Overview of Medicare Supplement Plan N
Before explaining the advantages of buying Medicare Supplement Plan N, it may help to read a brief overview of the way Original Medicare works. Most Americans qualify for Part A and B, often called Original Medicare, at 65 years old. A small portion of recipients may be eligible when they are younger because they have a qualifying disability.
Advantages of Medicare Supplement Plan N
In the past, more people chose to have plan F than any of the other Medigap plans. This is still mostly true, but increasing medical and premium costs have compelled more and more beneficiaries to find a more frugal alternative.
According to recent AHIP research, Plan N has enjoyed the highest increase in enrollment rate out of all of the plans recently. Policy owners may have some cost sharing in the form of copays for doctor’s visits and certain emergency room visits, but they can save each month with much lower rates than for robust Medicare Supplement plans like plan C, F, or G.
Medicare Supplement Plan N Benefits With Part A and Part B?
Many people still refer to Part A as hospital insurance. This is because it mostly deals with inpatient care in hospitals, nursing facilities, and hospices. Typically, inpatient care can run-up costs fast with no additional insurance besides Original Medicare. This is where Medicare Plan N really shines. It covers expenses like the Part A deductible, coinsurance, copays, and so on just the same as the more robust plans.
Medicare Supplement Plan N rates are lower than plan F, for instance, because of these differences in the way it handles Part B coverage:
- Copays: Visits to the doctor’s office and some trips to the emergency room resulted in copays.
- No coverage for excess charges: It’s hardly uncommon to find doctors who charge more than Medicare-allowed amounts, and N won’t pay for excess charges.
- Part B deductible: Recently, the Part B deductible has only been about $180. Medicare Plan N doesn’t pay for this, but plan F does.
Does Medicare Plan N Have a Network?
No. As long as the doctor accepts original Medicare, then they must accept all Medicare Supplements.
Roughly 97% of doctors in the United States accept Medicare.
Note: Some insurance companies may accept Medicare and still charge more than the plan allows, and Plan N won’t pay for bills in excess of what Medicare allows.
Who Buys Medicare Supplement Plan N?
Medicare beneficiaries who want a robust set of benefits that let them use their plan while traveling or without checking for a list of network doctors tend to like Medigap plans. Younger and healthier beneficiaries who typically only visit the doctor once or twice a year for checkups are likely to be most satisfied with the N policy.
When and Where to Purchase Medicare Supplement Plan N
- Initial Election Period: Sometimes called the Guaranteed Enrollment Period, this is the time you first take Part A and Part B. If you have other health insurance from a job or other source, you might delay Part B. Most folks take Original Medicare when they turn 65, and your Initial Election Period lasts for six months. At this time, you don’t have to pass through health underwriting to get your Medigap application approved.
- Special Election Periods: There are certain circumstances when you can take advantage of another Guaranteed Enrollment Period. Some examples include moving out of the service area of another plan, losing your job-related insurance, or your insurance company cancels your plan.
How Much Does Medicare Supplement Plan N Cost?
To give you an idea of premiums, we’ve run some sample rates. Even though each insurer has to offer you the same base coverage, the companies are free to set their prices.
We need to say that these quotes will probably not be the same as yours because of your hometown, age, and so on. We are also not necessarily endorsed by any insurer, so these rates are only valid for the policy for the date they were pulled.
These monthly quotes are for a 65-year-old female who doesn’t use tobacco:
- Texas: $106.21
- Florida: $223.53
- Pennsylvania: $110.06
While price is one important thing to compare when you shop for Medicare Supplement Plan N, we also suggest checking reviews and financial ratings for various insurers. Reviews can tell if you plenty of other people have used and been satisfied with the insurer.
Who Are the Best Medicare Supplement Plan N Insurance Companies?
In almost every part of the United States, you can find a handful of good insurance companies that offer plans. You may benefit from some good regional companies. For a nationwide audience, we would often compare these major insurers:
If possible, it’s a good idea to compare a handful of the best Medicare Supplement plan N insurance companies. In some cases, Medicare Plan N rates may only vary by a few dollars; however, you may find greater differences. You should know that some of these top insurers offer substantial family discounts.
Will Medicare Supplement Plan N Rates Ever Increase?
It’s difficult to predict how medical costs will rise in the future. You can assume that as medical costs increase or even as you get older, your rates may increase in turn. This is true of any health insurance, and it is even true of Original Medicare.
Also, if you do see a substantial increase in your plan rates, you are welcome to visit with us again. We may be able to find you cheaper rates for Plan N. If we can’t replace that Medigap insurance policy, we will work with you to find an affordable solution for your future needs.
Compare Quotes and Benefits for Medicare Supplement Plan N
It’s easy to use our online system to find Plan N rates for your local area. If you aren’t certain that you want Medicare Plan N, you can also find online rates and policy information for other Medicare Supplement plans online with us.