Medigap Plan N
Want a Lower Monthly Premium and Predictable Out-Of-Pocket Costs?
If you’re seeking broad coverage, consider Medicare Supplement (Medigap) Plan N. It’s a standardized plan, which means it has the same benefits no matter which carrier you buy from. Keep reading to learn more about Plan N.
What’s Covered Under Medigap Plan N?
Plan N includes these benefits:
- Medicare Part A hospital coinsurance and hospital costs — up to one year after Original Medicare benefits run out
- Part A hospice care coinsurance or copayment
- Part A deductible
- Skilled nursing facility coinsurance
- Part B (prevenative care) coinsurance
- Part B coinsurance costs — minus office visits and emergency room visits
- First 3 pints of blood used in an approved medical procedure.
- Foreign travel emergency care, up to plan limits
What’s Not Covered?
Plan N doesn’t cover the Medicare Part B deductible or excess charges. Therefore, you’re responsible for paying these costs on your own.
And as for the Part B coinsurance costs, you’ll just pay a $20 copay for office visits and up to a $50 copay for emergency room visits.
Get the right coverage at the right price.
Plan N Premium
You’ll pay a monthly premium for Plan N, which is set by the private insurance carrier, based on any of these three price rating systems: Community-rated, Issue-age-rated, and Attained-age-rated.
Sometimes insurance carriers charge different rates for the same plan. This will depend on many factors such as your location, age, gender, and health status.
When to Enroll in Medigap Plan N
The ideal time to enroll in a Plan N policy is during your six-month Medigap Open Enrollment Period. This period begins on the first day of the month that you’re 65+, AND enrolled in Medicare Part B. During this six-month window, you normally have the guaranteed issue right to enroll in the plan that interests you — despite any pre-existing health conditions you may have — as long as you live within the service area and are enrolled in Medicare Parts A and B.
If you miss your Medigap Open Enrollment Period and choose to apply later on, you may be subject to medical underwriting. The carrier may also deny your application.
Should You Choose Medigap Plan N?
Plan N may be a good choice for you for two reasons: 1) it has a lower monthly premium, and 2) it comes with predictable out-of-pocket expenses.
You know what the annual deductible is for Part B ($203 in 2021), and for Part B excess charges, you’ll pay up to an additional 15% of the cost of the service. However, most providers don’t charge excess charges, so you usually don’t have to worry about them anyway.
With that in mind, Plan N is not the most comprehensive Medicare Supplement plan, so it’s wise to compare rates and review details of all plans (including F and G) to find the policy that best fits your needs.
Oak Haven Insurance Can Help!
Choosing a Medicare Supplement Plan is an important decision that should be made with the help of an experienced agent. At Oak Haven Insurance, we have access to the carriers who sell Plan N policies in Texas. For more information or to get a quote, contact us today!
