It’s easy to protect your health by getting Medicare, but what isn’t so simple is ensuring you have the right coverage. And when it comes to navigating Medicare and Medicare Supplemental Coverage, or Medigap, it can get confusing as many of the Supplemental Plans are so similar.
Most people or insurers will argue that the most comprehensive or “expensive” plan, like Plan G is your best option. But if you’re after a more economical but equally smart choice, we’ve got another choice for you: Medicare Supplement Plan N.
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Before delving into the particulars of Medicare Supplemental Plans, let’s review Medigap coverage.
When you turn the golden age of 65, you enter the age of eligibility for Original Medicare, federal healthcare insurance that includes Plan A (hospital trips) and Plan B (medical coverage) coverage. Original Medicare provides basic and affordable healthcare; however, it won’t cover all your healthcare costs the same way Medicare Advantage or Medicare with supplemental Medigap coverage does. Medicare Supplemental Plans are available for purchase through Medicare-approved insurance companies.
What Is Medicare Supplement Plan N?
Medigap Plan N is an affordable Medicare Supplement offered by private insurance companies that helps keep your out-of-pocket healthcare expenses (coinsurance, copays) to a minimum. Medigap was created to fill the Medicare “gaps” in coverage, so no matter which insurance provider you buy Medicare Supplement Plan N from, it’s standardized, so it’ll be the same coverage across all the states.
However, not every state and insurance company offers Medigap Plan N, so always be sure to check with your local insurance provider to see if it’s available to you.
What Medicare Supplement Plan N Covers?
This is a full breakdown of what Medicare Supplement Plan N covers.
| MEDICARE SUPPLEMENT PLAN N COVERAGE | |
|---|---|
| Part A Medicare Coinsurance | Part A Medicare Coinsurance |
| Part A Hospice Coinsurance/Copay | Covers hospice coinsurance and copayment costs |
| Blood (First 3 Pints) | Plan N will pay for the first 3 pints of blood during a procedure per year |
| Part B Coinsurance/Copay | Will pay coinsurance or copayments, except: - Up to $20 copay for some doctors visits - Up to $50 copay for ER trips that don’t require inpatient admission |
| Skilled Nursing Coinsurance | Plan N will pay the coinsurance cost for skilled nursing |
| Part A Deductible | Plan N covers the cost of deductibles |
| Part B Deductible | Due to a new law, all Medigap plans are no longer permitted to cover the Part B deductible |
| Foreign Travel Exchange | Like the more expensive Plans, Plan N covers 80% of out-of-country medical expenses |
| Cost | $146- $289 a month |
Medigap Stipulations
If you’re in the market for Medigap, these are the things you ought to know about Supplemental coverage:
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Now that you know the benefits of purchasing Medigap Plan N to supplement your Original Medicare, how does it rate against the rest of the Medigap family of Plans?
To make comparing Plans easier we’ve highlighted Plan N.
| MEDIGAP BENEFIT | PLAN A | PLAN B | PLAN D | PLAN G | PLAN K | PLAN L | PLAN M | PLAN N |
|---|---|---|---|---|---|---|---|---|
| Part A Medicare Coinsurance | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Part A Hospice Coinsurance/Copay | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Blood (First 3 Pints) | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Part B Copay Or Coinsurance | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Skilled Nursing Coinsurance | No | No | Yes | Yes | 50% | 75% | Yes | Yes |
| Part A Deductible | No | Yes | Yes | Yes | 50% | 75% | 50% | Yes |
| Part B Deductible | No | No | No | No | No | No | No | No |
| Foreign Travel Exchange | No | No | 80% | 80% | No | No | 80% | 80% |
| Average Monthly Cost | $147- $784 | $202- $726 | $221- $515 | $199- $473 | $62- $135 | $119- $301 | $201- $430 | $146- $289 |
When it comes to comparing Plan N to the more common Plan G, just looking at this chart, it may seem like the main difference is cost; however, there are some minor distinctions:
When it comes to determining which Medicare Supplemental Coverage is best for you, it boils down to your circumstances:
Once you determine what you need from your Medigap policy, then you can confidently make the right choice for you!
When it comes to figuring out the best Medicare Supplemental Plan for you, with so many to choose from, it can be challenging figuring out the perfect plan for your healthcare needs. For some, safety means full coverage, so they opt for Plan G that comes with all the bells and whistles — as well as higher premiums — while for others they may want broad coverage at a cheaper rate-making Plan N the best bet.
We can’t tell you the best Medigap Plan for you. So instead, it’s up to you to inform yourself on the Plan differences so you can confidently decide on the Medicare Supplemental Plan that best fits your needs!
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Jessica Fox Jessica Fox has been a freelance writer for five years, with a specialty in health, wellness, and insurance. During this time, she’s written for some of the biggest B2B and B2C brands from around the world. Jessica is also the mother of two young daughters and loves coffee, writing, and working out.
