Medicare Supplement (Medigap) Insurance Plan N

Medicare Supplemental Plan N is among the 10 standardized Medigap plans available in most states.

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Medicare Supplement Insurance Plan N Basic Benefits

– Part A hospital and coinsurance costs up to an additional 356 days after Medicare benefits are exhausted.

– Medicare Part B coinsurance. Medicare Part B excess charges.

-First three pints of blood used in an approved medical procedure (annually).

Medicare Supplement Plan N Costs

Beneficiaries in Plan N are responsible for cost-sharing in certain scenarios. You may have to cover a copayment up to $20 for healthcare provider appointments and up to $50 for emergency room calls without inpatient admission. Additionally, Medicare Supplemental Plan N does not pay Part B deductible nor Part B excess charges, so you’ll have to pay these types of expenses on your own.

Although Medicare Supplement Plan N basic benefits are standardized regardless of the insurance company or provider, the cost of each plan may vary by your geographic location and agency.

When considering a Medigap plan, make sure to weigh not just premium cost when starting a new policy, but how the insurance company prices or “rates” its premiums. Medigap insurance providers can apply one of three price practices to set their premium charges:

• Community-rated: Plans charge equal premiums for all the beneficiaries, irrespective of the age.
• Issue-age-rated: These plans determine premiums on your age when you very first enroll or are “issued” your Medicare Supplement plan. Premiums never rise with age.
• Attained-age: These plans base premiums on your present age and premium fees may change as you get older. These plans can frequently be the most expensive in the long term since expenses get higher with your age.

While starting plan premiums vary, all insurance companies may also increase premium costs to adjust for inflation. Be sure you understand how your insurance company rates its premiums, to be certain you can maintain Medigap plan coverage now and long-term.

Medicare Supplement Insurance Plan Benefits

There are ten Medigap insurance plans, each designated by an alphabet letter (like Plan A) available in most states. Basic coverage is standardized across all insurance plans, meaning the same basic benefits for Medicare Supplement coverage are identical for each letter category, regardless of your insurance carrier. However, while basic benefits are standardized, prices differ by insurance company and county or state location.

Medigap plans are designed to cover out-of-pocket fees not paid by Original Medicare, like coinsurance, deductibles, and co-payments. While some plans pay for benefits Original Medicare won’t, like, emergency health coverage outside of the US or the 1st 3 pints of blood in medical procedures, Medigap plans do not include prescription drug benefits. If you don’t carry prescription drug coverage (as good as the Part D benefit), you may consider shopping for a separate independent Medicare Part D Prescription Drug Plan to manage the cost of medications. Also, Medicare Supplement insurance plans don’t regularly offer extended benefits, e.g., regular dental, vision, or hearing coverage beyond what’s already covered by Medicare.

Factors That Affect Medicare Supplement Costs

Apart from purchasing a Medicare Supplement insurance plan while qualified for guaranteed issue rights, factors below could affect the cost of a Medigap plan.

Additional Savings or Discounts may be available to:

• non-smokers, married people, and women.
• Those choosing yearly payment plans, or (EFT) electronic funds transfer as their payment method.
• Those choosing a high-deductible alternative for Medigap Plan F, provided you can cover your deductible first.
• Enrolling in a Medicare SELECT plan with lowered premiums, however. Network limitations and physicians limited to those in plans network may apply.