Medigap plan N ranks as one of the most popular Medicare supplements plans. It is a great alternative for Plans F and G if a beneficiary would like to pay less in monthly premiums and still enjoy a great value of medical coverage. Enrolling in Plan N will leave beneficiaries with deductible expenses and a few copays.
Like the other supplement plans, the goal of Plan N is to fill in the gaps left by Original Medicare. Though it doesn’t cover 100% of out-of-pocket costs, Plan N offers a great value for a lower monthly premium.
Plan N does pay for the Part A inpatient deductible, copays, and coinsurance, except for a $50 copay. Plan N members will also have a $20 copay for doctor office visits and they will also be responsible for the Part B deductible. Unless you live in a state that does not allow Part B excess charges, you’ll have to pay for those out-of-pocket as well. (Most doctors accept Medicare assignment, which means that excess charges are not common.)
Lastly, Plan N offers coverage for foreign travel emergencies.
Individual premiums will vary based on which state the individual is seeking coverage in, which carrier they’re purchasing from, and also individual factors like gender, age, tobacco use, and a few other details. The average cost for Plan N ranges from $120-$180 each month. In general, Plan N premiums are higher in states who have a higher cost of living.
In exchange for lower premiums, Plan N members are responsible for paying $20 copays for visits to a doctor’s office and $50 copays for emergency room visits. (The $50 emergency room copay is waived if the member is admitted as an inpatient.)
There are no copays for visits to Urgent Care centers. This is important for Plan N members to note as they could choose to get care at one of these centers for minor treatment instead of going to an emergency room.
Copays do not count towards the Part B deductible.
Medigap plans often increase each year, but the increase will depend on which pricing method your insurance carrier uses. Generally speaking, the premium usually increases with age. In the last five years, Plan N rate increases have averaged between 2% and 4%.
When first enrolling in a Medigap plan, it’s important to look at the history of rate increases with each carrier. One insurance company might be offering a lower rate now, but if they have a history of increasing their rates at rapid speed, they may quickly become more expensive than other carriers. Our agents will look at the history of rate increase with any of the insurance companies we recommend. It’s just another part of our service that we offer completely free of charge.
Medigap Plan F offers the most comprehensive coverage for Medicare beneficiaries as it covers 100% of the out-of-pockets costs. The only thing Plan F members pay for is the plan’s premium. Plan N does not offer quite as much coverage, but the premiums may be significantly less.
Also, not all Medicare beneficiaries are eligible to enroll in Plan F, whereas all are eligible for Plan N.
Individuals can enroll in Plan N as long as they have already enrolled in Original Medicare – Parts A and B. The best time to enroll is during your open enrollment period, which begins on your Part B effective date. Beneficiaries will have six months from that day to enroll in a plan with guaranteed issue rights. After that time frame, enrollment may be declined based on an individual’s health history.
Our clients give us positive feedback about their experience with Plan N. As long as they have prepared for the small copays associated with the plan, the coverage it offers is still very valuable.
You will need to compare each of the Medigap plans to make sure you understand the different coverage options. When you do choose a plan, be sure to know when you will have to meet deductibles and pay and copays or coinsurance expenses.
There is a lot of information about each plan online, but to get an accurate quote, you’ll need to enlist the help of a licensed Medicare agent. Instead of calling each insurance carrier to get a quote, we can compare premiums across many different carriers, ensuring that you enroll with one that gives you the best rate.
We’ll need to collect some information from you in order to provide quotes since your premium is based on your information and health history, but our services come at no additional cost to you! If you choose to enroll in a Medigap plan through our agency, we also offer unlimited support. If you have problems with your coverage or have questions about how your plan works, we will be here to help.
The biggest difference in coverage is in the copays. Plan N requires members to pay small copays for doctor’s visits and emergency room visits. Plan G does not require these copays. Also, Plan N does not cover Part B excess charges. However, if you live in a state that does not allow excess charges, this factor does not matter. Premiums for Plan G are generally higher than premiums for Plan N.
