What You Need To Know About Medigap Plan N

If you are looking for comprehensive medical coverage, you may want to consider Medigap Plan N. This plan is one of the most popular options available, and it offers several…

September 5, 2022

Written by Nikki Grillo

If you are looking for comprehensive medical coverage, you may want to consider Medigap Plan N. This plan is one of the most popular options available, and it offers several benefits that are not found in other plans. 

 

In this blog post, we will cover all of the important aspects of Medigap Plan N so that you can make an informed decision about whether or not it is right for you. We will discuss what is covered by Medigap Plan N, how to enroll in it, and the average price for 2022. We will also explore the benefits of this plan and why it has become so popular among Medicare beneficiaries.

 

What’s Medicare?

Medicare is a health insurance program that the federal government runs. It is available to all U.S. citizens and legal residents who are 65 years of age or older or have been receiving Social Security Disability Insurance (SSDI) benefits for at least 24 months. Medicare beneficiaries can choose from various plan options, each offering different coverage levels and features. 

 

There are four Medicare plans: Part A, Part B, Part C, and Part D.

 

  • Part A is hospital insurance covering inpatient care, skilled nursing facility care, hospice care, and home health care.

 

  • Part B is medical insurance covering doctor visits, outpatient care, durable medical equipment, and preventive services.

 

  • Part C is a Medicare Advantage Plan, an all-in-one plan that includes Parts A & B plus usually provides prescription drug coverage and sometimes other benefits like dental or vision.

 

  • Part D is a prescription drug plan that helps cover the cost of prescription drugs not covered by Parts A or B.

 

What’s Medigap?

Medigap is a type of supplemental insurance that can cover some or all of the costs not covered by Medicare. There are 12 different Medigap plans available—each with a different set of benefits. These plans go from letters A through N. It’s important to review each plan thoroughly to determine which one best suits your needs. 

 

What’s Medigap Plan N? 

Medigap Plan N is a supplemental insurance plan that covers some of the costs not covered by Medicare. It is one of the ten Medigap plans available and one of the most popular choices among beneficiaries. 

 

What Does Medigap Plan N Cover?

Let’s take a look at what Medigap Plan N covers:

 

  • Part A coinsurance and hospital costs 
  • Part B coinsurance or copayment
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility care coinsurance
  • The first three pints of blood each year
  • Foreign travel emergency care

 

As you can see, Medigap Plan N covers many medical expenses. It is important to note that this plan does not cover long-term care, dental care, vision care, or hearing aids. 

 

What Are The Benefits Of Medigap Plan N? 

Medigap plans offer many advantages for their beneficiaries. Each plan has a unique set of benefits that helps fulfill different needs. Medigap Plan N is a great option for those who want comprehensive coverage without paying a lot out of pocket. Plan N offers the following advantages:

 

  • Low monthly premiums
  • No deductible
  • Covers most Medicare Part B excess charges
  • Covers some foreign travel emergency care expenses
  • It offers a high level of coverage for a relatively low price point, making it a great value for your money.

 

Medigap Plan N may be the right choice if you are looking for comprehensive coverage without paying a lot out of pocket. This plan offers great value for your money with low monthly premiums and no deductible. Be sure to research your options before enrolling in any health insurance plan. 

 

Medigap Plan N Disadvantages 

Medigap Plan N also has a few disadvantages you should be aware of before enrolling in the plan. These include:

 

  • You are still responsible for paying your Medicare Part B deductible ($185 in 2021)

 

  • You will have to pay copayments or coinsurance for some services, including doctors and emergency room visits.

 

  • There is no coverage for Medicare Part A hospice care coinsurance or copayment. 

 

Medigap Plan N is a great option for those looking for comprehensive coverage without paying a lot out of pocket. However, being aware of the disadvantages is important before making a decision. 

 

Who Is Eligible For Medigap Plan N?

To be eligible for Medigap Plan N, you must enroll in Medicare Part A and Part B. You must also reside in the state where you wish to enroll in Plan N. If you are not already enrolled in Parts A and B, you can do so during your Initial Enrollment Period (IEP).

 

How Much Does Medigap Plan N Cost?

