Medicare Supplement Plan N

Since the introduction of Medigap Plan N, enrollment increases each year. This popularity is not surprising, because the policy offers a decent amount of coverage at a reasonable price.

Plan N is one of the cost-sharing plans available to Medicare beneficiaries. This plan offers extra coverage to supplement your Medicare benefits without breaking the bank. The small copays this plan involves keeping the monthly premium lower.

You may have heard this plan referred to as Part N. Part N, Medigap Plan N, and Medicare Plan N are all the same thing, but the correct term is Plan N. Remember that Parts refer to Original Medicare, and Plans refer to Medigap.

Plan N covers your inpatient deductible, which falls under Part A. It also covers your inpatient copays and coinsurance, minus a small copay of $50. This is what helps keep your monthly premium low.

When you have Plan N, the only costs you’ll have when visiting your doctor are the $20 copay and the Part B deductible. This $20 copay also 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 also includes foreign travel emergency benefits. If you travel outside the United States, Plan N will cover emergency services up to plan limits.

The average cost of Plan N is around $120-$180 per month. However, in some states, it can be as much as $200 and in others, it can be as low as $80. Your premium rates depend on your personal information as well as the plan letter you choose. Factors such as your state of residence, gender, age, and tobacco use affect your premium rates.

In exchange for lower monthly premiums, you’re responsible for a small copay of $50 when visiting the emergency room (if not resulting in inpatient admission) and a $20 copay at the doctor’s office. Yet, if you visit an Urgent Care center, there is NO copay.

Thus, if you can’t 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 Part B deductible.

Medicare Supplement Plan N Rate Increase History

Among the factors that affect your monthly premium rates is the pricing method that your carrier uses. In the last five years, premium rates for Plan N have increased between 2% and 4%. These increases are lower when compared to Plan F and comparable when compared to Plan G.

As Plan N benefits are the same from carrier to carrier, it’s important to discuss with your agent rate history increase for the company you are considering enrolling with. Additionally, research carrier reviews for Plan N.

Plan F is a Medigap plan offering comprehensive coverage. It covers 100% of your out-of-pocket costs. Outside of the monthly premium, you never need to pay out-of-pocket. Plan N is two steps down from Plan F in terms of coverage. Yet, the premiums for Plan F are higher because the more benefits a plan offers, the higher the premiums will be.

Also, Medigap Plan F is not available to all beneficiaries, whereas Plan N is. Plan F is discontinued for newer beneficiaries when first-dollar coverage was eliminated, so they’re not able to enroll. But, if you were eligible for Medicare before the plan was discontinued, you can still enroll in Plan F.

You can enroll in a Medicare Supplement plan at any time of the year. Yet, it is best to use your Medigap Open Enrollment Period or another time when you have guaranteed issue rights. Otherwise, you’ll need to answer underwriting questions and the carrier could deny your application because of health status.

The feedback we hear from clients about Plan N is positive. As long as they’re prepared to pay small copays, they always seem happy with Plan N.

When researching reviews for a specific letter plan, make sure to focus on reviews about the plan benefits, not the carrier. A lot of times, the negative reviews have to do with complaints about the carrier, not the plan.