As you approach age 65 or become eligible for Medicare for other reasons, it’s important to understand your options for healthcare coverage. One popular choice is Medicare Plan N, which offers a mix of cost savings and coverage. In this article, we’ll dive into the details of Medicare Plan N, including what it covers, how much it costs, and how to enroll.
Medicare Plan N is a type of Medicare Supplement plan that provides coverage for a range of healthcare services, including hospital stays, doctor visits, and medical tests. It’s important to choose the right plan for your healthcare needs, as this will impact your out-of-pocket costs and overall quality of care.
What Is Medicare Plan N?
Medicare Plan N, also known as Medigap Plan N, is a type of secondary insurance offered by private insurance companies rather than the federal government. Plan N covers the same healthcare services as Original Medicare (Part A and Part B). As long as Original Medicare approves a service, it will also be approved by your Medicare Supplement plan.
Many private carriers offer Medicare Supplements. One important thing to understand about all Medicare Supplements is that they offer standardized coverage. What that means is that no matter where you purchase Plan N, your benefits will be the same. Anyone who is enrolled in Parts A and B can also apply for Plan N.
Medicare Supplements do not utilize provider networks. As long as your provider accepts Medicare, they’ll accept your Supplement, regardless of the carrier.
Coverage Provided by Medicare Plan N
Plan N covers a wide range of medical expenses, including hospital stays, doctor visits, surgeries, diagnostic tests and images, and preventive care. It does not include anything not included in Original Medicare benefits – things like prescription drugs, dental, vision, and hearing services.
You will have some out-of-pocket costs with Plan N, but those costs are greatly limited. First, you’ll need to pay the Part B deductible. Next, you may be subject to Part B excess charges. Excess charges are fees that may be charged by healthcare providers that do not accept the Medicre-approved amount as full payment for a particular service. In fact, they can charge an extra 15% more than the approved amount. If you have Plan N, you’ll be responsible for the added amount. In some states, providers are not allowed to charge excess charges.
Lastly, Plan N does require members to pay copays for visits to the doctor’s office (up to $20) and emergency room visits (up to $50).
Cost of Medicare Plan N
The cost of Plan N varies depending on several factors, such as your location, age, gender, and tobacco use. You’ll pay a monthly premium for Plan N in addition to the deductible and copayments. The average premium for Plan N is somewhere between $80 and $120 per month.
Since Plan N remains the same at every insurance company, it’s important to shop around when looking for coverage. There’s no sense in paying higher premiums for the same benefits! While Plan N doesn’t offer as much coverage as other supplements like Plan F and Plan G, the premiums are lower overall. In addition, Plan N doesn’t typically see rate increases as quickly as other Medigap options.
How to Enroll in Plan N
Enrolling in Medigap Plan N is a relatively straightforward process. You can enroll during your Initial Enrollment Period (IEP), which is a 7-month period that starts three months before your 65th birthday. You can also enroll during a Special Enrollment Period if you experience a qualifying event, such as moving to a new state or losing your existing coverage.
If you don’t enroll during your IEP and don’t qualify for an SEP, you may be subject to medical underwriting. When you apply for coverage, you’ll be asked a series of health questions. Depending on your answers, you may or may not be allowed to enroll in a Medicare Supplement. Some states have other rules regarding guaranteed issue rights for Medigap plans.
Choosing the right healthcare plan is an important decision, and Medicare Plan N is a popular option for many beneficiaries. It provides comprehensive coverage for a range of medical expenses and may offer cost savings compared to other Medicare plans. However, it’s important to carefully review the coverage and costs of Plan N and compare it to other plans before enrolling. By taking the time to understand your options and choose the right plan, you can ensure that you receive the care you need while minimizing your out-of-pocket costs.
All of this can be done with the help of an advisor at Senior Insurance Consultants. Our independent agents can help you choose the Medicare plan you need and shop around for the most competitive rates.
