Reviewing Medigap Plan N Premiums and Benefits
When it’s time to purchase Medicare Supplement insurance, reviewing Medigap Plan N premiums and benefits should be part of your research. Along with Plan F and Plan G, Medigap Plan N is one of the most popular Medicare Supplement insurance plans. While the popular Medigap plans have similar benefits, the out of pocket costs associated with Plan N make it unique. Medigap Plan N Costs include:
- Part B deductible
- Plan N Co-pays
- Excess Charges
- Insurance Premium
Medigap Plan N and the Part B deductible
With Medigap Plan N, you are responsible for satisfying the annual Part B deductible ($183 in 2017). For example, you pay the $183 Part B deductible before Plan N pays the remainder of Part B expenses. This doesn’t always happen in one doctor visit. It could take several appointments before the deductible is met. If you don’t visit the doctor very often, then you keep more of the Part B deductible in your own pocket.
Medigap Insurance Company Discounts
Medicare Supplement Plan N is already priced low. However, a few insurance companies offer Household discounts. This discount can sometimes lower the price by six to twelve percent.
Each insurance carrier has their own set of requirements for this discount. Some insurance companies will give a Household discount if only one applicant buys a policy, while others require both parties apply for coverage.
Who sells the cheapest Medigap Plan N?
Premiums for Medicare Supplement Plan N vary. Rates are based on your zip code, your age, and the insurance company. Cheapest isn’t always the best as some insurance companies have a history of high rate increases.
If you live in Florida or New York where Medicare Supplement premiums are high, Medigap Plan N is often a good choice for the budget minded Senior.
Reviewing Plan N Premiums and Benefits, continued…
Copays After your Part B deductible is met, your Plan N policy will cover Part B services after Medicare pays its portion. However, you are still subject to provider copays. Some doctors ask for the full $20 copay while others charge a small amount or nothing at all. An emergency room copay is $50 per visit. If admitted into the hospital, the copay is waived.
Excess Charges A doctor can accept Medicare patients, but may not accept Medicare assignment. This is the Medicare approved amount paid for a particular service. If a doctor doesn’t accept Medicare Assignment, he or she is allowed to charge up to 15% more than what Medicare pays.
To avoid Part B Excess Charges it’s best to check with your provider before each visit to make sure they accept Medicare Assignment. You can also visit Medicare.gov to find your provider. Medicare’s database will indicate if the provider accepts Medicare Assignment.
Insurance Premium Medigap Plan N is purchased through private insurance carriers. CMS standardizes the benefits of Plan N. This means Plan N with ABC insurance company is the same Plan N with XYZ insurance company. The only difference is price. Plan N is one of the lowest priced Medicare Supplements. It is often 30% less than Medigap Plan F.
Reviewing Medigap Plan N premiums and benefits is a little more complicated than reviewing Plan F. If you feel that Plan N has the right price but not all the benefits you want, consider Medigap Plan G. It works just like Plan F after meeting the annual Part B deductible.