Medicare Supplement Plan N is a standardized insurance plan, which means it offers the same benefits irrespective of the insurance provider. Plan N offers coverage for the entire costs of the Medicare Part B coinsurance, except for a few expenses related to the co-payments and emergency room visits.
Here is a detailed description of the Medicare Plan N and the coverage benefits you can receive through it.
Medigap Supplement Plan N Coverage
Medicare Part A hospital coinsurance and hospitalization costs up to 365 days after the Original Medicare benefits have run out
- Part A deductible
- Part A hospice care coinsurance and co-payment
- Part B coinsurance for preventive care
- Part B coinsurance costs excluding the expenses related to emergency room visits and office visits
- First 3 pints of blood used for any a medical procedure
- Coinsurance for skilled nursing facility (SNF)
It should be noted that Plan N requires you to bear a few out of pocket expenses including $20 co-payment for office visits. You also need to pay up to $50 for the emergency room visits.
Why Medicare Supplement Plan N?
Plan N is a popular Medicare plan as it covers most of the costs related to healthcare services including hospitalization, co-pays, and co-insurance.
Plan N was first introduced in 2010. So, compared to the other Medicare plans, it is a relatively new supplement insurance plan. It became popular almost instantly because of its lower monthly premiums and the adequate yet more comprehensive coverage it offered.
Although Plan G and Plan F are also popular choices for complete coverage, Plan N is preferred by those who do not like to pay a higher premium. Since Plan F and G of Medicare offer more comprehensive benefits allowing patients to avoid any out-of-pocket expenses, they have a higher monthly premium.
Also, though Plan G is comparatively less expensive than Plan F, it does not cover the Part B deductible. This is the reason most patients prefer Plan N, especially when their healthcare expenses are not expected to be huge.
Plan N is the least expensive of the three comprehensive Medicare Supplement Plans. However, Plan N also does not offer coverage for the Part B deductible. It does not cover the costs of co-payments for emergency room visits and for doctors. However, the lower premium of Plan N usually offsets these out-of-pocket costs, particularly when the patient is not suffering for any apparent illness that requires huge healthcare expenses.
Medicare Plan N is also suitable for people who travel aboard frequently. It provides benefits for the emergency healthcare costs during foreign travel up to a certain limit mentioned in the plan.
Coverage for Doctor’s Visits
Most of the standard expense related to preventive care are covered completely by Medicare. These costs include services such as screenings for diabetes and cancer and routine visits to detect cardiovascular conditions.
It may also include annual physical examination, colonoscopy, administration of vaccines, and a range of other basic pathological and imaging tests once the Part B deductible is paid.
Medigap Plan N also includes emergency visits to a physician for injuries and illnesses. It also covers the costs of durable medical equipment, surgeries, home health, ambulance, diabetes supplies, lab-work, and imaging tests. What you need to keep in mind here is if your original Medicare Part A and B cover the costs of any specific healthcare expenses, then your Plan N supplement policy would also cover it.
However, in case your physician does not accept Medicare assignment, you would have to pay an excess charge of 15%.
Coverage in the Hospital
Your original Medicare Part A covers the costs of hospitalization and other services offered during hospital stay including skilled nursing facilities and blood transfusions. In some cases, it would also cover home health and hospice expenses provided certain conditions are met with.
Your Medicare Part A would require you to pay for the deductible for the hospital stay in the absence of Supplement Plan N. If you have signed up for Medicare Plan N, it would cover the costs of the deductible for the hospital stay thus covering the entire costs.
Medicare Supplement plans were completely standardized in 1991. Hence, though the premium of different insurance companies for Plan N differs, the benefits offered by each would be similar.
This means Plan N would have the same coverage, irrespective of which insurance company you purchase it from. So, you do not have to worry about receiving more or less benefits while signing up for any policy from a particular insurance provider.
Also, Medicare Supplement insurance providers do not have their own network of doctors and hospitals. The plans they offer are only supplements to the Original Medicare Part A and B coverage, which have a nationwide network. So, you do not have to worry about whether one insurance provider would have a better network of physicians than another.
All providers of Supplement Plan N follow the same claim-processing system that is usually automated, making it easier for you to use the benefits and coverage. You just need to submit your claim to Medicare. They would use a clearinghouse, which knows the Medicare Supplement Plan you have signed up for and settle the claims based on the coverage.
Supplement Plan N is usually recommended for those who would like to save money on premiums and do not mind a small amount of co-pay and excess charges. It is also recommended for those who do not suffer from any serious illness that involves huge healthcare expenses.