The average price for Medigap Plan N is around $120-$180 per month as of 2022. However, the price may differ based on your state of residence, age, and gender going as low as $80 and as high as $250. You can enroll in Medigap Plan N through a private insurance company. 

 

How Do I Enroll In Medigap Plan N?

You can enroll in a Medigap plan during your six-month Medigap Open Enrollment Period, which begins the month you turn 65 and are enrolled in Medicare Part B. If you have health coverage through an employer or union when you turn 65, you may have a Special Enrollment Period (SEP) to sign up for Part B without having to pay a late penalty. You also may be able to delay Part B enrollment if you’re still working and have health insurance from your employer. 

 

Is Medigap Plan N Right For Me?

When choosing a Medigap plan, you must ensure that the plan you pick will meet your needs accordingly. So how do you ensure that Medigap Plan N is the best house for you? For starters, this plan is best suited for people looking for a little more coverage than what is provided under Medicare Part A and B.

 

Additionally, people comfortable paying small copayments for certain services will find Medigap Plan N a good fit. This is because there are copayments for some services like office visits and emergency room visits.

 

How Do I Compare Medigap Plans?

Comparing all the different Medigap plans is key before making a decision. So what factors do you need to review in each plan? 

 

  • The first factor is the monthly premium. 
  • Next, consider what each plan covers and if it fits your needs. 
  • Then, you’ll want to check if the plan has any deductibles. 
  • And finally, compare the copayments and coinsurance of each plan.

 

Making sure your plan covers all your specific needs is critical as you don’t want to overpay for something you may never use. 

 

Medigap Plan N Vs. Other Medigap Plans

If you’re looking at Medigap plans, you may be wondering how Plan N stacks up against the other options. Here’s a quick rundown of the key differences between Plan N and the other Medigap plans. 

 

One of the main things that make Medigap Plan N from other Medigap plans is that you will have to pay out-of-pocket costs. This includes: 

 

  • Part B excess charges
  • The first $20 of each doctor visit copayment
  • The first $50 of each emergency room visit copayment
  • A $20 copayment for each outpatient preventive care visit
  • Half of the Part A coinsurance amount for hospital stays

 

A positive element of Plan N is that it has a lower monthly premium than other plans and covers hospice and skilled nursing facility coinsurance. Let’s take a quick look and directly compare Plan N with other Medigap plans.

 

Medigap Plan N Vs. A

Let’s quickly compare Medigap plans A and N to see what the key differences are: 

 

  • Plan A is the most basic Medigap plan, while Plan N is a more comprehensive option. 

 

  • Plan A covers inpatient hospital care, skilled nursing facility care, Part A hospice care, and home health care. 

 

  • Plan N also covers these things but has additional benefits like covering your Part B deductible and giving you some foreign travel emergency care coverage. 

 

  • Both plans have a monthly premium, but Plan N’s is often lower than Plan A’s. 

 

  • It’s important to compare both options to see which gives you the best value for your needs.

 

If you’re looking for a Medigap plan that offers comprehensive coverage, then Plan N is the best choice.

 

Medigap Plan N Vs. F

One question we often hear is: “Should I choose Plan N or Plan F?” Both plans offer great coverage, but some key differences could make one better suited for you than the other. Let’s take a close look at the differences between the two: 

 

  • Medigap Plan N has a $0 deductible, while Plan F has a $203 deductible in 2021.

 

  • Medigap Plan N covers 50% of the Part B coinsurance, while Plan F pays for 100%.

 

  • Medigap Plan N does not cover the Part B deductible or excess charges, while Plan F does.

 

  • The average monthly premium for Medigap Plan N in 2022 is $96, while the average monthly premium for Plan F is $148.

 

Be sure to research each plan to choose the right one for you.

 

How Can I Get More Help?

If you’re still unsure which plan is right for you, that’s okay! Our team of Nesso Senior Benefits experts can help you compare your options and find the best coverage for your needs. 

 

At Nesso Group, we want to ensure the best possible experience for our clients. We always put your needs first and help you find the best possible coverage for your budget. If you have any questions, please don’t hesitate to reach out to us. We’re here to help.

 

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