Medigap Plan N is widely considered an affordable but effective supplement insurance policy. It is often pitted highly alongside Plans F and G, which offer comprehensive coverage for often very high premiums. Medigap Plan N is more affordable because it leaves the beneficiary responsible for potential small fees every time they visit the doctor or hospital. Some will also face excess charges outside of their Medicare coverage.
Let’s look more closely at what is included in Plan N’s coverage and what its advantages and disadvantages are.
What is Included as Part of Medigap Plan N Coverage
When it comes to assessing the primary advantages of Medigap Plan N, the low monthly premiums but high level of coverage put Plan N near the top of many consumers’ lists. It covers the full Medicare Part A deductible and even covers 80% of healthcare costs during travel outside of the USA. Having said that, there are disadvantages to Medigap Plan N, including the high chance of a copay bill, which can be up to $20 for a doctor’s visit and up to $50 for a trip to the emergency room.
The full list of coverage included within Medigap Plan N is as follows:
- Medicare Part A coinsurance and hospital fees for up to 365 days after the Medicare benefits have been used up
- Medicare Part A deductible
- Medicare Part B coinsurance or copayments
- First three pints of blood needed for a medical procedure
- Coinsurance payments for skilled nursing care
- Foreign travel coverage (up to 80% of healthcare emergency fees accrued when traveling)
Plan N does not cover the Part B deductible or excess charges.
How Much Does Medigap Plan N Cost?
As already touched on, Medigap Plan N is often considered one of the comprehensive but affordable plans. This affordability largely comes as a result of the copayments that are required in light of doctor or emergency room visits. It is also worth noting that Plan N does not cover the cost of any medical prescriptions – meaning that beneficiaries will need to sign up to Medicare Part D if they wish to benefit from any prescription coverage.
Beyond the standardized list of benefits, the costs of Medigap Plan N can vary depending on state and private insurance providers. To determine if the affordable Medigap Plan N is the right Medigap supplement insurance plan for you, one of the best methods is to add up your average yearly spend on medical bills and divide it by 12 – if that number adds up to more than your quotes monthly premium for Medigap plan N (or indeed any other plan) then it is probably worth your time to join up to that plan.