Medicare Supplement Plan N is one of the more popular Medicare Supplement (Medigap) plans among beneficiaries in 2022. Medigap Plan N is ideal for those who prefer lower monthly premiums but do not want to forfeit significant benefits.
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What is Medicare Supplement Plan N?
Medicare Supplement Plan N is a standardized Medicare Supplement insurance plan available in most states nationwide. As a Medicare Supplement, this plan helps cover certain cost-sharing expenses that would otherwise be your responsibility with Original Medicare.
Since the introduction of Medigap Plan N, enrollment in the plan has increased yearly. However, the popularity of this plan is unsurprising. Medigap Plan N offers excellent coverage for a low monthly premium.
While researching available plans, you may have heard this plan referred to as Medicare Part N. Medicare Part N, Medigap Plan N, and Medicare Plan N are the same.
Still, the correct term is Medicare Supplement or Medigap Plan N. Remember that Parts refer to Original Medicare, and Plans refer to Medigap.
Listen to this Podcast Episode Now!Medicare Supplement Plan N Benefits
Similar to Medicare Supplement Plan G in many ways, Plan N offers significant cost-sharing benefits to policyholders.
These benefits include:
- Medicare Part A coinsurance
- Medicare Part A deductible
- Foreign travel emergency care
- Medicare Part B 20% coinsurance (beneficiaries are responsible for a $20 copayment at doctor office visits and $50 copayments for emergency room visits if not admitted.)
Additionally, you may be responsible for additional charges if you live or receive care in a state that allows excess charges. However, most doctors accept Medicare assignment, so excess charges are rare.
How Much Does Medicare Supplement Plan N Cost in 2022?
The average cost of Medicare Supplement Plan N in 2022 is around $120-$180 per month. However, many factors determine premium cost. Premiums vary from one ZIP Code to another. Thus, in some areas, the monthly premium for Medigapt Plan N can be as much as $250; in others, it can be as low as $80.
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Your state of residence, gender, age, and tobacco use all play a part in determining your premium rates.
Medigap Plan N Outline of Coverage Chart for 2022
The chart below compares Medigap Plan N to the other Medicare Supplement plans available nationwide. You can see how each plan stacks up next to one another in terms of benefits and coverage.
How Much Are the Copays for Medicare Supplement Plan N?
In exchange for lower monthly premiums, you are responsible for a copay of $50 when visiting the emergency room (if it does not result in inpatient admission) and a $20 copay at the doctor’s office. Yet, there is no copay if you visit an urgent care center.
Thus, if you cannot get an appointment with your primary care physician, instead of going to the emergency room over something minor, you can go to urgent care and avoid copays. Remember that these copays will not count towards the Medicare Part B deductible.
Medicare Supplement Plan N Rate Increase History
Among the factors that impact your monthly premium rates, the pricing method that your carrier uses can influence your premium over time. According to csgactuarial.com, premiums for Medigap Plan N increased between 2% and 4% in the last five years. These increases are lower when compared to Medicare Supplement Plan F and Plan G.
As Medigap Plan N benefits are the same from carrier to carrier, it is essential to discuss with your agent the rate increase history for the company you are considering for your plan. Additionally, you should research carrier reviews for Medigap Plan N.
What Carriers offer Medicare Supplement Plan N?
Since Medicare Supplement Plan N is one of the most popular Medigap plans, most large and well-known carriers offer this option. Many lesser-known carriers also offer Medigap Plan N. Ultimately, your choice of companies depends on your location.
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The best carriers that are nationally available who offer Medicare Supplement Plan N include:
- Cigna
- Aetna
- Mutual of Omaha
- Blue Cross Blue Shield
- Accendo
While this list is not a comprehensive list of carriers offering the plan, the above are some of the highest-rated and most widely available companies.
When Do I Enroll in Medicare Supplement Plan N?
You can enroll in a Medicare Supplement plan with no underwriting health questions during your Medicare Supplement Open Enrollment Period. This window lasts up to six months following your 65th birthday, or Part B effective date.
Outside of this time frame, you can enroll in a Medicare Supplement plan at any time of the year by passing underwriting. Being subject to underwriting health questions means that any carrier could deny your application because of your health status.
Is Medicare Supplement Plan N Better than Medicare Advantage?
The answer to this question depends on your health care needs and financial goals. For people who do not need to visit doctors often and find Medigap plans to be out of their price range, a Medicare Advantage plan may be the better choice.
Yet, if you do not want to deal with restrictive doctor networks, a Medigap plan such as Medicare Supplement Plan N will better suit your needs.
Often, those who enroll in Medicare Supplement Plan N over Medicare Advantage plans want a safety net in case of a medical emergency. Medigap Plan N’s low deductible and out-of-pocket costs make it an attractive option.
Medicare Supplement Plan N Reviews
The feedback we hear from clients about Medigap Plan N is positive. If you are prepared for the small copays that come with this option, Medigap Plan N can be an excellent choice for you.
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Remember, when researching reviews for a specific letter plan, focus on reviews about the plan benefits, not the carrier. Often, the negative reviews stem from complaints about the carrier, not the plan.
Medicare Supplement Plan N FAQs
How to Compare Rates for Medigap Plan N
Medicare is complex, and you should not have to tackle it alone. Your healthcare is of paramount importance to us, so we never sell a policy to a client that we would not sell to our own family members – or enroll in ourselves.
You can depend on our licensed agents and our client care team to help you manage claims and make sure you have the best rate at all times.
To get a rate comparison for Medigap Plan N or any other Medicare Supplement plan, give us a call at the number above or complete our online rate form for a comparison today!
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Sources:
MedicareFAQ is dedicated to providing you with authentic and trustworthy Medicare information. We have strict sourcing guidelines and work diligently to serve our readers with accurate and up-to-date content.
- How to Compare Medigap, Medicare. Accessed June, 2022.
https://www.medicare.gov/supplements-other-insurance/how-to-compare-medigap-policies
Could you tell me if Teresa Jones at Women’s & Children’s Center in Findlay, Ohio is covered by AARP Medicare Supplement Plan N?
Hi Cheryl! Yes, Teresa Jones does accept Medicare. So she will also accept your Plan N.
What is deductible B under plan N
Hi Lucyna – the Part B deductible for 2022 is $233. This applies to all Medigap plans.