Three Key Points about Medicare Supplement Plan N:
- Medicare Supplement Plan N is a type of Medigap plan that helps cover certain out-of-pocket costs not paid by Original Medicare, such as deductibles, copayments, and coinsurance.
- Plan N offers slightly lower premiums compared to some other Medigap plans, but it requires beneficiaries to pay certain copayments and coinsurance for specific services.
- Plan N does not cover the Medicare Part B deductible or any excess charges from healthcare providers.
Description of Medicare Supplement Plan N:
Medicare Supplement Plan N is one of the standardized Medigap plans offered by private insurance companies to supplement Original Medicare (Part A and Part B) coverage. It works alongside Medicare to help fill the gaps in coverage, reducing the amount of money beneficiaries would typically pay out-of-pocket for healthcare services.
How Medicare Supplement Plan N Works:
When enrolled in Plan N, beneficiaries will continue to use their Original Medicare benefits as usual. However, Plan N will cover certain costs, including:
– Medicare Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are exhausted.
– Medicare Part A hospice care coinsurance or copayment.
– Medicare Part B coinsurance or copayment, except for a copayment of up to $20 for doctor’s office visits and up to $50 for emergency room visits (waived if admitted to the hospital).
– Skilled nursing facility (SNF) care coinsurance.
– Foreign travel emergency coverage (up to plan limits).
Costs Associated with Medicare Supplement Plan N:
The cost of Plan N varies depending on the insurance company, location, and the beneficiary’s age and health status. Generally, Plan N has lower premiums compared to more comprehensive Medigap plans like Plan F or Plan G. However, beneficiaries are responsible for paying the Part B deductible out-of-pocket.
Difference from Other Medicare Supplement Plans:
The main difference between Plan N and some other Medigap plans, like Plan F or Plan G, is that Plan N requires beneficiaries to pay copayments for certain services. For example, Plan N holders will have copayments for each doctor’s office visit and emergency room visit (unless admitted to the hospital).
Limitations of Medicare Supplement Plan N:
While Plan N provides excellent coverage, it does not cover the Medicare Part B deductible or any excess charges. Excess charges can occur when a healthcare provider doesn’t accept Medicare assignment, resulting in a charge higher than the Medicare-approved amount. Beneficiaries are responsible for paying these excess charges out-of-pocket.
Enrollment Rules for Medicare Supplement Plan N:
To enroll in Plan N, beneficiaries must be enrolled in Medicare Part A and Part B. The best time to enroll in a Medigap plan is during the Medigap Open Enrollment Period, which starts on the first day of the month you turn 65 and are enrolled in Part B. During this period, insurers cannot use medical underwriting, which means they cannot deny coverage or charge higher premiums based on health conditions.
Popular FAQs about Medicare Supplement Plan N:
Are prescription drugs covered under Medicare Supplement Plan N?
No, Plan N does not cover prescription drugs. To get prescription drug coverage, you need to enroll in a Medicare Part D plan.
Can I see any doctor or specialist with Medicare Supplement Plan N?
Yes, Plan N allows you to see any doctor or specialist who accepts Medicare patients.
Is there a maximum out-of-pocket limit for Medicare Supplement Plan N?
No, unlike some Medicare Advantage plans, Medigap plans, including Plan N, do not have a maximum out-of-pocket limit.
Three Takeaways:
– Medicare Supplement Plan N is a Medigap plan that helps cover out-of-pocket costs, but it requires beneficiaries to pay certain copayments for services.
– Plan N does not cover the Part B deductible or excess charges from healthcare providers.
– To enroll in Plan N without medical underwriting, sign up during the Medigap Open Enrollment Period.