Medigap Plan N
Medicare Supplement Insurance helps millions of Medicare beneficiaries lower their health care costs. If you’ve never heard of Medigap, well it’s the same thing as Medicare Supplement Insurance.
Plan N is one Medigap plan that offers unique benefits, compared to the other 9 plans. It’s also one of the newer plans that were introduced in 2010. The idea behind this plan is that members can pay lower premiums in exchange for paying their Part B deductible, excess charges, and some copayments.
If you want to learn more about Medigap Plan N, here is some information that may be helpful.
Medigap plans exist to fill the gaps that exist in Medicare. These gaps are areas where Medicare does not cover certain costs, leaving members to pay them out-of-pocket. Some people prefer to have their costs minimized by purchasing a Medigap plan. The plans pay a portion of approved costs, sometimes leaving you with nearly no out-of-pocket expenses.
How Does Medigap Work?
In exchange for premium payments, your Medigap plan will pay for the costs listed in the policy. How much your plan will cost varies based on location and medical underwriting. Though, underwriting isn’t always necessary when enrolling in a Medigap plan. For example, if you enroll in a Medigap plan during your Medigap Open Enrollment Period, there will be no underwriting. This can lower costs dramatically, so it’s always best to enroll during Medigap Open Enrollment.
If you don’t know, Medigap Open Enrollment starts right when your Part B benefits become active. The period lasts for six months.
If you apply for a Medigap plan during the Medigap Open Enrollment Period, you are guaranteed to be approved at the lowest rates available. The Medigap Open Enrollment Period begins as soon as your Medicare Part B benefits kick in. The period ends six months later, giving you plenty of time to get your benefits sorted.
Once you’ve enrolled, you just need to pay a monthly premium to keep your benefits active.
Medigap Plan N Coverage
Medigap Plan N is one of the most popular Medigap plans. It is nearly comprehensive, though participants do have to pay copayments for office visits and E.R. visits. Apart from that, here is what is covered by Medigap Plan N:
- Part A Coinsurance and Hospital Costs
- Part B Coinsurance and Copayments
- 3 Pints of Blood
- Part A Hospice Care Coinsurance and Copayments
- Skilled Nursing Facility Care
- Part A Deductible
- Foreign Travel Emergencies
You pay as much as $20 for office visits, and up to $50 for E.R. visits with Plan N. If you are admitted to the hospital, these fees are waived. You will pay your own excess charges as well as the Part B deductible.
Plan N Costs
Medigap Plan N is moderately expensive compared to other plans. Though, the office and E.R. fees help lower the premium cost.
If you want to find out exactly how much Plan N coverage will cost for you, speak with one of the insurance professionals at Elite Medicare Advisors. We can help you collect quotes for Plan N coverage in your area.
You can reach us at 1-800-327-5579.
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