Medicare Supplement Plan N comes under 10 standardized medicare supplement (also known as MedSup or Medigap) policies available in most of the states. It covers 100% of the costs of medicare part B coinsurance (exception: it requires up to $20 co-payment for office visits and up to $50 for emergency room visits). Being a standardized policy, it provides exact same coverage irrespective of your insurance company and the place you live in.
Benefits and Coverage of Plan N:
- Hospital coinsurance cost according to medicare part A and up to 365 more days after your Medicare benefits runs out
- Medicare part A hospice care copayment or coinsurance
- Part A deductible
- Part B coinsurance (except co-payment up to $20 for office visits and up to $ 50 for emergency room visit which is not applicable in case of inpatient admission)
- Blood needed for treatment (First 3 pints)
- Part B preventive care
- Skilled nursing facility coinsurance
- Emergency care during foreign travel (80%, up to the plan limit)
Extra Costs of Medicare Supplement Plan N
Except the charges of office visits and of emergency room visits, you have to pay any part B excess charges and part B deductible ($166 per year – as of 2016).
Eligibility for Enrollment in Medicare Supplement Plan N
- You have to be enrolled in both Part A and Part B of medicare
- The Plan N should be available in your area
Compare Medicare Supplement Plan N
Supplement Plan N is an optimally priced plan. Like the other medigap plans, plan N costs may also vary with carrier. The premium payable by an individual depends on the ‘rate’ it gets from certain carriers. Medigap insurance companies actually have pricing methods to set the premium cost:
- Community-rated: Premium remains same for all beneficiaries, irrespective of their age.
- Issue-age-rated: Premium depends on your age at the time of your first ‘enrolment’ with a medicare supplement plan and the premium doesn’t increase with your age.
- Attained-age: Premium depends on your present age and it increases as you grow older. This plans often become too expensive to bear at older ages.
Generally plan N is a cost-effective plan which suits the people seeking wide coverage. It is recommended to review and compare the details with other medigap policies before you buy one.