Medigap Plan N is the newest of the standardized Medigap plans. Plan N has been very popular since it came out June 1, 2010, due to it having lower premiums than other Medigap plans. It combines some cost-sharing, which most people are already accustomed to, with these lower premiums. This makes it a viable option for anyone already on Medicare or just now aging into Medicare.
Medigap Plan N – What Is Covered Under This Plan?
Plan N is not altogether different from the other Medigap plans, such as Plan F and Plan G. Here are some of the similarities:
- First of all, it is standardized like other plans. One company’s Plan N is no different at all from another company’s Plan N.
- Most importantly, it covers the main thing that you want a Medigap plan to cover – the 20% not covered by Medicare at the doctor and hospital. The 20% that Medicare doesn’t cover is unlimited and can be an enormous, unmanageable amount in the case of anything major at the hospital.
- Additionally, Plan N does cover the Part A (hospital) deductible, which is $1132/year for the year 2011.
OK, Sounds good so far, but why is it less expensive – what does it NOT cover?
- First of all, Plan N does NOT cover the Medicare Part B deductible ($162/year for 2011) – Plans G and D do not cover this deductible either.
- Also, Plan N uses some cost-sharing when it comes to doctor’s office visits. You pay up a $20 co-pay for doctor visits (or 20% of the visit, whichever is less).
- You also have a $50 co-pay for emergency room visits
Who Does Medigap Plan N Ideally Suit?
This plan is ideal for people in the following situations (and many other situations):
- People on Medicare parts A & B that have been declined when applying for other Medigap plans or with other Medigap companies. With some of the companies and in most states, this plan is “Guaranteed Issue”, which means that there are no health questions and you cannot be turned down for coverage.
- People on Medicare who are in good health but want to have a Medigap plan to provide protection from the rising costs of healthcare and to cover the unlimited 20% that is part of Medicare coverage.
- People on Medicare Advantage plans, who wish to get out of those types of plans because of the uncertain future of the plans, but want to keep costs as low as possible.
- People on Medicare who have a Medigap plan that is very expensive. Regardless of health status, these individuals can replace that plan with a less expensive but still comprehensive Plan N.
Medigap Plan N Looks Like a Good Option for Me – What Do I Do?
Medigap Plan N is available now – it started 6/1/2010. With Medigap plans, you can change at any time during the year – there is no special “enrollment period” like there is with Part D plans and Medicare Advantage plans.
You should consider Medigap Plan N if you fall into one of the situations listed above. This marks the first time that all seniors, regardless of age or situation, is “Guaranteed Issue” into a Medigap plan. Plan N is a great new Medigap option and is a fraction of the cost of other Medigap plans, in nearly all situations.
To get quotes on the plan or more information, go to Medigap Plan N quotes or you can reach us by phone toll-free at 877.506.3378.
We look forward to helping you compare plans and serving your Medicare Supplement insurance comparison needs.