Medicare Supplement Plan N is one of 10 different Medicare health insurance supplemental plans which will give you more Medicare coverage. The Original Medicare Part A and Medicare Part B will not pay for all your healthcare costs which include deductibles and coinsurance you will be responsible for paying. Medicare Supplemental insurance or Medigap insurance will help pay for these additional costs.
Original Medicare will only pay for a limited number of days for hospitalization. It also includes 80% of your costs for doctor visits and other services that are cover with Medicare Part B. Plan N will pay the additional 20%; however, you might be required to pay a copayment. Copays may cost $20 for your doctor visits and as much as $50 for visits to the emergency room if hospitalization is not needed.
Prescriptions are not covered by your Original Medicare or your Medicare Supplement plans, so you will need to purchase a Medicare Part D prescription drug plan that best fit your needs.
As with all the Medigap plans including Plan N, this insurance is available those over age 65 or older and is also enrolled in the Original Medicare Part B.
Meeting the criteria for Original Medicare means your eligible for Medigap coverage “provided you have signed up during your six-month OEP (Open Enrollment Period)” which starts the first day of your first month you are turning 65 and have been enrolled in your Medicare Part B.
If you have applied for Plan N during your open enrollment period, then insurance companies must accept you and approve your policy. Insurance companies are not permitted to charge you higher rates for any health conditions. Applying after your OEP has ended means you no longer have a guarantee of being approve allowing insurance companies to consider your health and can turn you down or charge higher premiums.
You may be able to buy a Medigap policy if you’re over 65 and may cost more if you’ve signed up after your Open Enrollment Period. An exception to this rule for those who did wait for enrollment after they turn 65 are for people with employer-sponsored insurance. Falling into this category, your OEP begins the first day of the month you had enrolled in Part B.
Federal law has no requirements forcing Insurance companies to sell you a Medigap policy when on Medicare and under 65; however, there are some states which do require this. Plans that are available might be limited in coverage and premiums could be much higher for those under 65 than they are for recipients over 65 years of age.
Medigap plans have all been standardized by federal law meaning if you buy Plan N it will provide you with the same set of insurance benefits regardless which insurance company you buy from. However, insurance companies’ premiums will vary between the different insurance companies, so you may pay a higher premium from one company versus what you pay another insurance company.
Plan N can be a good choice for those people looking for a lower monthly premium and are not concerned about additional excess charges. Most states will have healthcare providers who can charge up to an additional 15% extra which is known as “excess charges.” These charges come from healthcare providers who are dissatisfied with rates Medicare pays.
Plan F offers some additional benefits not covered by Plan N. Plan F is also more expensive than Plan N. Below are some differences between Plan N and Plan F:
Comparing Plan N to Plan F, Plan F might be a better choice for those who are looking for the broadest coverage available which includes excess charges.
Plan C is exactly the same as Plan F with the exception that Plan C does not pay your excess charges. It will provide you with more coverage that Plan N since it doesn’t require a copay for Plan B medical expenses and pays your annual Medicare Part B deductible. When comparing Plan N to Plan C; Plan C might be a better choice for anyone willing to pay higher monthly premiums for avoiding deductibles and copays.
Plan N will cover 80% of your cost for emergency medical care for the first 60 when traveling outside the United States. Medigap foreign travel coverage only has a lifetime limit of $50,000 as well as a $250 deductible. Also, Plan N will not cover your routine medical care in countries outside the US.
AARP Plan N is a plan which is offered AARP members through the UnitedHealthcare insurance company. This has the exact same plans you find in any other insurance company’s Plan N; however, the monthly premiums will vary.
No Medicare Supplemental Plans will cover your routine dental care. Medicare, as well as Medicare supplements, only cover your dental procedures which are necessary in treating a medical condition. For example, if you have jaw cancer. However, you can purchase additional separate policies to help cover your dental, vision, and hearing services.