Choosing the right Medicare Supplement (Medigap) plan is an important decision for individuals managing healthcare costs. In this post, we will answer the question; why enroll in a Plan N.
Medicare Supplement Plan N can be a great plan option due to its balance of affordability and comprehensive coverage. Individuals considering their Medicare Supplement options may find the Plan N is the perfect fit for their healthcare needs.
Lower monthly premiums
One of the biggest advantages of Plan N is its cost-effectiveness. Although Plan N provides many of the same benefits as other Medigap plans, its premiums are generally lower than Plan G. This makes it a good option for individuals who want solid coverage without paying a high premium for benefits they may not use too often.
Comprehensive coverage
Plan N covers many out-of-pocket costs that Original Medicare does not, including:
- Medicare Part A hospital coinsurance and hospital costs for up to 365 days after Medicare benefits are exhausted
- Medicare Part B coinsurance (except for small copays)once the annual Part B deductible is paid
- First three pints of blood
- Part A hospice care coinsurance
- Skilled nursing facility (SNF) care coinsurance
- Limited foreign travel emergency coverage (80% up to plan limits)
Out-of-Pocket costs
Plan N offers lower premiums in exchange for reasonable cost-sharing amounts. This includes:
- Up to a $20 copay for doctors visits
- Up to a $50 copay for emergency room visits (this copay is waived if the enrollee is admitted)
These low out of pocket amounts costs are predictable and manageable.
Please note: Unlike Plan G, Plan N does not cover Medicare Part B excess charges. Although, this is usually not an issue for beneficiaries who visit doctors that accept Medicare assignment, as they agree to charge only the Medicare-approved amount.
Plan N is a great choice for individuals who:
- Want the freedom to use any provider that accepts Medicare assignment
- Want to save on monthly premiums and still have great coverage
- Do not mind paying a nominal copay for medical services
Freedom to choose any provider that accepts Medicare assignment
Unlike Medicare Advantage plans, which have network restrictions, Medigap Plan N allows beneficiaries to see any doctor who accepts Medicare assignment. This is beneficial for individuals who seek care in more than 1 state and want greater flexibility in choosing healthcare providers. This is especially helpful if the individual uses several providers to treat medical conditions or illnesses.
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Protection from high hospital costs
Hospital stays can be expensive, but Plan N covers Part A coinsurance and hospital costs beyond Medicare’s limits. This ensures that beneficiaries do not face excessive out-of-pocket costs for extended hospital stays allowing beneficiaries to focus on recovery.
Alternative to more expensive Medigap plans
For those who want comprehensive coverage without the higher Plan G premiums, Plan N provides a good balance between affordability and comprehensive coverage.
Why enroll in Plan N
Medicare Plan N is a good choice for:
- Individuals who want lower monthly premiums
- Those who are comfortable with small copays for doctor and ER visits
- Beneficiaries who may use more than one Medicare-approved provider
- People looking for nationwide coverage without restrictive networks
Medicare Supplement Plan N is a great choice for those who want a balance of affordability and comprehensive coverage. With lower premiums, predictable cost-sharing, and strong hospital coverage, it offers a practical solution for many Medicare beneficiaries. Beneficiaries should consult with a licensed Medicare agent before enrolling in any Medicare Plan to ensure the plan aligns with healthcare and financial needs.