Medicare Supplement plans, also known as Medigap plans, add financial benefits that work alongside Original Medicare. More than nine million beneficiaries are taking advantage of this additional financial protection, and enrollment continues to increase each year.
There are ten different types of Medigap plans, (A, B, C, D, F, G, K, L, M, and N), and each letter represents a different level of coverage. Plans are the same regardless of which carrier you enroll with. This means if you want to enroll in Plan N, the benefits are the same whether you enroll with Aetna, Cigna, etc. Plus, most plans are guaranteed renewable life, which means you shouldn’t be dropped if a new health condition develops (as long as you pay your monthly premium on time). If you’re looking for financial benefits to supplement your Original Medicare, but don’t want a huge monthly premium, Medicare Supplement Plan N may be right for you.
What is Medicare Plan N?
Medicare Supplement Plan N was introduced in 2010 and has been a popular choice for beneficiaries ever since. Plan N covers:
- Part A coinsurance and hospital costs
- Part B coinsurance and copayments
- Blood work copays up to three pints
- Hospice coinsurance and copayments
- Skilled nursing facility coinsurance
- Part A deductible
- Foreign travel emergency
Medicare Supplement Plan N Eligibility
To be eligible for any Medicare Supplement plan, you must be enrolled in Part A and B first. Medicare Supplements are sold through private insurance companies. However, most states are not required to sell Medigap plans to beneficiaries under 65. This means if you qualified for Medicare through ESRD (end-stage renal disease), ALS (Lou Gehrig’s disease), or SSDI (Social Security Disability Income) and are not 65, you can be denied a Medigap plan. To find out if you’re eligible, click here or give us a call at 833-438-3676.
What is the Cost of Medicare Supplement Plan N?
As we mentioned, plan benefits are usually the same from carrier to carrier. However, that doesn’t mean the pricing is the same. Plan N requires some cost sharing in certain situations. There is typically a copayment of up to $20 for doctor appointments and $50 for hospital admittance. Medicare Plan N does not cover the Part B deductible ($185 in 2019) or Part B excess charges. Part B excess charges are up to 15% of what Medicare paid for a product or service. You are only responsible for the excess charges if your doctor does not accept Medicare assignment rates.
The cost of your monthly plan premium will vary based on your zip code, age, gender, and tobacco use. There’s no need to overpay for a plan if there is a cheaper plan available in your area that offers identical benefits. Our licensed agents can show you plans specific to your zip code and can help prevent overpaying. Click here or give us a call at 833-438-3676.
Medicare Supplement Plan N Reviews
If plan benefits are the same across carriers, why are some plans reviewed higher than others? Well, price is a huge factor. Companies with higher customer ratings have plans with higher ratings. Lastly, customer service is an important factor. Here is a list of the top Medigap carriers for 2019:
- Blue Cross Blue Shield
- Mutual of Omaha
- Liberty National
- Physicians Mutual
- State Farm
Medicare Plan N vs Plan G
Medicare Supplement Plan G is another popular Medigap plan. The only benefit that is included in Plan G that Plan N does not cover is the Part B excess charges. However, the thing to remember about excess charges is they are relatively rare. You will only be charged an excess charge if your provider does not accept Medicare. If you would prefer to pay a bit more towards your monthly premium in exchange for coverage on excess charges, Plan G may be perfect for you. One of our licensed agents can help you enroll. Click here or give us a call at 833-438-3676.
Medicare Plan N vs Plan F
Plan F has been a top-selling Medicare Supplement for years. The only difference between Plan F and Plan N is that Plan F covers the Part B deductible and Part B excess charges. Plan F is going away in 2020 (along with Plan C). The Centers for Medicare and Medicaid Services believe that coverage for the Part B deductible results in beneficiaries visiting the doctor too often, costing Medicare millions of dollars. If this benefit is something that is appealing to you, you need to enroll before 2020 to be grandfathered in. Fortunately, one of our licensed agents can help. Click here or give us a call at 833-438-3676.
How do I get Medicare Plan N?
You can enroll in a Medicare Supplement plan any time of the year, but carriers can charge you more or deny coverage if you wait too long. The best time to enroll is during your Initial Enrollment Period. During this time, you can enroll in any plan that is in your area without being denied or charged more for pre-existing conditions. Click here or give us a call at 833-438-3676 to get in contact with a licensed agent.