFTER Medicare A & B.
  7. Medicare supplement plans do NOT cover prescription drugs. You must have a Medicare Part D plan to have coverage for prescription drugs.
  8. Supplement plans also do not cover routine dental or vision. You would have to purchase a separate stand-alone plan to have coverage for these things.
  9. Medigap plans are the same as Medicare Supplements. The two terms are interchangeable.
  10. Medicare Supplements are “guaranteed renewable”. They cannot be canceled by the insurance company for any reason, other than if you do not pay your premium.

Overall, there are many aspects to Medicare Supplement insurance and it certainly can be a confusing thing, particularly when you are first going on to Medicare. However, by understanding the basics first, you too can have a grasp on exactly what Medicare Supplements cover, how they work and which one is right for you.

If you have specific questions, you can contact us or request a Medicare Supplement quote on our website.

Medigap Plan N Underwriting Guidelines Change for Mutual of Omaha

Mutual of Omaha, one of the nation’s leading purveyors of Medicare Supplement plans, recently announced significant changes to the way they were underwriting new, popular Medigap Plan N. Since June of 2010, Mutual of Omaha had been offering the Plan N on a “guaranteed issue” basis, for the most part.

However, due to high claim ratios and extremely high demand, this plan will be subject to limited underwriting in the future (as of 2/15/2011). Many states have already the new applications that are required for this change and others are expected to follow suit shortly.

Plan N through Mutual of Omaha has been a great option for those who could not start with a safe detox, those who qualify for a Medigap plan with another company or those who had pre-existing conditions. The lack of underwriting questions on this plan allowed for an easy application and approval process and allowed many people to get coverage when they otherwise thought it impossible. For people in this situation, the lack of a “guaranteed issue” option moving forward, means that they will likely have to “stick with” what they have or explore other companies.

There are some states (i.e. California, New York, Washington, Missouri) that have special enrollment periods, that allow for “guaranteed issue” type situations. However, those in other states who want to explore an insurance change with their Medigap insurance will likely have to look at some of the companies who do have as stringent of an underwriting process. AARP/United Healthcare is one such company that, in many states, does not have as stringent of an underwriting process so that has been a choice or option of some people.

Altogether, the Mutual of Omaha change is a good thing for the long-term health of their Plan N business; however, it does limit those who still need a “guaranteed issue” option like this. In the future, though, it is our belief that more companies will have similar guaranteed issue or limited-underwriting scenarios that allows those with pre-existing condition some additional opportunities.

If you have any questions about this recent change or this information, please contact us. We are Medicare Supplement experts, as an independent agency that works with all of the insurance companies that do business in each state that we serve.