Medigap Plan N is a Medicare Supplement Insurance option that helps Medicare beneficiaries pay their out-of-pocket health care costs. There are ten different plans to choose from, and Plan N is a flexible option that offers lower premiums in exchange for small copayments and deductibles.
Medicare Supplement Insurance is standardized across all providers, so you can expect to find the same benefits regardless of when or where you enroll in a plan. If you are interested in purchasing Medigap Plan N to supplement your Medicare coverage, here is what you need to know.
Medicare Supplement Insurance, or Medigap, exists to help Medicare beneficiaries cover the financial gaps that are left behind by Original Medicare. In exchange for plan premiums, your Medigap plan pays for a variety of costs that normally are left for you to pay. With Medigap coverage, you can save money in the long term, but make sure you choose the right plan.
Medigap Plan N is a unique type of Medigap coverage that is similar to the mid-level plans, but has one key difference. With Plan N, you will be required to pay a $20 copayment for doctor visits and $50 for emergency room visits.
Medigap Plan N covers the following benefits:
Medigap Plan N is not a comprehensive plan, therefore you will still have to pay some Medicare costs out-of-pocket. For instance, Plan N does not cover the Part B deductible nor does it cover Part B excess charges. These costs, as well as Part A and Part B premiums, must be paid out-of-pocket.
Whether you purchase Medigap Plan N is your decision, but you should know that it is one of the most popular plans available. People like Plan N because it offers lower premiums than the more comprehensive plans, while still keeping out-of-pocket Medicare costs at a relative minimum.
Plan N would be good for you if you don’t frequently visit the hospital but do require some visits throughout the year. The copayments required under this plan are not too expensive, so costs are entirely manageable for most Medicare beneficiaries that choose Plan N. To determine if its right for you, you may want to speak with an insurance agent.
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