What is Medigap Plan N? How do the coverage and copays work? These are excellent questions that are often asked. If you are turning 65 soon or are currently on Medicare, you might be interested in more information on Medigap Plan N.
What is Medigap Plan N?
Medigap Plan N is a standardized Medicare Supplement insurance plan that is widely available in most states across the United States. This plan serves to cover certain expenses that are not covered by Original Medicare. These expenses would otherwise be the patient’s responsibility. By enrolling in this plan, patients can enjoy the same quality health coverage as Original Medicare, but with significantly reduced financial responsibility, as most of the costs are covered by the plan.
The popularity of Medigap Plan N has grown steadily since its inception. It is not surprising given its extensive coverage and benefits, especially for those who are new to Medicare and seeking comprehensive coverage.
This plan has been a popular choice among beneficiaries. It has recently seen an increase in inquiries from seniors. Why are seniors running to this plan? In short, Medigap Plan N stands out for its lower monthly premiums compared to the next popular plan, Medigap Plan G. Keep in mind, there are other factors to consider when choosing a Medigap Plan. Let’s explore the ins and outs of this plan.
One reason you may hesitate to enroll in Medigap Plan N is that it is one of the few plans that does have a copay. The good news is that most of the time, copay is very nominal. It is usually $20 per doctor visit or $50 per emergency room visit. Unless you are visiting your doctor very frequently, the copay will be minimal in comparison to the savings you get with its monthly premium.
In addition to its low monthly premium, there is another way Medigap Plan N wins big. This is something that most Medicare agents either do not know or will not tell you. Each year, your Medigap plan may have an annual rate increase. Medigap Plan N has historically been the lowest by far. Typically, this plan sees around a 2.5% increase at most. Other plans increase by 10% or more each year!
What is Covered by Medigap Plan N?
Medigap Plan N services cover 20% of health-related costs that Original Medicare does not cover. In short, if your doctor accepts Medicare, your Medigap Plan N coverage will also be accepted.
Here are the benefits of your plan:
- Medicare Part A Coinsurance
- Medicare Part A Deductible
- Foreign Travel Emergency Care
- Medicare Part B 20% Coinsurance (minus $20 copayment for office visits and $50 copayment for emergency room visits – if not admitted)
What is Not Covered by Medigap Plan N?
Medigap Plan N coverage is similar to Plan G, as patients are responsible for the Part B annual deductible. For 2023, the annual deductible is $226. After the deductible is met, this plan covers a comprehensive range of services. This includes Part A deductible and coinsurance, as well as Part B coinsurance. Additionally, this plan does not cover dental, vision, hearing, or prescription drug costs.
When Should I Enroll in a Medigap Plan?
Are you ready to enroll in a Medigap Plan? The very best time to enroll is during your Medicare Supplement Open Enrollment window. You can purchase a Medigap Plan for up to six months before you turn 65. It is best to lock in your rate early! During this time, you will have zero medical underwriting questions. If you are outside of the timeframe, you can attempt to enroll in Medigap Plan N. Keep in mind that you can then be denied based on your health.
How Can I Compare Medigap Rates?
No matter which Medicare Supplement Plan you are looking for, Medicareinc.com can help. Our licensed agents help you review all of your options and ensure you are paying the lowest amount possible. Score a free consultation right here.