Why Choose Medigap Plan N
- Plan N is generally the least expensive of all the commonly offered Medigap plans. It is less expensive than the two other plans that are most popular - Plan G and Plan F.
- Plan N works very much like other insurance you have had in your life - like employer group insurance for example. You pay a small co-pay when you go to the doctor.
- Although there is a co-pay on plan N ($20 at the doctor; $50 for the emergency room), the premium savings typically offset those out of pocket costs unless you are going to the doctor on an ongoing, very regular basis.
- A Plan N from any company, in any part of the country, can be used at any doctor/hospital that takes Medicare. There are no network restrictions on this (or any other) of the suppplement plans.
- Medigap Plan N is offered with "limited" underwriting by some companies. This means that, even if you have been turned down by other Medicare supplement companies, you may be able to enroll in a Plan N through one of the companies that offers limited underwriting.
- All companies offer the same standardized benefits. A Plan N with one particular company is no different at all from a Plan N with another company.
- Once you sign up for a plan, Plan N benefits will never change. Coverage is "guaranteed renewable" as long as you continue to pay the premiums.
Medigap Plan N
Medigap Plan N is one of the most common Medicare Supplement plans offered under the Medicare Supplement standardized plans. You can view the complete standardized chart here:Medigap coverage chart. Plan N is a great option for people who are in good health or on a fixed income. This plan is always one of the lower-cost options, and among the most common plans, is typically the lowest-cost plan available. Premiums are often 15-20% or greater less than Medigap Plan F premiums. There are a few differences - things that Plan N does not cover that Plan F and some other plans do cover. However, the premium savings often offset the omission of these benefits. And, this makes Plan N a viable choice for many people.
What Does Plan N cover?
The first step in comparing Medicare supplement plans is to get Medicare Supplement quotes. This is certainly not as difficult as many people make it out to be. You do not have to contact every insurance company that offers the plans individually. Now, you certainly can do it that way if you want, but you do not need to. On the contrary you can get this information from an independent agent or agency.
Before you even do that, however, you should understand what the plans cover. The standardized Medigap coverage chart shows exactly what each plan covers. Below, you will find a summary of benefits for what Plan N, in particular, covers:
- Plan N covers "Basic Benefits". This includes Part B coinsurance EXCEPT up to a $20 copayment for office visit and $50 copayment for emergency room visit. Additionally, "Basic Benefits" also encompasses the Part A coinsurance (which is the 20% that Medicare doesn't cover and which this plan covers in full), plus it covers you for an additional 365 days after Medicare benefits end.
- Blood - as another part of the basic benefits, Plan N also covers the first three pints of blood each calendar year.
- Hospice - as one of the newer Medicare benefits, Plan N also covers the Medicare Part A coinsurance (this is the 20% that Medicare doesn't pay) for these services.
- Skilled nursing facility coinsurance. The plan covers the 20% that Medicare doesn't pay at a skilled nursing facility.
- The Medicare Part A deductible. For 2017, this deductible is $1,316/benefit period. The Plan N covers this deductible in full; however, it does not cover the Medicare Part B deductible, which is the smaller of the two deductibles ($183/year for 2017).
- Foreign Travel Emergency. Plan N also covers medically necessary emergency care services. This begins during the first 60 days of each trip outside the USA. As part of this benefit, there is a separate $250 deductible on these charges and a $50,000 lifetime limit.
It Sounds Good, But How Does Medigap Plan N Work?
With Medigap Plan N, the coverage works very similarly to any of the other Medicare Supplement plans. You can go to any doctor or hospital nationwide that takes Medicare, and they must accept the Medigap plan as well. You do not have to file the claims yourself - they are all handled automatically through the Medicare "crossover" system. You will be responsible for the $20 copayment at the time of service, in many cases, with this plan.
How Can I See the Benefits of a Plan N?
The chart that is the Medigap plans chart mandates what all companies offering Medicare supplement plans cover. This chart is Federally-published and Federally-mandated. It was revised on June 1, 2010 to reflect the new plans, including Plan N. You can view the chart here: Medigap Coverage chart.
This chart shows you exactly which plans include which benefits, so by using this information, you can easily compare options to see which one is right for you. Keep in mind, as always, that one company's benefits for a certain plan or the exact same as the benefits of another company with that same plan.
Frequently Asked Questions about Plan N
Even though benefits are spelled out exactly on the standardized plan coverage chart, many people may still have questions about how the plan works or what it covers. Below, we've addressed some of the most frequently asked questions about the plan:
- Are there certain enrollment period, in which you can enroll in a Medigap Plan N?
Many people mistakenly believe that you can only enroll in a Medicare supplement plan at certain times of the year. This is, of course, not correct. On the contrary, you can enroll in a Medicare supplement plan at any time. There are no enrollment period restrictions.
Now, that said, there are certain times that are better than others to enroll in a plan. With all companies, there is an open enrollment period, which lasts for 6 months and begins on the first day of the month that you are both age 65 and enrolled in Medicare Part B. Also, in some unique cases, you may qualify for a "Guaranteed Issue" period if you are in certain situations, including but not limited to, leaving/losing employer coverage, losing a Medicare Advantage plan coverage, or leaving a plan's service area. To get more specifics and/or to find out if you are in one of these periods, please contact us using our website - Medicare Supplement.
- So, if coverage is the exact same for all Medigap Plan N, why are the rates so different?
- I like the Plan N. How Do I Compare Plan N Quotes?
This is certainly difficult for many people to understand. Indeed, rates for Medicare supplement plans can vary greatly, as much as $100/month difference for equal coverage in some parts of the country. Medicare Supplement plan N is priced entirely by the company selling it - they are the only ones that can determine how they are going to price it. Just like anything else on the free market, their pricing and the wide variation can be attributed to a wide range of factors. Some of these factors include companies having a lot of variation in their administrative or overhead costs. Also, you can easily see by their rate structure that some companies target different areas, different plans and different age groups.
Last of all, but also very important, some companies do not "have" to be competitively priced to acquire customers. Some consumers simply do not take the time to compare their options or shop for the best deal. They, unfortunately, go directly with the company they have heard of or been solicited by. This also leads to less competitive pricing overall. When you are comparing Medigap options, it is certain that you will come across companies that you have heard of and some that you have not (that will have competitive pricing). But without a doubt, the most vital thing is to make an informed decision, based almost entirely on price. Everything else is not a factor, due the standardization of plans.
Comparing rates for multiple insurance companies that offer Plan N is surprisingly simple. Even if it is not from us, you can easily obtain this information from an independent agent or agency. In almost all cases, the insurance companies do not publish their Medigap rates online. For that reason, most shoppers find that the best way to acquire a Medigap Plan N quote is to obtain the information from an independent resource.
By doing it this way, you may look at multiple quotes from top companies for your area, in a centralized, unbiased place. This way, you can make an informed decision on your own time using these free resources.
To get a Medigap comparison, simply request the information online using: Medicare Supplement Quotes. We will be happy to provide the information you are seeking, and you can easily compare multiple quotes in a centralized place.