Medicare Supplement Plan N is one of many Medicare supplemental insurance plans that fill the gaps left behind in standard Medicare health insurance. It is for this reason that such plans are commonly referred to as Medigap insurance plans.
They are popular with many individuals covered under Medicare because of the number of out of pocket expenses that go hand-in-hand with this health insurance. First, there are the deductibles you have to pay before Medicare even begins to get involved. Once the deductibles are out of the way, there are the coinsurance and co-payment elements of Medicare. This means you keep making a financial contribution to your healthcare costs even when Medicare is paying some or most of the bill.
Those are the gaps Medicare supplemental insurance plans fill. The amount of additional coverage you receive depends entirely on the plan that you select. There are several to choose from including Medicare Supplement Plan N.
About Medicare Supplement Plan N
The Medigap insurance plan known as Plan N covers all coinsurance obligations and deductibles that fall under Medicare Part A – this is anytime you are admitted to hospital. In addition, it covers the first three pints of blood every year and foreign travel emergency care.
Medicare Supplement Plan N also covers the coinsurance and co-payment elements of hospice care and the coinsurance costs incurred if you need skilled nursing facility care.
Finally, Plan N Medigap insurance covers the coinsurance and co-payment elements of Medicare Part B except for two co-payments. Part B is for medical expenses such as physician’s visits, outpatient visits to hospital, and visits to the emergency room, in cases when there is no requirement to stay in hospital overnight. The two co-pay limits are $20 for office visits and $50 for emergency room visits.
Medicare Supplement Plan N Snapshot
Medicare Supplement Plan N covers:
- Hospital coinsurance from Medicare Part A
- Additional 365 days of hospital costs after Medicare benefits end
- Medicare Part B medical expenses coinsurance except for $20 co-pay for some
- office visits and $50 co-pay for visits to the emergency room that do not result in an overnight stay
- The first three pints of blood each year
- Medicare Part A hospice care coinsurance
- Skilled nursing facility care
- Medicare Part A hospital deductible
- Help with medical emergencies when traveling abroad
Things You Need To Know
- Medicare Supplement Plan N, like all Medigap insurance, is regulated, so all the plans are the same regardless of the provider
The only difference is service and price
- Once you have a plan and continue paying the premiums, it cannot be cancelled, even if you have health issues
- You must have Medicare Part A and Part B before you can purchase Medicare supplemental insurance
- It is not possible to have both a Medicare Advantage Plan and Medicare supplemental insurance
- Some things are not covered, such as vision and dental care, hearing aids and glasses
- Medigap insurance can only be bought individually so your spouse will need his or her own plan
- The best time to buy Medicare supplemental insurance is during open enrolment periods, which start the month you turn 65 and last for an additional six months.