Guide to Medicare Supplement Plan N in 2020
Medicare Supplement Plan N is one of the more popular plans among beneficiaries in 2020. It’s the plan for those looking to have lower monthly premiums, without giving up benefits.
Medicare Plan N is a Medigap plan. In exchange for lower premiums, recipients pay deductibles and a few copays.
Since the introduction of Plan N in 2010, enrollment increases year after year. Most likely because the policy offers a decent amount of coverage at a reasonable price.
What is Medicare Supplement Plan N?
Medicare Supplement Plan N is one of the cost-sharing plans available to Medicare beneficiaries. Plan N offers extra coverage to supplement your Medicare benefits, without breaking the bank. By agreeing to pay small copays, your monthly premium is reduced.
You may have heard of this plan referred to as Part N. Part N, Medigap Plan N, and Medicare Plan N, are all the same plan. The correct term is Plan N since Parts refer to Original Medicare, and Plans refer to Medigap.
What Does Medicare Plan N Cover?
Plan N will cover your inpatient deductible, which falls under Part A. It also covers your inpatient copays and coinsurance, minus a small copay of $50. Which is what helps keep your monthly premium low.
When you have Plan N, the only costs you’ll have when visiting your doctor is the $20 copay, as well as the Part B deductible. This $20 copay is also what helps keep your monthly premium low.
If you live in a state that allows excess charges, you may have to pay those as well. But, most doctors accept Medicare assignment, so excess charges are rare. Plan N includes foreign travel emergency benefits. If you travel outside the United States, Plan N will have your back on emergency services overseas.
Medicare Plan N Outline of Coverage Chart for 2020
What does Medigap Plan N Cost?
The average premium for Medicare Supplement Plan N is anywhere between $80-$200 a month. It entirely depends on your personal information. Information such as what state you live in, gender, age, when you signed up.
You will pay more for the same benefits if you live in a state that has a higher cost of living or a high 65+ population, like Florida.
In addition to the monthly premium, you’ll have to pay the Part B deductible.
Outside the monthly premium & Part B deductible, you do have small copays when visiting the doctors’ office and hospital.
How Much is the Medicare Plan N Copays?
In exchange for lower monthly premiums, you acknowledge paying a small copay of $50 when visiting the emergency room and $20 copay at the doctors’ office.
But, there’s a loophole with this! If you visit an Urgent Care center, there is no copay. If you can’t get in with your primary care physician, instead of going to the emergency room over something minor, you can go to Urgent Care and get out of paying a copay.
Example of How Plan N Works
Sheryl explains to her agent that she rarely visits the doctors’ office. Due to this, she doesn’t feel it’s necessary to go with a costly plan.
Her agent explained to her that if she’s willing to pay some copays, then she’ll save in premiums.
Sheryl loved the idea of paying a small copay to have a lower premium.
Sheryl’s inpatient care deductible has 100% coverage. For her outpatient care, she’ll be responsible for the Part B deductible.
She’ll also have a $20 copay each time she visits her primary physician & $50 copay if she happens to visit the emergency room.
Let’s say Sheryl was experiencing some chest tightness. She schedules an appointment with her doctor.
When she goes to check-in at the front desk, they ask for the $20 copay.
Since Sheryl has an experienced Medicare agent by her side, she knew that if they asked her to pay the Part B deductible there, she would tell them to bill Medicare first.
Never pay the Part B deductible at your doctors’ office. ALWAYS have them bill Medicare.
Her doctor ordered some basic diagnostics tests & scheduled a follow-up visit to review them.
Later that month, Sheryl got a bill for her medical services.
Since Sheryl met her Part B deductible, she got a bill for $0.
Due to Sheryl already meeting the deductible and her Plan N being billed the 20% coinsurance for the diagnostic tests, she pays nothing.
If Sheryl Did Not Have Plan N
But, if Sheryl did not have a Medicare Supplement plan, the 20% coinsurance she would’ve been responsible for covering.
Which according to the statement she received, it would’ve cost her over $180 out of pocket.
What’s the Difference Between Plan N vs. Plan F?
Who’s Eligible for Plan N?
When Do I Enroll in Plan N?
Unlike Medicare Parts, supplement plans don’t have annual enrollment periods. You can enroll in a supplement plan at any time of the year. However, the optimal time to sign up is during your Medigap Open Enrollment Period.
Your Open Enrollment Period for Medigap is a six-month window that begins with your Part B effective date. It’s a one time chance to enroll without having to answer any health questions. Meaning you cannot be denied coverage or be given a higher premium due to your health
The only time this Open Enrollment Period comes around twice in a lifetime is if you’re collecting Social Security Disability and under 65. Those on Social Security Disability will get a second Open Enrollment Period when they turn 65.
What Carriers Offer Medicare Plan N?
Since Plan N is one of the most popular plans, the majority of the bigger, well-known carriers offer it. Many of the not so common carriers also offer Plan N. Ultimately it depends on your location.
It’s essential to go with an agency that works with multiple carriers vs. just one because then you get the best recommendations.
Remember, plan benefits are standardized. Meaning it doesn’t matter which carrier you go with; the benefits will be the same.
The ONLY difference between carriers and the plan is the premium they charge you each month for those same benefits.
Medicare Supplement Plan N Reviews
It’s important to understand that when researching reviews for a specific letter plan, make sure the reviews you read are not about the carrier, but the Medigap plan. A lot of times, the negative reviews you see are about the carrier, not the plan.
That’s why it’s essential to work with an agent. Part of their job is dealing with the carrier, so you don’t have to.
The feedback we hear from clients about Plan N are all positive. As long as they’re prepared to pay small copays, they always seem happy with Plan N.
They know if Medicare pays, their Medigap plan pays.
How to Find the Best Rates for Medicare Plan N
Don’t tackle Medicare alone. Your healthcare is important to you and us. We treat our clients like family. We would never enroll you in a plan that we wouldn’t enroll ourselves or family in.
Our job is to keep you informed and up-to-date with the latest Medicare changes. You can depend on your agent and our Client Care Team to help you manage claims & to make sure you have the best rate at all times.
To get a quote for Plan N or any other Medigap plan, as well as Medicare Advantage, and Part D, give us a call. Need a stand-alone policy for dental, vision, or hearing? We can help with that too.
Our services are 100% free to you. If you prefer to get an online quote started now, you can use our compare rates tool here.