Medicare Supplement Plans Plan N
If you have a Medicare plan, you have likely noticed that it doesn’t cover every cost. For those gaps in Medicare coverage, there are Medicare Supplement Insurance plans that can fill in your coverage and relieve some of the financial burdens of your medical care. These are insurance plans that are provided by private firms to supplement your Medicare. Medicare Supplement Insurance pays its share of your coverage after your Original Medicare plan has paid. Medicare Supplement Insurance, or Medigap, policies don’t add new areas of coverage, but can help to cover costs from your Original Medicare plans like:
- Deductibles
- Coinsurance
- Copayments
Important things to consider before getting a Medigap policy
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You must have an existing Medicare Part A or Part B plan.
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Medigap policies only cover one person. If you have a spouse, they will need their own Medigap policy.
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Medigap policies are not the same as Medicare Advantage Plans. In fact, it is illegal for a company to sell you a Medigap policy if you already have a Medicare Advantage Plan.
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Since January 1, 2006, Medigap policies do not cover prescription drug costs.
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You pay a premium for Medigap policies which is in addition to your Medicare premium.
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Medigap policies do not cover long-term care, private nursing, vision and dental care, or hearing aids.
Medicare Plan N—Medigap Supplemental Insurance
Medicare Plan N is one of the more popular Medigap policies. The idea is that you pay a lower premium than other supplemental plans in exchange for paying some copays and a low annual deductible on your own. No matter which insurance company you buy a Medicare Plan N policy from, they are all the same.
What does Medicare Plan N cover?
Medicare Plan N completely covers your standard preventative care. Things like screening for diabetes, cancer, and other conditions will be covered. Also, it will cover colonoscopies, vaccines, annual physicals, and other regular tests.
Anything that your Medicare Part A or Part B plan covers, your Plan N will also cover. Original Medicare covers 80% of the bill, and Medicare Plan N picks up the remaining 20%. This includes durable medical equipment, surgeries, doctor visits for injuries and illnesses, ambulance costs, lab-work, and home healthcare.
Medicare Plan N also covers costs at the hospital, it even pays for the deductible you would otherwise owe for a hospital stay. Plan N covers skilled nursing, hospice, blood transfusions, and inpatient hospital services.
What will Medicare Plan N cost?
With a Medicare Plan N policy, you’ll pay a premium as well as some copays and a low annual deductible. Your premium will depend on things like your gender, age, alcohol and tobacco use, and state of residence. The annual Part B deductible paid in 2021 for Plan N was $203. For copayments, you pay $20 for a doctor appointment and $50 for an emergency room visit.
When is the best time to apply for Medicare Plan N?
The best time to apply for Medicare Plan N is during the 6-month Open Enrollment period. This period begins when you are 65 and covered by Original Medicare. If you already have Medicare before turning 65, the Open Enrollment period is from your 65th birthday until 6 months after. If you’re already 65 and don’t have Original Medicare yet, the Open Enrollment period begins the day you are covered with Original Medicare.
It can be tougher to get Medicare Plan N after the Open Enrollment period has passed. Once it has ended, companies can deny coverage due to existing health issues, or they can charge you higher premiums than you would have gotten.
Trust Plan IV with your Supplemental Health Insurance services
For all your health insurance needs, from original health insurance plans to supplemental plans, our expert team at Plan IV can help you through the process. We will get to know your needs and budget so that we can wade through the often confusing world of health insurance and set you up with a plan that’s just right for you.
Aside from Supplemental Health Insurance, Plan IV also provides Medicare supplement plans, the best short term health insurance, long term care insurance plans, dental and vision coverage, payroll or Prime Pay services, HR outsourcing Michigan, and much more. We can save you time, money, and peace of mind.
Call Plan IV for a quote at (248) 689-4910. If you have questions about our services, reach out to us through the contact form on our website!
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