A Medigap plan, Medicare Supplementary Plan N, is one of ten standardized Medigap plans offered in almost all states.
Similar to other Medigap benefits, the plan may assist you in paying for some charges that Original Medicare does not cover, such as cost-sharing payments you may incur for hospital treatments or doctor visits.
Like some other Medigap plans available in most states, Plan N provides standardized benefits.
Regardless of location or residence, you will get the same essential benefits under Plan N, whatever insurance company you buy the policy from.
What Costs Are Covered Under Plan N
Medigap insurance only pays for treatments that Medicare authorizes.
As a result, it will not cover issues like long-term healthcare, vision, dentistry, hearing aids, spectacles, or personal nursing, amongst other services.
Part N of Medicare supplement insurance pays for the following expenses:
- Deductible for Medicare Part A
- Medicare Part A coinsurance
- Hospital stays of up to 365 days are covered
- Coinsurance for outpatient services and procedures under Medicare Part B
- Copays for Medicare Part B at doctor’s offices
- Transfusion of blood (up to the first 3 pints)
- Coinsurance for hospice and skilled nursing facilities
- While traveling outside of the United States, healthcare expenditures account for 80% of the total cost
Plan N does not cover the Part B deductible for Medicare Supplemental Insurance.
Changes in Medicare legislation have made it impossible for all Medigap policies to satisfy the deductible for Part B of Medicare.
Medigap Plan N covers 100 % of the Plan B coinsurance, patients are still liable for copays for doctor’s visits equal to $20 & emergency room visits up to $50, which are not covered by Plan N.
Several Benefits of Medigap Plan N
One advantage of plan N is that even the monthly premiums are less expensive than Medigap policies F and G, even though they all provide equivalent coverage.
Also included in Plan N is full and comprehensive coverage of the Medicare Part A deductibles, one of the most costly deductibles in Medicare and repeated for every benefit period throughout the calendar year.
Suppose you intend to travel outside of the United States. In that case, plan N may be an excellent alternative
since it will cover 80 percent of your medical expenses if you need medical attention while traveling outside of the country.
The Right Time To Join Medigap Plan N
Insurance carriers cannot refuse coverage based on your medical history or charge you extra for coverage if you have health issues.
Suppose you have health difficulties and want to enroll in a Medicare Supplement plan (or switch plans) once your Medigap Open Enrollment Period.
In that case, you may have more significant trouble after Medigap Open Enrollment Period has ended.
Additionally, insurance companies are permitted to utilize medical underwriting beyond this period, and they may charge you more excellent rates depending on your health condition.
It is also possible that you may be refused coverage entirely owing to your health condition.