Advantages and Disadvantages of Medigap Plan N
Medigap Plan N is one of the ten Medicare supplement insurance plans available in the United States. This plan offers comprehensive coverage for most major medical services and procedures, including the Part A deductible and coinsurance, as well as the Part B coinsurance.
Before diving into the details of Medigap Plan N, it's essential to understand some key terms. A deductible is an annual amount a person must spend out of pocket before Medicare starts to fund their treatments. Coinsurance, on the other hand, is the percentage of treatment costs that a person must self-fund. For Medicare Part B, coinsurance is 20%. A copayment is a fixed dollar amount a person with insurance pays when receiving certain treatments, such as prescription drugs. A premium is the amount of money someone pays each month for Medicare coverage.
Medigap, or Medicare supplement insurance, is a form of private insurance that helps cover out-of-pocket expenses for Original Medicare. One of the advantages of Medigap Plan N is its wide availability. Many private insurance companies across the United States offer this plan, although the specific companies offering the plan can vary by state. In Massachusetts, Minnesota, and Wisconsin, availability differs due to state regulations restricting or modifying Medigap plans.
The Medigap open enrolment period (OEP) begins when people ages 65 years or older sign up for Medicare Part B. During this period, people can sign up for any Medigap plan without being denied or charged more due to a preexisting health condition. If someone misses the Medigap OEP, they can still apply for Plan N by contacting the insurance carrier offering their desired plan.
Medigap Plan N covers a wide range of expenses, including the Part A hospice care coinsurance, skilled nursing facility care coinsurance, and emergency care while abroad. However, it does not cover Part B copayments, Part B excess charges, or the Part B deductible.
For those with Original Medicare who are looking for broad coverage with slightly lower monthly premiums than other similar Medigap plans, Medigap Plan N may appeal. To help individuals compare Medigap plans available in their area, Medicare.gov offers a tool. Additionally, a useful chart on Medicare.gov compares the benefits of Medigap plans side-by-side, making it easier for individuals to make informed decisions about their healthcare coverage.
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