You could be paying too much for Medicare supplemental insurance. Or if you have not signed up for Medigap or other similar insurance plans, you might be considering the wrong plan for you. Many people who get Medicare Plan N rates are often shocked at how much money they can save. And you might be able to as well.
Why Medicare Plan N?
For starters, Plan N comes with much lower premiums that its higher coverage plans. With Medigap plans, what you pay for is what you are getting. But do you really need all that coverage? Not if you don’t see your doctor very often. That’s who Medicare Plan N is for. People who make infrequent visits to their physician and those on a limited income that still want great coverage. If that’s you then you might want to seriously consider Plan N.
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Medicare Plan N Benefits
Plan N offers the same coverage area that every other Medigap plan does, which is basically no network. It can be used anywhere in the country, with any doctor or specialist that accepts regular Medicare. You also do not need a referral to visit a specialist. Because Plan N leaves you open for possible additional out-of-pocket expenses many people feel are afraid to switch. Let’s look at those expenses now.
With Medigap Plan N, you must pay the following:
- The annual Part B deductible ($147) once per year before Medicare kicks in and pays the 80% coinsurance
- Up to a $20 co-payment per doctor’s visit after the deductible is met. There’s no guaranteed that you will have this co-pay, in fact you could have none. Or possibly a $5 or $10 co-pay, it all just depends on what you are visiting your doctor for. It will however never be more than $20 per visit.
- You must pay a $50 co-pay if you visit an emergency room and are not admitted. Keep in mind going home from an ER visit is a good thing, so most consider this a small price to pay
- Plan N does not cover Part B excess charges
Plan N will also cover expenses for care at a nursing facility, the deductible you would pay for Part A on hospitalization, and assistance for medical emergency care abroad. All in all, this is not as much coverage as some of the more expensive plans. What you need to decide is if you want to pay a higher premium to have things like a deductible paid for you.
You should take a look at both your finances and your medical needs before deciding on a plan to go with.
Why do Companies all Have Different Premiums on Plan N?
Many companies do offer Plan N, and they all have the exact same coverage. There is no difference in each of their plans as they have identical benefits. Their premiums however can vary drastically. This is because they each have different risk pools and claims history whereby they are required to adjust the premiums each year. This makes it incredibly important to get quotes using our FREE quote generator to compare plans and rates from several companies.
So why choose Medicare Plan N over other plans that provide more coverage? The answer is simply that you shouldn’t pay for what you don’t need. Many people would be wasting their money by opting into those high-coverage plans. Take time to consider the plan that is right for you before making a decision and get Medicare Plan N rates online now!