Medicare Supplement Plan N
As one ages, the body’s usual functions tend to weaken, too. When the twilight years come, individuals become more prone to illness and injuries and require more frequent visits to the doctor for their general wellness—not to mention the rising cost of healthcare. While there’s really nothing much we can do to fight the increasing costs, there are a number of ways to make the situation more manageable and affordable. Medicare and Medicare Supplements are two of such solutions.
Original Medicare, on its own, already offers a wide range of benefits for senior citizens. However, there are other health concerns that cannot be shouldered by the federal government alone. This is why Medicare Supplements (Medigap) were created.
Although distributed and sold by private insurance companies, Medigap benefits are standardized by the government to ensure that all U.S. citizens get the same level of healthcare assistance wherever they are. Medicare Supplements are designed as an add-on to your Medicare policy to fill the “gaps” and take care of other expenses that would otherwise be a painful out-of-pocket cost. With the right combination of policies, you can enjoy minimum to zero billing on certain healthcare procedures and services.
What Plan N Covers
One of the most in-demand Medicare Supplements is Plan N. This policy is very much similar to Plan F except for the Part B excess charges and Part B deductible, which it does not offer. The standard benefits under Plan N Medicare Supplement are as follows:
– Part A coinsurance and hospital expenses
– Part B copayment and coinsurance (except for $20 for certain clinic visits and $50 for emergency room visits*)
– First 3 pints of blood
– Skilled nursing care facility coinsurance
– Part A hospice care copayment or coinsurance
– Part A deductible ($1,364 in 2019)
– Foreign travel emergency expenses (up to plan limits)
*Doctors do not typically bill for excess charges, and you may ask your physician beforehand if they do this or not.
If you are generally healthy, Plan N Medicare Supplement can help you save as much as 25 percent off your monthly premiums. In fact, among the top three most preferred and comprehensive Medigap supplements (the others being Plan F and Plan G), Plan N is the most affordable option.
Medigap Plan N Pricing
The premium fees for Plan N policies vary depending on the insurance provider and where you are located. While benefits included in Medicare Supplements are the same across the country, private insurance agencies have the liberty to set their own prices. This is why you should shop around and compare offerings first before settling and signing.
Medigap plans are typically priced according to three factors: community-rated, issue-age-rated, and attained-age- rated.
Community-rated (no-age-rated) pricing offers the same premium fees to everyone with a Medigap plan, regardless of gender or age. The fees may increase based on inflation and other economic factors, but never because of age. Issue-age rated (entry age-rated) pricing is dependent on your age when you purchased your Plan F Medigap plan. Finally, attained-age-rated pricing is based on your current age, which means your premiums will increase as you get older.
Before Signing Up for Plan N
Take note that in order to purchase a Plan N Medigap policy, you will have to be enrolled in Original Medicare Part A AND Part B. Also, the premium you will pay for your Plan N will be on top of what you are paying for your Part B coverage. A Medigap plan also applies to one person only, so spouses are not allowed to ride on the policy of their significant other. They will have to purchase a plan separately.
Another thing you have to note is that Medicare Supplement plans do not include prescription drug coverage. If you require maintenance medications and need to be covered for such to reduce your out-of-pocket expenses, you will have to enroll in a Part D (Prescription Drug) policy. Part D is a separate unit from Medicare and Medigap. Ask your preferred insurance provider if this is something that they also offer, or talk to one of our qualified advisers to find out where you can get the best priced plan.
Plan N Membership: When to Enroll
The best time to enroll for Medicare Supplement Plan N is during your Open Enrollment period. This is the six-month window that begins on the first day of the month that you turn 65 years old. For example, if your birthday is February 15, your Open Enrollment window starts February 1 and will end July 31.
During this period, you can buy Plan N or any other Medigap plan you want. This means that insurance companies will have to approve your application regardless of your medical history and health status. You will also not be required to undergo medical underwriting.
However, if you miss this window, you run the risk of either rejection or paying a higher premium fee. This is why it is important that you take advantage of the opportunity when your Open Enrollment period comes up.
How We Can Help
Comparing Medicare Supplement plans can be confusing, especially if you don’t have previous background on how insurance policies work. There are also 10 Medigap plans to choose from, which can make the process more challenging.
Our team of expert and licensed Medigap advisors will be happy to guide you through the entire selection process, so you can pick a policy that is best suited to your budget and lifestyle—more importantly, one that will provide you with the most benefits based on your past, current and projected future health status.
You’ve been working for so many years and you have finally reached that stage in life when it’s time to kick back and relax. Retirement should be a moment that is enjoyable and peaceful. Having Medicare and the right Medicare Supplement policy to support your healthcare needs will let you enjoy the fruits of your hard work.
