By now you’ve most likely read just about everything there is to read regarding Medicare Part A, B, C, D…etc. It’s enough to drive you crazy, but there truly is a method to the madness of it all. It simply takes breaking down the framework of it all in your mind, starting with the basics then moving to the add-on coverage. When it comes to paying the Part A deductible and Part B coinsurance Medicare Plan N is often overlooked, however this could just be the best Medigap Plan ever created.
But I heard Medicare Plan F Was Best?
Without question no one will argue that Medicare Supplement plan F offers “the most comprehensive coverage.” This is all fine and dandy, but “comprehensive always seems to come with a price. Now, if you’re the type of person where budget is no concern and you simply want every medical bill paid then by all means go with Plan F.
But with all the options available you owe it to yourself to check the benefits of every plan. This is because you and your situation is entirely different than everyone else. As is your budget, your health condition, your wants and your needs when it comes to your medical health insurance.
Why Plan N? Don’t I Have to Pay Extra Something For it?
The first step in determining which Medigap plan is best for you is to stop, read, and comprehend. Listen to what your independent agent is offering, compare it to your own current situation, then make a decision based on your own conclusions. Find out if you can switch later (you likely can, but get details) and how much the plan will cost from each company.
That being said, Medicare Plan N has lower monthly premiums than both Plan F and Plan G. The reason is there are some out-of-pocket expenses that you must pay along with having the plan. Let’s cover those now:
With Medigap Plan N You Must:
- Pay the $147 (2013 cost) annual part B deductible each calendar year prior to Medicare and your plan N paying anything (Just like Plan G)
- After you pay this deductible, you might have up to a $20 co-pay per doctor’s visit. You might have NO co-pay, you might have a $5 co-pay, but your co-pay will never be more than $20 per visit. This is because your co-pay depends on what Medicare will pay for your visit.
- If you visit the Emergency room with Plan N, but do not get admitted, you will have to pay a $50 co-pay. This helps keep those with the sniffles from visiting the Emergency room because it will cost them.
- Plan N does not pay Medicare Part B excess charges. Over 90% of doctor’s in this country do not charge these and if they are charged it is typically minimal.
But Is It Right For Me?
Working with your agent you both can determine whether Plan N is best for you or not. If you are healthy, rarely see your doctor, yet still wish to have outstanding coverage to supplement Medicare insurance than you absolutely should consider Medicare Plan N as an option to save the most money yet still pay coinsurance and the Part A deductible.
To get quotes on Plan N simply enter your zip code below to compare rates from top carriers.