Is Medicare Plan N Right For You?

Is Medicare Plan N Right For You?

When it comes to health insurance, Medicare ensures that you have different plans to choose from. This guide will determine if Medicare Plan N is right for you.

In 2018, nearly 60 million people were enrolled in a Medicare plan. Many of these people found having Part A or Part B alone didn’t cover enough of their medical expenses. That’s why many choose to enroll in one of the ten Medicare Supplemental Insurance Plans available, also known as MediGap plans.

One of those ten options is Medicare Plan N. If you’ve made it here, you’re likely wondering if Plan N is the right choice for you. Thankfully, you’ve come to the right place.

Continue reading to learn what Medicare Plan N is and what it does (or doesn’t) cover. Also, find out other essential information you’ll need to make the best decision on whether this MediGap plan is the right choice for you.

What Is Medicare Plan N?

Medicare Plan N is one of several supplement plans for seniors on Medicare. It covers many of the medical costs not covered by your primary insurance.

Plan N is the third most popular Medicare plan and has the third most coverage. Introduced in June of 2010, Medicare Plan N is relatively new. Thanks to low monthly premiums and a decent amount of coverage, this plan became immediately popular.

Who Needs Medicare Supplement Plans?

Many seniors who have Medicare as their primary insurance need a supplemental plan. People with preexisting conditions, however, are those who need it most. Using a supplemental insurance plan can help save a significant amount of overall medical expenses.

It’s important to understand these supplemental plans don’t cover certain types of medical visits. Vision and dental exams, for example, aren’t covered by any of these plans. You also won’t get coverage for chiropractors, acupuncturists, foot care, cosmetic surgery, or foot care.

What Does Medicare Plan N Cover?

Medicare Plan N has the third-most coverage of all supplemental insurance plan options. It covers different things, depending on whether you use Medicare Part A or Part B.

For Those on Medicare Part A

If you’re on Medicare Part A, Plan N will cover your coinsurance and hospital costs. It will also cover up to three pints of blood per year, and skilled nursing facility coinsurance. Your deductible will also be covered under this MediGap plan.

Those on Part A can look forward to having their coinsurance or copayments for hospice covered. Plan N will also cover certain emergency medical expenses during travel to a foreign country.

For Those on Medicare Part B

Like those on Part A, people who have Medicare Part B will have up to three pints of blood covered each year. Also similar, users will have a certain amount of foreign travel emergencies and skilled nursing costs covered.

The difference is that only some coinsurance and copayments for doctor’s visits and hospital trips will be covered. The annual Part B deductible isn’t covered.

What Isn’t Covered by Medicare Plan N?

While most things are covered by Medicare Plan N, there are a few that aren’t. For people with Medicare Plan A, most things are covered.

However, if you have Part B, there are several things Plan N doesn’t cover that are covered by the next highest supplemental coverage plan. Excess charges and the Part B deductible aren’t covered by Plan N.

Another key difference is that Plan N allows for a certain amount of copayments for Medicare Part B holders. This includes a $20 copayment when visiting certain doctor’s offices and a $50 copayment for trips to the emergency room.

How to Decide if Plan N Is Right for You

With several options available, it can be difficult deciding which Medicare supplemental insurance plan is right for you. While this is always a personal decision, there are some situations where N is (and isn’t) the right choice for you.

Plan N Might Be Right for You If…

Those who have Medicare Part A usually find Plan N suitable for their needs. Seniors with a slightly higher income generally find the coverage offered by this plan to be sufficient, regardless of whether they’re on Part A or Part B.

Seniors who don’t have preexisting health conditions or have limited medical needs may also find Plan N suitable. In fact, this plan could end up saving those in these situations more money than a higher coverage plan.

Plan N May Not Be the Best Option for You If…

There are so many different supplemental insurance plans for Medicare users because it’s not a one-size-fits-all situation. Some people may find Plan N isn’t suitable for their needs.

For example, many people on Part B decide to go with one of the two higher coverage options. They find the additional coverage (such as having the deductible paid) ends up being more cost-efficient.

People who have preexisting health conditions or require extensive medical care often choose a higher coverage plan, like Plan G or Plan F. Since they end up using their MediGap insurance more often, these plans end up saving the most.

Do You Have More Questions About Medicare Plan N?

Medicare Plan N is one of ten supplemental plans available to people on Medicare Part A or Part B. It’s the third most popular option and provides the third most coverage, after Plan G, and Plan F. Many people find it fits their needs, while some decide they need a different supplemental plan.

Do you still have questions about Medicare Plan N? Or about Medicare supplemental plans in general?

Contact us today. One of our associates would be happy to answer any questions you still have.

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